Full text of Commercial and Financial Chronicle : April 6, 1918, Vol. 106, No. 2754

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financial

Thr

omrnjrcttl
VOL.106

rontrie

NO.2754

APRIL 6 1918

..s
Published every Saturday morning by WILLIAM B. DANA COMPANY;
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G.Dana,See. Addresses of all. Office of the Company.

-FOR MARCH, SINCE JAN. 1, AND FOR WEEK ENDING MARCH 30.
CLEARINGS
Three Months.

March.
Ckartngs at1918.
'ew York
hiladelphia
ittsburgh
altimore
uffalo
rasbington
many
ochester
wanton
rracuse
eading
rilmington
rilkes-Barre
rheeling
ancaster
renton
arrisbur8
ork
tie
inghamton
reensburg
hester
ltoona
ranklin
rederick
eaver County. Pa
forristown
Iontclair
:ranges
fagerstown
Total Middle
baton
Tovidence
Eartford
few Haven
pringfield
'ortland
irorcester
all River
few Bedford
(olyoke
,owell
langor
iraterbury
tamford

1917.

$
$
13,840,281,381 14,229,127,260
1,427,175,557 1,487,016,516
351,712,738
300,679,712
183,185,480
215,658,626
73,191,274
82,792,530
43,578,846
56,614,619
20,997,416
19,789,792
29,554,127
28,932,466
14,183,618
15,663,519
16,187,301
17,557,480
11,339,101
11,119,888
14,659,152
12,152,566
8,263,834
8,477,317
15,459,030
16,402,922
10,685,064
14,554,737
12,013,151
11,351,891
9,550,737
11,299,838
5,290,511
5,921,337
7,118,447
7,758,617
3,855,500
3,825,900
3,783,222
4,397,447
5,999,032
5,467,562
2,800,674
3,007,111
1,962,153
2,127,669
1,862,252
2,465,449
2,964,443
2,751,426
2,461,989
2,796,029
2,049,497
1,952,134
4,156,9704,107,186
2,638,548
3,152,713
16,140,285,183 16,557,608,099
1,110,357,220
49,086,700
32,168,750
20,661,157
15,172,299
11,000,000
14,441,447
7,976,234
7,997,657
2,766,735
4,886,548
3,180,690
7,144,200
1,850,000

971,569,587
43,659,400
39,579,821
21,779,434
19,741,035
11,589,487
15,501,453
7,087,012
6,695,117
3,696,165
4,296,926
2,705,454
9,151,600
2,048,358

Inc.or
Dec.

=Ora

1917.

Week ending March 30.
Inc.or
Dec.

Inc. or
Dec.

1917.

1918.

1916.

1915

-

$
%., _
$
%
$
$
704,966 42,150,580,119 -6 3,154,350,448 3,086,868,125
2.7 40,818,
.'
-2.7 4,173,309,137 4,116,225,098 +1.4 290,012,094 302,291,642
881,071,626
-14.5
985,907,719 -10.6
72,677,636
66,181,476
556,053,462
535,398,272 +3.9
+17.7
39,986,161
44,104,308
249,935,471
+13.1
225,053,649 +11.1
15,657,669
18,266,432
156,197,243
125,809,540 +24.2
+29.9
8,676,415
11,513,763
60,545,298
-5.7
82,469,513 3.1
3,603,603
4,000,000
85,847,716
-2.1
87,704,457 -2.1
5,546,151
5,846,551
46,025,329
+10.4
44,562,221
+3.3
2,856,250
3,537,143
50,872,354
+8.6
50,118,685 +1.5
3,535,462
3,661.441
30,589,208
-1.9
33,010,042 7.9
2,796,413
2,383,333
35,823,599
-17.1
40,751,545 -12.1
3,022,198
2,592,354
24,782,746
+2.6
24,781,036 +0.02
1,661,063
2,035,452
• 46,625,488
+6.1
43,843,177 +6.3_
3,354,193
3,662,799
34,707,279
+36.2
29.047,733 +19
.0
2,954,745
3,819,492
32,010,604
-5.7
32,824,536 -2.5
1,957,889
1,849,575
30,782,542
+18.3
26,616,021 +15.7
15,120,018
14,434,969 +4.8
+11.
9
1,288,024
1,136,296
22,789,934
+9.0
20,607,741 +10.6
1,515,475
1,557,949
11,279,300
-0.8
11,606,600 -2.8
804,700
774,900
+16.2
13,071,752
10,565,622 +23.7
907,740
1,000,000
15,729,829
-8.9
17,057,700 -7
.8
1,305,131
1,122,951
+7.4
8,365,571
7,994,659 +4.6
575,830
522,931
+8.4
5,729,372
5,979,275 -4.2
+32.4
6,454,586
5,433,336 +18.8
-7.2
7,989,022
8,551,405 -6.6
+13.6
7,889,627
7,009,193 +12.6
5,982,748
-4.7
6,454,050 -7.6
403,108
315,279
+1.2
12,113,041
12,385,453 -2.2
+19.5
7,813,792
7,586,979 +3.0
-2.5 47,454,192,660 48,750,360,075
+14.3
+12.4
-18.7
-5.1
-23.1
-5.1
-6.8
+12.5
+19.5
-25.2
+13.7
+15.7
-21.9
-9.7

Total New England 1,288,689,637 1,159,100,849 +11.2
!hicago
Incinnatt
:leveland
)etrolt
Illwaukee
adianapolis
;olumbus
'oledo
'eoria
irand Rapids
iayton
:vansvIlle
pringfield, Ill
'ort Wayne
,exington
'oungstown
Lookford
iloomington
luiney
,krian
:anton
)ecatur
pringfield, Ohio
outh Bend
lansfield
)anville
ackson
acksonville, Ill
,ansing
.ima
owensboro
larY
lint
.orain
,nn Arbor
,drian
Jew Albany
'aducah
Iamilton

1918.

2,345,045,166 2,217,919,419 +5.7
174,121,782 +36.4
237,459,299
266,766,578 +13.7
303,355,535
230,788.659 -6.0
216,985,300
109,702,873 +18.2
129,708.814
55,636,167 +13.3
63.041,000
44,430.500 -3.8
42,660,900
46,405,603 -10.7
41,447,944
24,018,519 +16.0
27,850,065
19,524,883 +10.9
21,616,662
16,630,048 t11.3
18,516,601
8,207,288
99.9
16,410,098
8,963,558
11,597,639
29.4
8,229,630 -33.8
5,451,417
4,064,999 +118.2
8,870,914
14,503,774 -I-7.8
15,641,254
7,189,616 $27.5
9,164,547
7,096,826
9,161,734
29.1
6,634,905
7,820,220
17.9
20,360,000
27,495,000 -25.9
14,858,388
14,618,163 +1.6
5,166,812
4,301,093 +20.1
6,111,336
5,054,276 +20.9
4,596,098
4,436,394 +3.6
5,184,128
4,085,420 +26.9
3,578,485
2,887,531 +23.9
4,480,055
4,660,440 -3.9
3,277,389
1,976,319 +65.8
3,700,000
4,628,551 -20.1
3,752,527
3,438,313 -F9.1
634
4,, ,795
2,934,551 +57.9
3,300,000
3,103,216 +6.3
6,266,580
6,423,427 -2.3
768,818
703,453 +9.3
1,533,821
1,594,305 -3.8
403,795
516,675 -10.3
573,776 -0.7
570,000
6,284,441 -29.4
4,500,000
2,111,444 -12,3
1,704,367
3,566,679
3,290,032 +8.4

-2 7 3,624,246,965 3,564.245,623
.

3,221,812,341
142,785,200
95,569,121
58,551,523
45,700,597
31,155,733
43,276,573
24,499,209
22,394,644
8,741,550
14,534,115
9,139,352
22,820,300
5,749,806

2,908,507,398
132,296,600
108,913,981
63,555,852
53,584,920
34,259,867
48,392,098
21,705,950
20,574,553
11,789,888
13,346,237
8,384,384
29,133,900
6,425,032

3,746,730,064

3,460,870,460

+8.3

8,153,595,126 8,044,184,679
596,926,892
500,919,135
905,283,066
774,996,069
615,905,162
883,890,467
345,969,016
305,395,529
180,089,000
163,397,464
121,282,700
125,390,400
116,722,796
132,549,835
67,293,353
65,137,656
60,940,105
60,366,779
48,972,147
48,888,594
42,561,056
28,649,120
27,686,877
23,966,334
15,030,438
23,221,488
23,730,014
14,210,280
45,073,200
43,470,165
22,801,818
18,672,594
19,402,987
15,814,463
18,498,473
15,181,627
64,633,000 •
68,711,000
43,882,807
39,666,294
12,853,997
11,104,152
16,835,754
15,908,122
12,869,570
12,227,333
13,132,627
11,105,672
8,268,076
7,453,005
11,855,660
13,163,239
7,201,162
5,063,035
10,495,681
13,915,505
10,482,206
9,585,854
13,327,336
11,374,497
9,570,392
8,603,846
16,928,507
18,890,128
2,579,055
2,208,824
4,734,075
4,779,901
1,119,153
1,240,583
1,728,958
1,760,395
12,451,416
17,490,761
5,314,766
5,254,980
8,572,777
7,940,674

+1.8
+19.2
+18.8
-7.2
+13.3
+10.2
-3.3
-11.9
+3.3
+0.9
-3.9
+48.6
+15.5
-35.3
+67.0
+3.7
t22.1
22.7
21.8
-5.9
+10.6
+15.8
+5.8
+5.2
+18.2
+10.9
-9.9
+42.2
-24.6
+9.4
+17.2
+11.2
-10.4
+16.8
-1.0
-9.8
-1.8
-28.8
+1.1
+7.9

379,833
82.092

+10.8
+7.9
-12.3
-7.9
-14.7
-9.1
-10.6
+12.9
+8.7
-25.9
+8.9
+9.0
-21.3
-10.5

.72.2

$
$
2,534,077,666 1,869,506,436
-4.1 215,906,472 159,383,113
41,818,182
57,442,871
-8.9
30,468.463
38,977,599
+10.3
9,630,070
12,819,637
t16.7
7,902,450
7,970,376
32.7
5,476,547
5,713,012
11.0
5,680,462
4,755,459
+5.4
3,219.502
2,698,489
+23.8
3,259,789
2,750,293
+3.6
2,014,293
2,450,730
-14.8
1,644,448
2,579,605
-14.2
1,500,000
+22.5
1,609,029
1,820,647
2,963,097
+9.1
5,785,158
4,115,901
+29.3
1,446,724
-5.5
1,972,860
-11.8
+2.8
-3.7
+10.2
-14.0
-9.2

1,235,337
1,109,899
672,700
700,000
829,651
517,585

1,256,089
882,976
586,700
589,468
454,104
530,000

-21.8

354,881

425,176

+1.7 2,904,221,243 2,155,210.500

216,727,027..+22.5
9,156,000 +10.2
9,736,279 -33.4
4,351,280 -15.2
3,656,566 -5.2
2,155,420 -7.2
2,994,806 -0.2
1,942,529 +4.6
1,347,671 +26.9
790,328 -15.8
887,723 +14.3
515,912 +23.7

218,036,704
8,569,700
6,598,328
4,326,345
4,187,085
2,100,000
3,884,913
1,508,205
1,315,067
907,815
851,503
655,582

170,502,263
8,505.400
5,866,215
3,656,181
5,358,332
1,890,401
3,016,212
1.527,895
1,121,997
890,867
750.000
416,546

300,321,291

254,261,541 +18.1

252.939,257

201,500.309

504,398,316
56,848,828
68,150,762
51,059,198
27,082,005
12,727,000
8,967,600
9,029,481
5,441,165
5,241,635
3,663,201
3,229,402
2,200,000
1,000,000
1,248,579
3,282,840
2,095,049
1,512,804
1,437,599
4,768,000
'3,100,000
1,146,845
1,086,338
1,000,000
1,194,163
767,959
503,907
700,000
778,751
703,545

461,225,153 +9.4
37,553,384 +51.4
59,464,111 +14.6
48,388,152 +5.5
21,684,601 +.24.9
10,573,626 +20.4
10,578,500 -15.2
9,087,831 -0.8
5,200,000 +4.6
3,741,032
40.1
3,242,023
13.0
2,547,819
26.8
1,838,417
19.7
1,547,904 -35.4
586,302 +113.0
2,918,653
12.5
37.4
1,525,708
30.2
1,161,181
24.4
1.155,762
6,349,000 -24.9
3,153,924 -1.7
904,033 +26.8
955,656 +13.7
935,223 +6.9
713,108 I67.5
588,872
30.4
336,635
49.6
750,000 -6.7
550,000 +41.6
620,913 +13.4

338,799,141
32,813,050
39,244,581
34,373,938
17,987,438
8,520,364
8,673,300
7,365,026
3,775,000
3,725,295
2,376,574
1,587,577
1,427,292
1,224,196
675,503
1,905,420
1,025,263
898,757
810,792
4,101,000
2,060,394
581,576
740,615
671,625
526,520
534,218
183,152
631,902
560,137
329,941

287,200,391
29,042,000
31,321,318
23,145,863
14,800,268
6,974,438
6,880,800
5,093,284
3,078,819
3,142,596
2,009,746
1,088.115
1,183,146
1,255,623
752,553
1,225,445
887,938
909,776
837,904
1.441,000
1,700,000
466,990
821,725
698,172
503,222
796,754
238.243
268,270
447,788
300.000

375,348 +1.2
96,152 -14.6

288,210
55,847

298,789
57,721

518,453,647

428,868,695

52,541,409
21,086,809
13,873,207
11,388,411
9,968,044
3,489,326
1,731,972
3,470,802
1,647,223
1,949,387
834,053
871,239
763,318
418,508
813,126

47,985,228
18,439,028
10,451,165
12,311,839
5,660,389
3,283,444
1,765,487
3,056,356
1,542.222
1,817,196
977,591
745,143
597,674
379.544
869,251

260,000

220,000

285,543,860
10,086,700
6,483,923
3,690,239
3,466,812
2,000,000
2,988,861
2,032,078
1,709,498
667,847
1,014,077
637,596

•

Total Middle West_ 3,634,209,562 3,375,952,417 +7.7
368,404,901 +14.9
432,299,661
120,558,000
138,444,000 -12.9
87,468,577 +46.5
128,120,764
62,724,839 +40.4
88,061,454
49,804,556
50,669,998 -2.1
26,405,652
33,944,000
28.9
13,357,073
18,601,044
39.2
MOM,
22,547,779
25,116,760
11.4
)akland
14,161,263
10,134,846
,acramento
39.7
12,209,879 -31.3
8,392,799
an Diego
6,910,863
8,470,000
22.6
tockton
8,353,734
8,977,623
19.7
'resno
4,120,220
3,444,595
19.6
an Jose
3,401,131
2,939,618
15.7
rakima
6,588,564 -27.5
4,775,710
'asadena
5,247,181 +12.9
5,924,510
loise
2,060,899 +5,1
2,165,390
teno
8,447,745
6,825,222 -5.5
)gden
lanta Rosa*
4,254,494
3,416,835 +24.5
.ong Beach
4,166,639
3,241,791 +28.5
Sakersfleld

9,714,602,501

9,355,750,488

+3.8

784,826,897

1,216,735,783
383,462,000
358,240,784
241,045,898
156,796,217
93,962,831
50,260,993
72,325,541
43,205,287
26,656,797
25,677,829
29,080,263
12,777,187
8,984,553
13,642,416
18,309,873
6,860,829
19,981,241

1,052,017,975
387,735,900
231,696,314
176,159,692
158,127,697
71,684,666
33,137,979
65,295,348
29,236,037
33,592,739
19,849,615
21,948,360
10,298,535
7,483,098
17,057,021
15,177,078
5,880,902
18,560,399
3,085,266
9,444,045
8,998,246

+15.7
-6.3
+54.6
+36.8
-0.8
+31.8
+51.7
+10.8
+47.8
-20.6
29.4
32.5
24.1
20.1
-20.0
+20.6
+16.7
+7.7

89,386,177
25,934,000
26,278,326
18,501,386
10,230,613
6,686.000
3,615,409
5,347,918
2,915,547
1,675,567
1,683,716
1,594,178
764,026
751,053
962,838

73,485,497
27,558,100
18,333,702
13,087,493
11,777.704
5,071,785
2,136,713
4,535,092
2,045,279
3,730,001
1,448,880
1,243,372
636,427
469,150
1,399,281

420,000

400,000

+29.2
+25.4

915,581

679,356 +34.8

557,019

483,059

981,937,874
840,020,735 +14.5
Total Pacific
)etalls of Other West ern and South ern on page 1432.

2,781,498,480

2,373,377,646 +17.2

196,942,333

168,037,832 +17.2

125,661.943

110,584,616

an Francisco
,os Angeles
cattle
'ortiand
,alt Lake City
Ipokane

1.933,039,577 1,301,681,756 +48.5

Total Other West
Total Southern.... 2,127,789,252 1,560,050,710 +36.4
28,085,951,085 24,794,414,566

12,203,573
11,286,785

700,349,023 +12.1
+21.6
-5.9
+42.2
+41.4
-13.1
+31.8
$69.0
17.9
42.5
-55.1
14.8
28.2
20.1
60.1
-31.3
+5.0'

5,072,548,545

3,585,484,638 +41.5

383,718,151

262,890,672 +46.7

190,223,137

154,327,455

6,116,313,719

4,541,500,053 +34.7

423,640,740

300,688,502 +40.9

235,162,740

194,364,446

+5.2 74,885,883,969 72,067.393,360 +3.9 5,713,696,377 5,250,453,193 +8.8 4,226,861,967 3,244,856,019
Outside New York_ 12,245,669,704 10,565,287,306 +15.9 34,067,179,003 29,916,813,241 +13.9 2,559,345,931 2,183,585,068 +18.3 1,692,584,301 1,375,349,583
Clearings by To egrapa anU (.anadian clearings on page 1432. * Returns no longer obtainable.

Total all




1386

THE CHRONICLE

[VoL. 106.

forlthe United States asja whole is a record mark
THE FINANCIAL SITUATION.
for the particular period covered. At the same
The character of the returns of earnings coming time, however, it is not to be forgotten that high
in just now for the months of/January and February prices for almost all commodities have been:more of
should not escape notice. They speak _ eloquently an element than a year ago in swelling the volume
of the adverse conditionsh under which railroad of clearings, and were it possible to make an analysis
On—during these:two of the current returns it would doubtless be found
operations had to be carriedintense cold, accompanied in certain that the gains shown are due in great measure, if
months. The
parts of the country by heavy snow fall, made the not in their entirety, to that circumstance. There is
winter the worst experiencedlin a couple of genera- no reason to assume that in mercantile and industrial
tions. Freight congestion and car shortages were lines activity is much more pronounced than it was
already a feature before the:advent'of the new year, a year ago. Here and there, of course, new records
and the bad weather intensified this feature to an are being made and towns that only a few years
extent and to a degree thatjserved to bring about a ago were of strictly minor importance nowIclass as
wwithout a parallel centres of manufacture. This latter is especially
situation that has been absolutelyc
railroad history. The fuel famine, true in the Western country. Whether the promin American
%
which produced such distress here in the East, was nence now attained will continue after the close of
one of the concomitants of this situation.
the European war, remains for the future to deThe facts are still fresh in memory,but one hardly termine.
appreciates how seriously theiroads were affected
Of the 175 cities from which we have returns of
until one inspects the revenue returns for the months clearings for March,some 44 fail to record gains over
in question and notes how the cost of operations was a year ago, but in the main the losses are small or
increased. Many large railroad systems did not moderate and quite generally ascribable to locally
even earn their expenses inieither January or Feb- operating causes. On the other hand, upwards of
ruary. This is true for example of such a splendidly 40 places set new high records for] any month
managed property as the Pennsylvania Railroad. in their history, amonethem Baltimore, WashingThe company's return for February has been made ton, Chicago, Cincinnati, Milwaukee, Indianapolis,
public this week, and it throws a flood of light on the Peoria, Dayton, Evansville, Seattle, Tacoma, Kansas
railroad hardships experienced. Such was the aug- City, Omaha, St. Joseph, Des Moines, Wichita,
mentation in expenses that neither the Eastern nor Sioux City and Louisville. Furthermore, of the rethe Western lines of this great railroad system were maining 91 cities, much the greater number, in fact
able to meet the expenses out of current earnings. all but ten, by exceeding March of 1917 established
In other words, the system was operated at an high marks for the particular month and in many
actual loss and the remark applies to February as cases the percentages of increase are very satisfactory. Included in this category are Boston, New
well as January.
On the Eastern lines ofithe Pennsylvania the op- Bedford, Owensboro, San Francisco, Sacramento,
erating revenues for February were $21,466,802 and Stockton, Long Beach, New Orleans, Richmond,
the expenses $24,850,865,leaving a loss of $3,384,063, Atlanta, Memphis, Norfolk, Littlle Rock, Oklaf
while on the Western lines. operating revenues were homa, Columbia, Columbus, Ga., Muskogee and
$10,120,843 and operating expenses $11,556,884, Raleigh.
This year's aggregate of clearings for March reaches
a loss of $1,136,041. On the combined lines operating revenues were $31,587,645 and operating $26,085,951,085, which compares with $24,794,414,expenses $36,407,749, showingi that the,system; fell 866 in 1917, exhibiting, consequently, an augmenta$4,820,104 short of; meeting its operating expenses— tion of5.2%, while contrasted with 1916 the increase
not to speak of interest and dividend charges. For is very much greater-25.8%. For the first quarter
the two months the expenses overtopped the earnings of 1918 the total at $74,885,883,969 is 3.9% in excess
in amount of no less than $10,497,643. As compared of a year ago and 26.4% ahead of that of 1916. At
with January and February last year, this is an ad- New York the losses from 1917 are 2.7% and 3.2%
verse change of $16,884 ,548. The record of most respectively, for the month and three months, but
other systems is much the same, though Southern and comparison with 1916 reveals gains of 10.3% and
Southwestern roads have fared very much better 13.4%. Outside of this city the outcome for March
than the Eastern roads. The Rock Island had net of 1918 is an expansion of 15.9% over 1917 and 49.4%
of only $1,013,540 in the two months this year, over two years ago, with the quarter's aggregate
against $2,606,976 last • year, and the Northern 13.9% greater than that for 1917 and 46.9% in
Pacific $2,569,076, against $4,632,121, while the excess of 1916. As regards the various groups into
Delaware & Hudson shows a deficit below expenses which the returns are segregated, the Middle, exthis year of $462,105, against a balance on the right clusive of New York, exhibits for the quarter an
side last year of $605,942. Of course, the matter increase of 0.6%, New England 8.3%, the .Middle
is of no great concern to the railroads or their se- West 3.8%, the Pacific 17.2%, the Far West 41.5%,
curity owners, since the roads are now operated at and the Southern 34.7%.
Transactions on the New York Stock Exchange
fixed rentals based on past earnings,but it does show
what unfortunate results have been experienced by during March 1918 at 8,419,477 shares were of much
the Government in the first two months of its opera- smaller magnitude than for the corresponding month
of either of the two preceding years, comparing with
tion of the roads.
18,658,267 shares and 15,197,585 shares, respecBank clearings for March, needless to say, make tively. The sales for the three months at 33,453,a showing-quite in line with all monthly exhibits for 913 shares were; noticeably less, contrasting with
an extended period past. In other words, notwith- 49,186,172 shares in 1917 and 43,280,734 shares in
standing a diminution in the totals at some of the 1916. Activity;in bonds was:confined to the Liberty
leading centres of trade, the aggregate of clearings Loan issues in which the dealings reached no less than




APR. 61918.1

THE CHRONICLE

$85,956,000 parlvalue, and of,:thisjotali$27,545,000
covered the operations of one day—March 26. Railroad and industrial bonds were quite neglected, and
the volume of State, municipal and foreign securities
changing hands was less than half that of the period
a year ago. But, due to the extensive sales of
Liberty issues, the dealings in all classes of bonds
totaled 121 million dollars par value, against only
75 1-3 millions a year .ago, and for the quarter the
3
transaction's were 311% millions, against 276 millions.
Boston for the month reached only 230,372
Sales at
shares and $1,298,150, comparing with 639,891
shares and $1,048,000 bonds in 1917, and for the
three months the results were 776,654 shares and
$4,292,050 bonds, against 1,958,569 shares and $3,979,700 bonds.
The exhibit of clearings for March for the Dominion
of Canada is of much the same character as that for
the United States. Altogether we have returns from
25 cities, of which all but 6 record gains, and in the
aggregate the expansionTshown as compared with
1917 is 2.1% and wit141916 nearly 32%. For the
three months the increase over 1917 reaches 6.0%,
with the most conspicuous gains at Vancouver, New
Westminster, Halifax, Calgary, Edmonton and
Brandon.
In distinct contrast with:the week preceding, this
week's report (for the seven day period ending
March 30) of the British YAdmiralty, of losses of
English merchantmen by enemy submarines or
mines was much more favorable, being the smallest,
in fact, with the exception of three weeks, since the
campaign of underwater frightfulness began, Feb. 1
1917. Of the 13 vessels sunk only 6 were of 1,600
tons or over, the remaining 7 being smaller. Five
fishing vessels were sent to the bottom and 15
British merchant vessels:iwere attacked unsuccessfully. "The large vessels reported sunk," said the
Admiralty, "include one sunk during the week ending Mar. 16 and the list of smaller vessels includes
one destroyed during the week ending Mar. 23."
In the week ending Mar. 30 3 Italian Elteamships
of more than 1,600 tons were sunk and one sailing
vessel of more than 100 tons, besides 9 *still smaller
sailing vessels. The White Star liner Celtic was
torpedoed early this week on its way from Liverpool
to New York, but succeeded in reaching a British
port and will be repaired. It is gratifying to note
from official figures that building of new ships is
being speeded ahead to take the place of the tonnage
destroyed. The production of merchant tonnage in
shipyards of the United Kingdom during the year
ending Mar. 31 was double that of the preceding
twelve months, the output amounting to 1,237,515
tons. In January the construction amounted to
58,568 tons, in February to 100,038 tons and in
March to 151,674 tons. Commenting on this increase the British Controller is reported by cable as
saying: "The figures for March constitute a record
and demonstrate that the workers have taken to
heart the anxiety caused by the comparatively low
output of January and February. The men in the
shipyards are working loyally to maintain this increased output."
Having made a sensational drive and accomplished
what on the surface at least can for home effect
be claimed a substantial victory in the point of ter.
ritory gained, the enemy now apparently is. once




1387

again throwing out!peace feelers. ItTmay be taken
for granted that these have no serious purport so
far as their effect upon the Ententelleaders is concerned. They are meant instead for home consumption—to further impress the Austro-German people
with the illusion that the war is a defensive one and
that peace has been offered their enemy. It has,
too, another object, which is the spread of propaganda among the population of the Entente countries
that only minor differences preventing peace now
exist, and that it is stubbornness on the part of their
governments which is causing a continuance of the
war. All this is very specious and, it must be admitted, has a certain degree of danger so far as possible effect on public sentiment is concerned. The
hint of peace proposals to which we refer is contained
in'a speech of Count Czernin, the Austro-Hungarian
Foreign Minister, to a deputation of the Vienna
City Council on Tuesday last. It was in fact an
answer to the recent speech of M. Clemenceau, the
French Premier. The ForeignIMinister declared
that with the signature of peace with Rumania the
war in the East had ended. Three treaties of peace
had been signed—with Petrograd, the Ukraine and
Rumania. He wished first to refer to statements
of Ethe President of the United States wherein he
replied to the speech, he (Count Czernin) made on
Jan. 24. -"In many parts of the world" the speaker
continued, "Mr. Wilson's speech was regarded as an
attempt to drive a wedge between Vienna and
Berlin. I do not believe that, because I have much
too high an opinion of Mr. Wilson's statesmanship,
to suspect him of such a train of thought. According to my impressions Mr. Wilson does not want to
separate Vienna from Berlin. He does not desire
that and knows that it is impossible. He perhaps
thinks, however, that Vienna presents more favorable soil for sowing the seeds of general peace. He
has said to himself that the Austro-Hungarian monarchy has the good fortune to have a monarch who
genuinely and honorably desires a general peace, but
that this monarch will never be guilty of a breach of
faith; that he will never make a shameful peace, and
that behind this monarch stand 55,000,000 souls."
Count Czernin then went on to discuss President Wilson's speech of Feb. 11 and approved
the four points emphasized by our President. "I
can only say," he added, "that I consider it very
important that the German Chancellor in his admirable speech of Feb. 25 took the answer out of
my mouth and declared that the four points developed
by Mr. Wilson in his speech of Feb. 11 are the basis
upon which a general peace can be discussed. I
entirely agree with him in this." He then turned
to alleged negotiations with France and continued:
"God is my witness that we have tried everythin&
possible to avoid a new offensive, but the Entente
would not have it. A short time before the beginning of the offensive in the West, M. Clemenceau
inquired of me whether and upon what basis I would
prepare to negotiate. I immediately replied in
agreement with Berlin that I was ready to negotiate;
and that as regards France I saw no other obstacle
for peace than France's desire for Alsace-Lorraine.
The reply from Paris was that it was impossible to
negotiate on this basis. There was then no choice
left. The gigantic struggle in 'the West is already
begun. Austro-Hungarian and German troops 'are
fighting shoulder to shoulder as they did in Russia,
Rumania and Italy. We are fighting united for the

1388

THE CHRONICLE

[VOL. 106.

defense of Austro-Hungary and Germany. Our was heavy fighting on Thursday afternoon and
late
armies will show the Entente that French and in the evening. Strong enemy forces in
repeated
Italian aspirations to portions of our territory are assaults were beaten off with loss.
Yesterday's
Utopian which will be terribly avenged. The forenoon report by Field Marshal Haig stated
"We
explanation of this attitude of the Entente Powers were pressed back to positions east of Villers-Brewhich verges on lunacy is to a great extent to be conneux, which we are maintaining. North
of the
sought in certain domestic events here. Whatever Somme in the neighborhood of Bucquoy, and
in the
may happen we shall not sacrifice German interests Scarpe Valley, the enemy's artillery was
active."
any more than Germany will desert us. Loyalty
We noted last week that General Pershing had
on the Danube is no less than German loyalty. We offerred American troops to General Foch,
the head
are not fighting for imperialistic or annexationist of the Allied armies. The offer was promptly
ends either for ourselves or for Germany. But we' accepted and advices by way of Washington indishall act together to the end for our defense, for our cate that the troops which have gone into
the
political existence and for our future. The first trenches south of Verdun are in addition to
other
breach in the determination of our enemies to war American forces, estimated at more
than 100,000,
has been given by the peace negotiations with which have been transferred to fight with
the French
Russia. That was a break-through by the idea of and British in stemming the German drive.
The
peace. It is a symptom of childish dilletantism to plan, it is said, is to send the best trained American
overlook the close relationship of the various peace soldiers, including many of the regulars, to
take
signatures with each other. The constellation of part in the open fighting in Picardy, which,
of
enemy powers in the East was like a net. When necessity, is taking a considerable number of
men
one mesh was cut through the remaining meshes from the trenches in the Toul sector. Those
of the
loosened of their own accord." The Count then the troops which have not been so long in
service
went on to explain the various treaties, especially are taking the place of those fully trained and also
-the benefit of food which could be expected from the are replacing the veteran French units which
are
Ukraine and Rumania.
being called to augment the reserve army that
The French Premier, when questioned regarding General Foch is building up for the purpose of transthe reported negotiations, simply remarked bluntly forming, if possible, the German drive into a German'
that "Count Czernin lied." In Washington official retreat. At the moment, however, the Germans
circles the opinion appears quite general that the seem still determined to maintain the offensive
and,
move, evidently conceived in Germany, was made as we have noted, are again meeting with
some
just as it became certain that the German drive in degree of success. The British succeeded early
in
the West had failed of its purpose. Its real object the week in retaking Ayette, south of Arras,
but
was to bring discord among the Allied Powers and to have not resumed their offensive, so far as
reported
cause discontent among their populations. The by London. The German official statement
on
Foreign Minister's statement that Premier Clemen- Thursday, however, declares that four attacks
by
ceau had advanced the suggestion of peace discus- the Entente forces against the heights southwest
of
sions and the reference to Alsace-Lorraine as a Moreuil were repulsed with heavy losses.
Heavy
stumbling-block were, Washington believes, designed artillery bombardments of British positions
on the
to create the impression that the Allies' desire to Menin road and at Passchendaele east and
northeast
recover Alsace-Lorraine for France is the only thing of Ypres have recently occurred. On the French-hel
d
that stands in the way of peace. The opinion in front between Rheims and Verdun raiding operations
official circles appears to be unanimous that Count have been carried out by the French successfully.
Czernin's statement had no basis in fact, and further,
Nothing of a definite character has been reported
that no peace suggestions coming from the Teutonic from the Italian front, but it is feared that a
widePowers would be given consideration at this time.
spread attack by the Austrians must be faced in the
The earlier part of the week was marked by a near future. Landing of German troops in Finland
pause in the German offensive in France to permit is progressing, reports having reached London
bringing up heavy guns, and also because of heavy stating that 40,000 men have arrived at Hango,
a
rains which appear to have made this operation fortified port on the extreme western tip
of the
particularly difficult. On Thursday, however,, at- Finnish peninsula. The bombardment of
Paris by
tacks were resumed east of Amiens with the manifest long-range guns has continued intermittently
during
purpose of taking that important railway centre. the week. It has been officially reported that
54
The French official communique speaks of "an women were killed on Good Friday while at worship.
extremely violent battle on the Montdidier region Apparently 4 guns are being used, 2 on each alternate
over a front of more than 9 miles. The enemy day. It is estimated in Paris that the installatio
n
launched an attack early on Thursday morning with and adjustment of the guns must require at
least
11 divisions (132,000 men) between Grivesnes and three months.
the Amiens-Roye road." Grivesnes is 4 miles northMilitary observers at Washington are puzzled by
east of Montdidier and 15 miles southeast of Amiens. the fact that a great counter assault has not been
deThe Amiens-Roye highway crosses the battle front veloped. It is possible that the plan of campaign
near Demuin, 10 miles east and south of Amiens. mapped out by General Foch is a far greater
stroke
In ten desperate assaults the Germans gained only than would be involved in an effort to hurl the
enemy
a few hundred yar:Os, according to the French of- back to his old lines. The German defenses
there,
ficial reports. They captured the villages of Mailoy- which successfully stemmed the British assault in
Raineval and Morrisel, southwest of Moreuil. The 1916, still are intact, and even if the Allies were'sueFrench, however, according to latest accounts, still ceisful in rushing the German lines back over
the
hold the neighboring heights and have made some twenty or thirty mile zone he has wrested from
them,
progress in the Grivesnes region. The British re- they would face those defenses when their own
orport that between the Luce and the Somme there ganization was badly demoralized by their
advance.




APR. 61918.]

THE CHRONICLE

fli

For this reason some military authorities argue that
it is necessary to look elsewhere for the aggressive
campaign to which they are pinning their faith.
Newton D. Baker, Secretary of War, arrived in
Rome early this week. Premier Clenienceau of
France'has been visiting the front. He returned to
Paris on Tuesday enthusiastic and full of confidence
in the favorable issue of the present great battle.
For the fiscal year ending with March 31 the British Treasury statement showed a revenue of £707,234,565, which is an increase over the figures of the
preceding year of £133,806,983. Nearly all sources
of revenue contributed to this improvement except
the excise taxes, which declined £4,322,000. The
chief increases included £34,476,000 from the income
tax and £80,294,000 from excess profits tax. The
fiscal year's expenditure aggregated £2,696,221,000,
against £2,198,113,000 for the year preceding.
The sales of war bonds through the English banks
for the week ending March 30 totaled £16,316,000,
making the aggregate of the current issue to date
£611,193,000. The post offices for the week ending
March 23 reported sales of £770,000, bringing the total up to £23,042,000. Sales of war certificates during the same week aggregated £2,845,000, bringing
this aggregate up to £174,221,000.
The British Treasury statement for the week
ended March 30 indicated a further important gain
in the Treasury balance, while the amount of Treasury bills issued showed a substantial increase over the
figures of a week ago. There was, however, a decrease in revenues, accompanied by an increase in
expenditures. The week's expenses totaled £76,411,000 (against £62,502,000 for the week ended
March 23), while the total outflow, including repayments of Treasury bills and other items, amounted
to £271,017,000, against £165,357,000 last week.
Repayments of Treasury bills aggregated £67,377,000, against £51,770,000. Advances repaid were
£117,500,000, as contrasted with £40,000,000 in the
preceding week. Receipts from all sources were
£273,609,000, as against £169,129,000 the week
before. Of this item, revenues contributed only
£25,895,000, as compared with £27,980,000 the
previous week. Treasury bills issued during the
week amounted to £64,003,000, against £32,253,000
last week; war savings certificates total £2,000,000,
against £3,200,000, and other debts incurred £26,093,000, against £11,799,000 a week ago. Advances
reached the large total of £114,007,000, and contrast
with £3,414,000 in the week preceding. The
amount of Treasury bills outstanding has not been
given by cable this week. A week ago it stood at
£976,100,000. The Treasury balance aggregates
£19,672,000. Last week the total was £17,080,000.
The English financial markets have shown no positive signs of depression. There has, however, been
an uninterrupted absence of activity. One disturbing feature has been the report that the military age
will be raised to fifty years, which has caused fears
of business disorganization. These fears are declared by London correspondents to be exaggerated,
but it is argued that conditions, if the reports should
prove accurate, would certainly afford a motive
for selling rather than for buying investment or speculative issues. Gild-edged securities and bonds of
the Entente countries have been maintained firmly
throughout the week. Spanish bonds and Areen-




1389

tine rails have been in demand andfsome little boom
is to be noted in Cornish tin mine shares. Consols
have recovered from the recent weakness, closing at
543( against 54 a week ago. The disposition at the
British centre is to regard the events at the battle
front in France as satisfactory from the Allied standpoint, though no one believes that the crisis is by any
means over. The Argentine Government has refused to permit railways, as intended, to raise their
rates 10% on May 1, to meet additional labor costs.
It has also decreed that the railways shall give four
months' instead of one month's notice of increased
rates. The firmness in Argentine rail securities in
the face of this news is not explained by the cable.
A movement of some importance affecting the
chemical and dye trades in England has been reported
by cable this week. A large private company has
been registered at Somerset House under the title of
the British Cellulose & Chemical Manufacturing
Parent Co., with a capital of £3,500,000. It is reported that this concern is prepared to spend £5,000,000 on the construction of dye and chemical
works. The board of directors includes such wellknown names as Herbert McGowam of Nobel's Explosives Co.; Sir Trevor Dawson of Vicars, Limited,
and Grant Morden of the Canada SteamshipiLines.
Mr. McGowam recently joined the board of Levinstein's, Limited, which company, it is rumored, is
about to merge with the British Dyes Co. It also
is reported that Brunner-Mond and Castner-Kellner, both chemical manufacturers, together with
certain gas companies, are considering co-operation
with dye firms, including the Bradford Dyers' Association, acting in conjunction with explosives man
ufacturers so as to compete with German chemical
manufacturers after the war. It is reported in London advices that important schemes are under
consideration, not necessarily involving complete
mergers, but more in the line of a fusion of interests.
In Germany the Hindenburg drive has not unnaturally been accompanied by reports of renewed
demands for large indemnities with which to relieve
the present condition of bankruptcy of the Central
Powers, after the termination of the war. The
Dresdner "Zeitung", an influential German paper,
is reported by cable as saying that peace without
indemnity from the enemy would mean to Germany
the quadrupling of the cost of government, involving
a 60% tax on incomes, as against the present 13%.
The London "Economist" reports from a German
source that the problem of national finance after the
war is securing more and more uneasy attention in
Germany. On the one side the Pan-Germans have
again raised the cry of "indemnities or State bankruptcy;" on the other, the Socialists are more and
more clamorous for sharply graded direct taxation
and for a levy on capital. Germany, according to
the Imperial Finance Minister, in a recent speech in
the Reichstag, has been raising more money through
taxes than has been generally supposed. He named
an amount equivalent to $2,000,000,000, but analized, his figures are found to include $500,000,000 increased taxation by constituent States and
cities of the Empire and £250,000,000 the part of the
three-year "army levy" of 1913, which was paid in
war times. Germany having subjected Rumania
to the sacrifices of a conquered province, advices
received by our State Department declare that she

1390

THE CHRONICLE

[VOL. 106.

has now demanded that the little State turn over
all her valuable oil fields to a German-controlled
corporation. A summary of the German terms
received by the Department says: "It is scarcely
necessary to draw attention to the fact that the conditions are monstrous. Rumania finds herself deprived of the greater part of her natural wealth for
the benefit of a foreign State,and private individuals
themselves are spoliated and their fortunes placed
at the mercy of foreign societies. No State has ever
been placed in the obligation of consenting to such a
dismemberment of its sovereignty."

contracted to the extent of 459,000 francs, while
increases were registered in bills discounted, advance-s, treasury deposits and general deposits, of
488,473,000 francs, 11,079,000 francs, 36,637,000
francs and 317,787,000 francs, respectively. Note
circulation showed the further large expansion of
668,556,000 francs. The total amount of notes
now outstanding aggregates 25,847,835,000 francs,
as against 18,749,446,880 francs last year and 15,154,629,735 francs in 1916. On July 30 1914, the
period just preceding the outbreak of the war, the
amount outstanding was 6,683,184,785 francs. Comparisons of the various items with the statement of
No change has been recorded in official bank rates last week and corresponding
dates in 1917 and 1916
at leading European centres from 5% in London, are as follows:
Paris, Berlin, Vienna and Copenhagen; 51
4% in
DRANK OF FRANCE'S COMPARATIVE STATEMENT.
Italy and Portugal; 6% in Petrograd and Norway;
Changes
SIO1213 as Of
far Week.
April 4 1918. .4pril 5 1917. April 6 1916.
432% in Switzerland, Holland and Spain, and 7%
Gold Holdings.
Francs.
Francs.
Francs.
Francs.
in Sweden. In London the private bank rate con- In France
Inc.
1,479,610 3,337,916,851 3,265,807,334 4,986,411,731
Abroad
No change.
2,037,108,484 1,047,671,846
tinues to be quoted at 3 9-16% for sixty and ninetyTotal
Inc.
1,479,610 5,375,025,335 5,213,569,180 4,986,411,731
day bills. Call money in London has been reduced Silver
Dec.
459,000
254,902,000
261,239,834
362,715,563
3% from 3%%. No reports have been received by Bills discounted Inc. 488,473,000
604,428,547
(7)
366,167,441
Advances
Inc. 11,079,000
1,187,935,772 1,238,633,288
(7)
cable of open market rates at other European centres, Note circulation_ _Inc. 668,556,000 25,847,835,000 18,749,446,880 15,154,629,735
Treasury deposits_Inc. 36,637,000
83,829,000
86,112,384
45,949.021
as far as we have been able to ascertain.
General deposit& _Inc. 317,787,000
2,409,992,992 1,994,262,726
(7)
The Bank of England this week reported afurther
In its weekly statement, issued as of March 31, the
substantial gain in gold of £817,913, while total reserves were expanded £637,000—the increase in note Imperial Bank of Germany shows the following
circulation having only reached £181,000. Deposits changes: Total coin and bullion increased 766,000
were again increased, hence the proportion of reserve marks; gold increased 149,000 marks; Treasury certo liabilities showed another decline, this time to tificates were advanced heavily, viz., 199,316,000
17.09%, as against 17.22% last week and 19.12%a marks, while bills discounted showed the huge exyear ago. Public deposits were reduced £7,555,000; pansion of 2,565,156,000 marks. Advances increased
but this was more than offset by an expansion in 1,281,000 marks; investments 4,227,000 marks; reother deposits of £12,744,000. Government securi- serve 4,691,000 marks, and circulation was expanded
ties also increased £3,357,000. Loans (other seuri- 578,596,000 marks. Deposits also registered a pheties) expanded £1,131,000. The Bank's gold hold- nomenal gain, namely 1,900,463,000 marks. Liaings now stand at £61,429,192,as against £54,690,888 bilities were expanded 110,131,000 marks. There
in 1917 and £56,466,228 the year before. Reserves were decreases of 2,773,000 marks in notes and 172,total £31,880,000, in comparison with £34,240,502 092,000 marks insecurities. Total gold holdings are
last year and £41,041,563 in 1916. Loans aggregate given at 2,407,524,000 marks, which compares with
£113,486,000. At the same time a year ago the 2,530,761,000 marks a year ago and 2,461,100,000
amount was £123,307,000, and in 1916 £96,139,472. marks in 1916.
The English Bank reports, as of March 30, the
Last week's statement of New York Associated
amount of currency notes outstanding as £203,799,banks and trust companies, issued on Saturday,
289, as compared with £200,602,097 last week. The
amount of gold held for the redemption of such notes was a fairly strong one and about as expected. Loans
is still given as £28,500,000. Our special correspond- were reduced $11,750,000. Net demand deposits
ent is no longer able to give details by cable of the registered a substantial gain, viz., $40,236,000, to
gold movement into and out of the Bank for the Bank $3,752,355,000 (Government deposits of $291,415,week, inasmuch as the Bank has discontinued such 000 deducted). Net time deposits decreased $6,reports. We append a tabular statement of com- 448,000. Cash in own vaults (members of the Federal Reserve Bank) declined $181,000,.to $102,082,parisons:
BANK OF ENGLAND'S COMPARATIVE STATEMEN
000 (not counted as reserve). Reserve in the
T.
1918.
1917.
1916.
1915.
1914.
Federal Reserve Bank of member banks was
April 3.
April 4.
April 5.
April 7.
April 8.
.6
creased $10,585,000, to $535,104,000. Reserves in
Circulation
47,998,000 38,900,585 33,874,645. 34,940,930 29,471,700
Public deposits_ _ _ 36,288,000 50,123,000 69,914,541
own vaults (State banks and trust companies)
105,270,184 19,630,951
Other deposits
150,272,000 128,968,000 87,749,326 97,649,301 42,333,83:3
expanded $370,000, to $17,576,000, while reserve's
Government securs_ 59,308,000 39,244,006 38,188,646
44,605,970 11,150,770
Other securities_ _ _113,486,000 123,307,000 96,139,472 138,673,872
43,560,564 in other depositories (State banks and trust comReserve notes & coin 31,880,000 34,240,303 41,011,583
37,260,098 25,006,413
panies) increased $598,000, to $7,820,000. The
Coin and bullion__ _ 61,129,192 54,690,888 56,466,228
53,751,028 36,028,143
Proportion of reserve
aggregate reserve showed a further gain of $11,553,to liabilities
17.10%
19.12%
26.03%
18.30%
40.34%
Bank rate
000, to $560,500,000, which compares with $744,829,5%
5%
5%
- 3%
000 at the corresponding date in 1917. The increase
The Bank of Yrance reports a further gain in its in surplus, however, was
brought down to $6,433,290,
gold item this week, amounting to 1,479,610 francs. there having been an
expansion in reserve requireThe present gold holdings total 5,375,025,335 francs, ments of $5,119,710.
This brings the total of excess
of which amount, 2,037,108,484 francs are held reserves now on hand
to $61,399,120, on the basis
abroad. In 1917 at this time the total gold holdings of only 13% reserves
for member banks of the
were 5,213,569,180 francs, including 1,947,671,846 Federal Reserve system
(but not counting $102,082,-..
francs held abroad, and in 1916 the amount was 000 cash in vault held
by these banks). A year ago
4,986,411,731 francs (all in vault). The silver item surplus reserves totaled
$113,807,150, on the basis




APR. 6 1918.]

1391

THE CHRONICLE

then ruling of 18% reserves, including cash in vault.
The bank statement is given in greater detail in a
subsequent section of the "Chronicle."

J

decline to 23/2% was recorded, with 4% the highest
and also the renewal rate. Wednesday's range was
%
3@332 and 331% for renewals. On Thursday the
maximum was 4%, the minimum 33/2%, and 3%%
the renewal basis. Friday the range was 3@4%
4
with 33 % the renewal basis.
In time money a somewhat easier tone was recorded and during the earlier part of the week a few
loans were negotiated for thirty days on the basis
of 6%. Later, funds became available for longer
maturities, but the bid rate for all periods from
sixty days to six months continued at 6%. The
inquiry for call funds is lighter, owing to the slackening of Stock Exchange dealings. Some comment
was aroused by the reduction of the call loan rate on
Wednesday to as low as 23/2%, and was taken as an
indication of the confidence felt by bankers in the
assured success of the Loan. Last year sixty and
ninety days were quoted at 33-@4%, four months
at 3%@4%, five months at 39@43'1% and six
months at 4@431%.
Commercial paper rates continue to be quoted at
5%@6% for sixty and ninety days' endorsed bills
receivable and six months' names of choice character.
Names less well known still require 6%. Some
business was recorded among country institutions,
but transactions did not in any case attain large
proportions.
Banks' and bankers' acceptances have ruled quiet
with only a light volume of business transacted.
Quotations were without important change. Detailed rates are as follows:




I

1

Kansas City.

I

Minneapolis.

St. Louis.

New York.

Boston.

I
I

The local money situation has developed a more
comfortable attitude, quite liberal supplies of time
accommodation having become available. Loans
have been negotiated this week for all periods up to
five months at 6%. The„ easier tendency became
evident coincident with the announcement of the
terms of the Third Liberty Loan, especially the
dates of installment payments which it will be observed completely skips the month of June in which
•are due the payments for income, excess profits
and other war taxes. By the terms of the new war
loan 5% must accompany subscriptions. These
subscriptions may be filed any time beginning this
morning and until May 4. Subsequent payments
will include an installment of 20% on May 28,
35% on July 18 and 40% on Aug. 15. Payments,
however, may be made in full on or before May 4,
but bonds will not be delivered before May 9 on
any subscription for an amount exceeding $10,000.
Full payment may be completed upon subscriptions
for any amount on May 9 or any subsequent installment date. The arrangement of the installment
date appears to indicate a full appreciation by the
Treasury of the actual conditions of strain which
so heavy applications upon the capital market by
the Government must entail. The decision to omit
June from the loan installment period unquestionably is wise. It is considered probable that the
Delivery
Spot Delivery--present movement in Congress to permit payment
within
Thirty
Stay
Ninety
30 Days.
Days.
Days
Days.
of income and war taxes in two or more installments Eligible bills of member banks 434041i 44.E44%, 434@4
494 bid
434
4
414 0046
halgible bills of
will be endorsed by the Treasury and legislation Ineligible bills non-member bks_434(44% 534@434 414@434 6 bid
bid
5%0434
5346434
permitting such a change be enacted. Based on tax
No changes in rates, so far as our knowledge goes,
returns in the metropolitan district it is manifest that
the past week by the Federal
the total of the Government receipts from internal have been made
Reserve banks. Prevailing rates for various classes
revenue will show a considerable increase over early
of paper at the different Reserve banks are shown in
estimates.
Aside from the easier feeling as regards fixed the following:
DISCOUNT RATES OF FEDERAL RESERVE BANKS
maturities, call loans have been made this week at
i
lower figures as a rule, some business having been •
I
4 •ei ^i
CLASSES
at 23/2%. The tendency of subscribers to
effected
''• O
.
.; E
OF
:._,. , 4 1 i'
previous war loans has been to pay in full at the DISCOUNTS AND LOANS
outset. There appears slight reason to expect a
Discounts—
different result will attend the new issue. Treasury Within 15 days,inch member .
.
4
4 4 4
4 4 4
314
collateral notes__
certificates to the extent of about $2,000,000,000 16banks'days' maturity__ 4 434 4 4 4 414 414 414 414 414 414 434
41.4 414 434
5
to 60
414 434 414 414 414 5 414 5 414 43-4 43-4
61 to 90 days' maturity__ 5
already have been taken by banks and similar in- Agricultural and live-stock
5
434 5 514 514 534 5 5 534
5 5 5
paper over 90
of the loan, and will be Secured by U. S.days
stitutions, in anticipation
certificates
of indebtedness or Libturned in in payment of subscriptions. This means,
erty Loan bonds—
Within 15 days' includbanks'
member
ing
of course, that the banks will have an impelling
314 33-4 314 314 334 314 314 334 334 334 31-4 314
collateral notes
inducement to turn over their own subscriptions 16 to 90 days' maturity_ _ _ 4 4 4 4 4 4 4 4 4 4 4 4
Acceptances—.
Trade
314 4
314 4
334 4
4 4 4
414 4 4
1
to their depositors and other clients. It is worth 61 to 60 days' maturity
4 4 4
4 4 4 4
4 4 4
434 4
to 00 days' maturity
noting, however, that most of these certificates of • Rate of :3 to 414% for 1-dal discounts in connection with the loan operation
the Government.
indebtedness carry 43/2% instead of the 431% of Note.—Rate for acceptances purchased in open market, 3 to 44%, except for
Minneapolis, whose
Boston, Chicago
for in the new loan; hence will exist a of San Francisco and rates range from 214rates range from 3 to 5%. In the case
provided
to 414%.
the
the 15-day discount rate,
rate
In
natural disposition to permit the certificates to run tradecase the 60-day trade acceptancedays is higher thanat the lower rate. paper
will be taken
acceptances maturing within 15
Rates for commodity paper have been merged with those for commercial
to maturity. But the fact that these certificates, of corresponding maturities.
already have been purchased will certainly mean
Sterling exchange has responded in tone, and to a
that whether or not the transaction be made a
limited extent in the form of higher rates, to the
direct one of paying for bonds with the certificates,
the certificates if held to maturity will provide suffi- favoring interpretation of the war news. Another
cient funds to turn in as subscriptions and will influence in the improvement was the fact that two
thus preclude the necessity of a new accumulation mail opportunities were available which permitted
the drawing of bills on a more definite basis. Cable
of money.
Dealing with specific rates for money, call loans this transfers, too, closed at a fractional netadvance for
week ranged between 23/ and 532%, against 5@6% the week. Most of the business is of course conlast week. Monday 532% was the high and ruling tinuing in cable transfers, as contracts for military
quotation, and 3% the low. On Tuesday a sharp supplies placed here with our manufacturers by our

1392
THE CHRONICLE
[VoL. 106/./
a.
European allies are being covered in large measure tinues upon a purely nominal basis, with no transby the advances which our Treasury Department actions reported. No dealings are being put through
is making from time to time. An additional credit in German and Austrian exchange and quotations in
of $200,000,000 was granted on Tuesday to Great reichsmarks and kronen are no longer obtainable.
Britain, making the total credits to that country The unofficial check rate on Paris finished at 27.20,
$2,720,000,000, all of which has been or is to be as compared with 27.193/b last week. In New York
paid over to American manufacturers or merchants sight bills on the French centre closed at 5 723/,
2
or producers for supplies. The total of the loans against 5 72%; cables at 5 703/2, against 5
70%;
to the Allies has now exceeded $5,000,000,000. commercial sight bills at 5 733, against 5 733', and
They amount according to estimates by Treasury commercial sixty days at 5 793., against 5
793/i on
officials to $5,160,600,000. Announcement of ad- Friday of the preceding week. Lire finished at
ditional credits to France and Italy to cover expenses 8 79 for bankers' sight bills and 882 for cables.
of those countries during the month of April is ex- This compares with 8 75 and 8 72, the final quotapected in the next few days.
tion of a week ago. Rubles have not been changed
As to day-to-day rates, sterling exchange on from 13 for sight bills and
133 for cables—quoSaturday in contrast with Friday of the week tations which are completely nominal. Greek
previous, was quiet but firm and practically un- exchange is still quoted at 5 13 for checks and 5 113/
2
changed; demand was again quoted at 4 7535@ for cables.
4 75% and sixty days at 4 72%@4 725 , with cable
%
As regards the neutral exchanges, most of the
transfers at 4 76 7-16. Monday's market was merely week's activity has been furnished by pesetas, which,
a nominal affair, the dulness being accentuated under the impetus of a good demand and light offerby observance of the Easter Monday holiday in ings, again moved up, this time to 26.25, a new high
London; the tone, however, was firm and demand level on the current movement. Swiss exchange.
bills at one time sold up to 4 7540, mainly on the moved somewhat irregularly during the initial transimprovement in the war news, and a sharp drop actions, but turned firm and closed firmer and higher.
in local money rates; quotations were 4 7535@4 7540 Guilders ruled firm throughout and finished at a subfor demand, 4 72%@4 75% for sixty days and stantial net advance for the week. The Scandinavian
4 76 7-16 for cable transfers. No perceptible in- exchanges, following early weakness, also rallied and
crease in activity was noted on Tuesday and rates displayed a firmer tone. Firmness in London
ruled at the previous day's levels, with the single cable transfers was partly responsible for the general
exception of demand, which was a shade easier at strength, while the continued scarcity of commercial
4 75%. On Wednesday a still firmer tone developed offerings was a factor. In some banking circles
and demand bills were advanced to 4 7535@4 7540; speculative operations were held to have been an imcable transfers also ruled a trifle higher at 4 76 7-16@ portant influence in putting up rates of neutral ex4 7645; the firmness was attributed largely to better changes. Bankers' sight on Amsterdam closed at
mail facilities, two steamers having been scheduled 4732, against 46; cables at 473 , against 463/2; com4
to sail during the week, while the more favorable mercial sight at 47 3-16, against 45 15-16, and comcharacter of the war news exercised a strengthening mercial sixty days at 473', against 45 13-16 last
influence;sixty day bills ruled unchanged at 4 72%@ week. Swiss exchange finished at 4 29 for bankers'
4 72%. Trading was dull and uninteresting on sight bills and 4 25 for cables. A week ago the
Thursday and transactions were small in volume; close was 4 32 and 4 31, respectively. Copenhagen
nevertheless, quotations continued firm and demand checks closed at 31 and cables at 313/2, against
was still reported at 4 7535@4 7540, cable transfers 30% and 313. Checks on Sweden finished at
339
at 4 76 7-16@4 7645 and sixty days at 4 72%@ and cables 343., against 313/ and 32, while checks
2
4 72%. On Friday the market ruled firm, with on Norway closed at 31% and cables at 323/g, against
a slight advance in rates. Closing quotations 313/ and 32 the week preceding. Spanish pesetas
2
were 4 72%@4 72% for sixty days,4 7540@4 75473' closed at 26.25 for checks and 26.25 for cables,
for demand and 4 7645@4 76463/ for cable trans- which compares with 25.60 and 25.70 last week.
fers.
Commercial sight bills finished at 4 75@
As regards South American quotations, the check
1
4 75%, sixty days at 4 71%@4 71%, ninety days rate on Argentina is 44.15 and cables 44.25, against
at 4 693/2@4 69%, documents for payment (sixty 44.30 and 44.40 a week ago. For Brazil the rate
days) at 4 71%@4 71% and seven-day grain bills , for checks is 25.64 and cables 25.74, against 25.65
/
at 4 741 8@4 743. Cotton and grain for payment and 25.75, respectively. The Chilian rate has
1
closed at 4 75@4 75%.
remained at 15 9-32 and for Peru 56 (unchanged).
Far Eastern rates are as follows: Hong Kong, 76@
The week's movements in the Continental ex- 76.15 (unchanged); Shanghai,
1073/2@1083' (unchanges were without special significance so far as changed); Yokohama, 51.75@51.85, (unchanged);
to belligerent countries are involved.
Trading, Manila, 497 @50 (unchanged); Singapore, 563@
4
in fact, was so dull as to be of almost negligible pro- 563/2 (unchanged), and Bombay, 35%@36 (unportions, with the market at times at a complete changed).
standstill. A feature in the prevailing inactivity
was, of course, the more or less general observance
The New York Clearing House banks, in• their
abroad of the Easter holidays, although market operations with interior banking institutions, have
operators continue to watch closely and with keen lost $1,497,000 net in cash as a result of the currency
interest developments .in the war situation. News movements for the week ending April 5. Their refrom the Western battle front has been decidedly ceipts from the interior have aggregated $6,741,000,
more encouraging. Italian exchange again ruled while the shipments have reached $8,238,000. Addweak and heavy, though not exhibiting spectacular ing the Sub-Treasury and Federal Reserve operadeclines as on several previous occasions. Francs tions and the gold exports, which together occasioned
were fairly well maintained. Ruble exchange con- a loss of $75,931,000, the combined result of the




APR. 6 1918.]

THE CHRONICLE

1393
a

On the other hand, there were certain visible in
flow of money into and out of the New York banks
for the week appears to have been a loss of $77,428,- dications which on other occasions have in Germany
foreshadowed virtual abandonment.of an aggressive
000, as follows:
campaign. At the similar juncture in the Battle of
Out of
Into
Net Change in
Week ending April 5.
Bank Holdings.
Banks.
Banks.
Verdun, when the first week's fighting had convinced
$6,741,000
$8,238,000 Loss $1,497,000 the world that the German generals had failed of their
interior movement
Banks'
Sub-Treasury and Fed. Reserve oper46,816,000 122,747,000 Loss 75,931,000 purpose, we were assured by the critics, as we are
ations and gold exports
$53,557,000 $130,985,000.Loss $77,428,000 being assured now, that the halt in the German ofTotal
merely a temporary pause while vast
The following table ihdicates the amount of bullion fensive was
reinforcements of men and artillery were being
in the principal European banks:
brought up. The real crisis of the battle was yet to
April 5 1917.
April 4 1918.
come. But it was equally noticeable on that occaBanks of
Gold.
Sileer. I Total.
Total.
Silver.
Gold.
sion that the German newspapers, under Governz
inspiration, had ceased to predict victory, that
54,690,888 ment
61,429,192 54,690,888
England__ 61,429,192
Francea__ 133,516,673 10,162,000 143,678,673 130,635,893 10,440,000 141,075,893 they were talking of something else than the Battle of
796,750 127,334,800
5,968,600 126,344,800 126,538,050
Germany_ 120,376,200
._
Russia 4 _ 129,650,000 12,375,000 142,025,000 147,750,000 12,144,000 159,894,000 Verdun, and that the Kaiser had abruptly stopped
Aus-Hun c 11,008,000 2,289,000 13,297,000 19,000.000 4,700,000 23,700,000
Spain ____ 79,949,000 28,241,000108,190,000 53,705,000 30,075,000 83,780,000
telegrams to
33,448,000 3,465,000 36,913,000 34,436,000 2.840,000 37,276,000 his battle bulletins, his congratulatory
Italy
584,300 49,835,300
610,000 60,865,000 49,251,000
Netheri'd 60,255,000
all sorts of individuals and organizations, and his
15,980,000 15,380,000
600,000
600,000 15,980,000
Nat.Bel.h 15,380,000
14,715,000 13,734,500
13,734,500
Switeland 14,715,000
13,069,000 10,694,000
10,694,000 decorations of Crown Prince and army generals.
Sweden __ 13,069,000
136,000 9,777,000 9,155,000
125,000 9,280,000
Denmark_ 9,641,000
6,521,000 7,102,000
7,102,000 We now know that these incidents of 1916 meant GerNorway__ 6,521,000
Tot.week.688,958,065 63,846,600 752,804,665672,072,331 62,305,050734,377,381 many's confession of defeat.
Prey.week 688,164,533 63,806,95 751,971,483670,689,548 62,067,770732,757,318
Whether a similar interpretation could reasonably
a Gold 1 (tidings of the Bank of France this year are exclusive of £81,484,340
held abroad.
be placed on the very similar events of the past
• No figures reported since October 29 1917.
c Figures for nig those given by "British Board of Trade Journal" for Dee 7
week, it was and is premature to say. Germany's
1917: figures for 1917 estimated on the basis of the Dec 7 1917 totals.
h Aug. 6 1914 In both years.
motive for throwing all her strength against the
Western line before the American armies arrive is as
obvious as it was before, notwithstanding the terrific
THE SECOND WEEK OF THE BATTLE.
losses to which the German forces have been subjecWhether Thursday's renewed attacks of the
And, in fact, whether the Germans do or do
German army on the British front in the neighbor- ted.
not resume the offensive on the previous scale, the
hood of Amiens, and the subsequent assault on the
campaign of the Allies remains a matter of
French positions, mean resumption of last week's plan of
equal interest. It is certainly not less so in view of
aggressive drive on the previous scale, or whether
of General Foch, perhaps the most
they are only (as at Verdun) the continuance of the naming
the military strategists whose genius
pressure with a view to staving off counter-blows, brilliant of
as generalissimo of the Allied
is a question which events will have to determine. this war has developed,
armies in the West; directly commanding not only
Even if the German commanders had been forced to
of the French Army but General
abandon their original objective plans, they still General Petain
Haig and his Englishmen.
had on their hands the task of holding the territory
This decision, in which both the French and
captured in last week's drive, and the expressions
German newspapers show that Germany English people have acquiesced, is of importance
even of the
is fully awake to the possibilities of General Foch's not only from the military viewpoint, but as a politiarmy of reserve. The world has learned already. cal event. It will not have been forgotten that a
that even disastrous failure of an army's attack on month or two ago, when the Allied Council at Verintrenched positions is not apt to have the sequel sailles had practically agreed on this very expedient,
familiar in other wars. Failure of such an attack the feeling of the British Parliament regarding it
at Gettysburg was followed by the retreat of Lee's was so hostile as momentarily to threaten Lloyd
army of invasion into Virginia, and that was the George's political existence. It is, in fact, an
usual result. But with the immense armies now arrangement not at all familiar in history. The Gerinvolved, and the great length of line in which re- man high command does, indeed, exercise similar
tention of one position depends on retention of the power over the Austrian, Bulgarian and Turkish
others, a battle of this kind must continue to be armies. But that is because, in Austria's case
especially, failure of other than German generals
fought, long after it has been virtually lost.
The one indisputable fact, a fortnight after the had forced Germany's allies to submit themselves
German attack began on the Allied positions in North- to German leadership. For an outright and volunern France, was that the enemy had failed of his pur- tary agreement of the sort, not in the face of defeat,
poses. Substantial gains in occupied territory had there are only two exact historical parallels—the
been made, but none of the major objectives of the placing of Rochambeau under the command of
costly demonstration had been achieved. Military General Washington in 1781 and the consent of the
critics inclined to the belief that it would be resumed, Austrian and Dutch governments, in the Grand
possibly on an even greater scale of violence. This Alliance of 1704, to put their armies under the orders
was certainly not impossible; the policy of the Allied of the English General Marlborough. Even in the
command, in devoting its attention chiefly to rein- campaign of Waterloo, the close co-operation of
forcing the positions now held, might of itself have Wellington and Blucher was purely a voluntary
been taken to indicate such expectation, and it is matter for each 'commander.
In the present case, the naming of one supreme
difficult to see how the German people could be made
to accept quietly the abandonment of further ag- commander for the Western armies of the Allies
gressive effort in this campaign, after the extrava- is of the highest consequence—first, because the
gant promises made to them at the outset, and after Allied armies are fighting an enemy whose own
the probably unprecedented loss of life in linden- movements are already thus directed, but second,
because, as the recent battle plainly showeil,Ithe
burg's offensive.




1394

THE CHRONICLE

•
Germans were basing their own plans on the assumption that independent commands of the French and
English generals created the greatest point of strategic weakness on the side of the Allies. We shall now
at least have the opportunity to see whether, and
to what extent, the strategy of the Allies will be
improved and co-ordinated under this new regime.
In the existing circumstances, Count Czernin's
speech of Tuesday to the Vienna City Council, dealing with the Teutonic terms of peace, has attracted
relatively little interest. It had indeed a curious
atmosphere of detachment from the actual situation
of the hour. The Austrian Foreign Minister's
remark that "the colossal struggle in the West has
already begun" seemed to describe the situation
of two weeks ago rather than that of this week, and
his profession of entire concurrence in the ideas of
the German Government and the German Chancellor
scarcely opened up any new avenue for negotiations.
As for his assertion that Clemenceau had directly
sought Austria's terms of peace, and that the discussion had been broken off only by France's insistence on Alsace-Lorraine--that has already been
explicitely and officially denied by the French
Government.
On the whole, the making of this speech at precisely this time will be commonly ascribed, either
to a predertermined purpose to reopen the peace
discussion on the basis of victory which was then
expected, or to the desire of the Austrian Government to silence the angry social and political opposition in Austria itself. One statement of the
speech, however, is worth keeping in mind. Count
Czernin asks, Will competition in armaments continue after return of peace? He answers:
"I do not believe that it will be possible for the
States after this war adequately to meet the increased
requirements due to the war. I think, rather, that
financial conditions will compel the States to enter
into a compromose regarding the limitation of armaments."

IS THERE A LEGAL LIMIT TO PRICE CONTROL?
' Last autumn the people of this State were put to
the expense of a special session, in order to enact a
State Food Control, although that was plainly
superfluous if it agreed with the one just enacted by
Congress and futile if it did not. Not long ago
the State Senate almost unanimously voted to amend
the law of last autumn, so as to empower the Control
Commission to make rules to fix "the difference
between the purchasing and selling prices so as to
prevent excessive profits." This would apply to
wholesale or retail prices not of food alone but of
all "necessaries of life." Shelter being as requisite
as food, that falls within the list of necessaries of
life, and the national House of Representatives has
now passed a bill providing that rents of residential
properties shall not be advanced more than 10%
of what was paid in the year ending with September
of 1916 and that on new properties the rents shall
not be above 10% of the valuation; any tenant paying an excess may recover it twofold. This bill
applies only to the District of Columbia, over which
Congress has exclusive jurisdiction; but- in the fury
against what is inaccurately called "profiteering"
the price-fixing process may as reasonably spread
over the whole country.
The Supreme Court has not yet passed upon any
of these excessive pieces of recent legislation. Its




[VOL. 106.

members doubtless have their opinions but feel no
desire to hurry official expression of them, and that
will not be reached until a concrete case comes up.
Yet we must not be over-confident that the highest
tribunal will seek to halt even the most extreme of
these new statutes, and it happens that there is a
leading case already which laid down, very broadly,
the doctrine that necessity may be compelling and
justifying.
In April of 1914 a case which arose under a Kansas
statute of 1909 and had been in the courts several
years was decided by a majority of the Supreme
Court in affirmation of the power of a State to fix
rates of fire insurance. The prevailing opinion
was written by Justice McKenna,with Justices Day,
Holmes, Hughes, and Pitney concurring. Justice
Lurton did not participate, and a dissenting opinion
was handed down by Justice Lamar, with whom
Justice Van De Venter and Chief Justice White
concurred. In the dissent, Justice Lamar made one
distinction which seems legally impregnable, namely:
that the characteristic of a "public" business is
that "all the public have an equal right to demand
and share in it," and inasmuch as a property owner,
as was conceded, cannot demand insurance as a
matter of right the business is not "public" and is
under the constitutional warrant of protection of
private property. Justice McKenna set the majority
view, in part, upon the declaration that insurance
has a monopoly character because the property
owner must pay the rates demanded or do without
protection; this, however, is not correct, for the law
long ago provided an open and easy mode of escape
from that severe alternative.
But if the majority had said (and in this particular
part of the subject they would not have been more
wide of the fact if they had said) that twice two are
five and therefore the State may claim the power of
rate regulating, the decision would still have been
before us and we could only, as the late Justice
Brewer said we have full right to do, hold a judge
as open to criticism as anybody else. The majority
in this decision argued thus: whatever commodity is
indispensable to the public may have its prices fixed
by the public; insurance is an indispensable commodity and the purchaser must pay whatever is
demanded; therefore its prices may be fixed for it
and imposed upon it. This syllogism is unsound in
its minor premise, as just said, since insurance is
not indispensable to such a degree that the purchaser
is without relief if he deems the price excessive.
But what we are concerned with is the major premise:
that indispensable commodities are "affected with a
public interest" and are therefore subject to pricefixing by the public, on behalf of and in the assumed
interest of the public.
Justice McKenna, speaking for the majority,
perceived the weakness following from the unlimited
breadth of his position, and he could not refrain from
mentioning it and trying to break its force. It is
objected (he said) "that the reasoning of the opinion
has the broad reach of subjecting to regulation
every act of human endeavor and the price of every
article of human use." This he sought to glide over
and dismiss, yet holding that insurance has become
"clothed with a public interest" and is therefore
subject "to be controlled by the public for the common good." Justice Lamar saw the point, and
urged that any reasoning which leads to such a
monstrosity must have some fatal defect: Such a

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1395

rule has no stopping-place. It is evident, he said, people are their own masters and have decreed it
"that the decision is not a mere entering wedge by their own agents. The court may find the statute
in
but reaches the end from the beginning and announces to be dead because never having been alive, being
by which the people have
a principle which points inevitably to the conclusion conflict with the constitution
. An
that the price of every article sold and the price of previously decided that they will be governed
, unchangeable constitution cannot exist; on
inflexible
every service offered can be regulated by statute."
of
It happens that this hearing and decision ante- the contrary, constitutions are dangerously easy
months, and that nobody change. All the highest court does or can assume to
dated the war by a few
had then dreamed of a war to come. If Kansas can do is to say to the people: "this conclusion you now
fix prices of all useful and necessary commodities, dislike agrees with the governing instrument you
so can Congress, and so can any of the States. At have yourselves made; you must not blame the
you
that time, nobody foresaw the failure of our long- judges who point out your error to you;whatever
our say the law should be, it is for you to found your
wonted national abundance; we were flinging
plenty into the air as if getting rid of it were a relief. constitution and then to enact accordingly."
So the people are supreme, subject only to the
Now we are passing through the wilderness, and we
either how far away is the promised land Higher Law which man did not make, and may be
know not
of assured liberty or what privations we must yet as foolish as they dare. They can make constituendure before reaching it. What we do know is tions (which are only a sort of New Year resolutions)
that we are in trouble over food and so we have and can alter and unmake as they choose. They
resorted to some means of attempted price control; can declare that wrong becomes right when circum;
those means have run in their application clear past stances seem to make that expedient or necessary
the statutes which proposed them, and but what they cannot do is to avoid the consequences
the letter of
now we seem to be going on to the next step of at- of generalizations which are both broad and bad.
tempting to regulate all prices, on behalf of con- And now, having before us the legal principle subsumers, while at the same time we are required to stantially that the people can fix all prices by statute
pay taxes and are exhorted to buy bonds. Taxes if they choose, inasmuch as the people can undertake
and investments cannot be taken out of losses; anything, it behooves us to be cautious about laying
there must be profits, on merchandise and services; down broad doctrines and to guard well our actions,
yet we seem to be bringing into action a weapon lest they bring us to our hurt and confusion.
which may favor us as buyers, without reflecting
how we may be affected in our character as sellers. ONE RECOMMENDATION OF THE WAR LABOR
CONFERENCE.
Can we buy without selling, and except as we get
the means by selling?
There are so many questions involved in the recomThis decision in 1914 was made with reference to mendations of the Labor Conference that we shall
a single commodity which had been long in dispute confine ourselves in this article to but one of them.
within and without the courts, and any statute or And it may be well to say here and now that the
law rule which promised to keep down its prices principles involved in a correct settlement of the
seemed very grateful to the great mass of buyers; it relation of employers and employees are no different
is not unjust to the members of the highest courts, now from any other time. Exigencies only accentuas of subordinate courts, to say that they were predis- ate principles. Conciliation and compromise may
.
posed, very possibly without realizing the bias, to be the necessity of emergenices, but they cannot
this commodity and its sellers. Four obtain when they violate principles founded in funlook severely on
years ago and while the sky was ordinarily clear, damental rights, and on which contracts are based.
it was not hard to see whither so unhappy a principle We quote the sections we wish to consider: •
as was laid down might bring the country; and it is
Existing Conditions.
now perfectly easy to see that the minority was
1. In establishments where the union shop exists the same
right and the majority was unsound. Perhaps the shall continue, and the union standards as to wages, hours
surviving members of the majority now regret of labor and other conditions of employment shall be maintheir error in giving so dangerous a reason; can they tained.
2. In establishments where union and non-union men and
now find a way out, if opportunity comes, and will
women now work together, and the employer meets only
they try?
with employees or representatives engaged in said estabIf the highest court should reverse itself, it would lishments, the continuance of such conditions shall not be
innot be wholly without precedent; yet we must not deemed a grievance. This declaration, however, is not the
deny the right or discourage
upon that, nor should we ever rely upon tended in any manner to of labor unions, or the joining of
count
practice of the formation
judicial interpretations to relieve us from any mis- the same by the workers in said establishments, or guarantees
le" has
takes of legislation. For (as the "Chronic
in the last paragraph, nor to prevent the War Labor Board
before now pointed out) criticism sometimes levied from urging, or any umpire from granting, under the maat the courts because of unpopular decisions goes too chinery herein provided, improvement of their situation in
labor, or other conditions as
far. If one does not like his image in the glass he the matter of wages, hours oftime to time.
shall be found desirable from
should blame the object, not the mirror, for that
In preceding sections the rights of organization
merely gives back what comes before it. In a sense,
are guaranteed to both
an interpretative court is only a mirror, which ex- and collective bargaining
s and workers, and it is further provided
hibits to the people their own action and position. employer
discharge workers for
No court can or seeks to "invalidate" a statute; that "employers should not
statute called a membership in trade unions nor for legitimate trade
it tests it by the earlier and higher
which
constitution and reports agreement or disagreement. union activities." To this is added a section
of their right
the exercise
A statute may be radical, unjust, foolish, discriminat- reads: "4. The workers, in
absurdity; the final court (final only in to organize, shall not use coercive measures of any
ing, even to
join their organizations,
that no higher court exists to reverse it) cannot kind to induce persons to
s to bargain or deal therewith."
kill the bad statute because of badness, for the nor to induce employer




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[VoL. 106.

No matter what harmonizing agreements may be the highest progress that has been made in considersuggested and entered into at this time, it will not ation of the wages and living and working condibe disputed that huge contracts covering years of tions of the "workers" has come about when the
performance have been entered into, and are being employer is free to deal with his employees, indiconsummated, which are for fixed prices, and which vidually and collectively, within the boundaries
must be successfully carried out, unless loss is to fall of his own enterprise and industry, and by special
upon the employer and disaster result to the nation. agreement, uninfluenced by outside or inside colAs we interpret the sections first quoted, and to lective and individual pressure.
which alone we direct our present consideration, it
Countless strikes have already occurred. And
is provided that every union-labor shop now existent settlements have almost invariably, where employers
shall be maintained. On the other hand, if a now have submitted to various forms of appeal, resulted
existent open shop can, by any form of persuasion in an increase of wages on arbitrary demands.
not coercive, be changed into a union shop, it may What has been done in this manner is now to become
be done; and when done, must thereupon be main- fixed and cannot be undone. This is not the true
tained according to union-scale wages and union method of "give and take." It does not argue
hours of labor.
mutual freedom and independence of contract for
The form of coercion is dealt with in the recom- the future. What is fair for one,party to the conmended agreements—and it should be remembered it troversy is fair for the other. What is justice to
has lately been construed by the Supreme Court. one is justice to the other. Harmonious relations
But we ask, in all reason, why should legitimate between employers and employees, and especially
argument and non-coercive persuasion be guaran- in times of stress, when inflated arguments may be
teed in case against the open shop and not equally adduced, are not subserved by a continuous propaso against the union? And of what avail is it, as ganda for unionization inside the plant. To use a
far as the accompanying rights of property are con- much abused word, the morale of the workers is
cerned, to guaranty the right of an employer to join not enhanced thereby. We shall never attain to
an organization of employers to deal with a like an all-pull-together relation by such methods. The
organization of employees or "workers," when he employer must have the right to lower wages accannot control and manage his own business enter- cording to conditions, just as he has the right to
prise free from the interferences and insidious appeals raise them. In innumerable instances the employer,
of organized labor both within and without his in the past few years, has raised wages, and volunopen shop? And how can he be assured that he tarily. It is conceivable that his individual condican fulfill contracts entered into under an open-shop tion may change, although general conditions are
system and non-union wages when his open shop may little altered. In such event he should have the
be changed into a union shop, and once so changed right to alter his wage schedule. And if he cannot
must remain union, and pay the union scale of wages, lower it consistent with continuance of his own
which, it is elsewhere specifically declared, shall be special business he must operate at a loss, or quit,
for "common laborers," and all, "a living wage," in which event the employee is without an employer,
the minimum of which shall "insure the subsistence and adrift in the world, though still protected by
of the worker and his family in health and reason- his union scale. Always, and in any correct soluable comfort"? It is not that this last should not, tion of this great problem, the interests of the emor will not, or must not, be done—but it is that the ployer and employee are mutual.
prices of the product of labor in long-time contracts
One word more. We are setting precedents all
are fixed and cannot be changed, while the conditions the time. And these should not violate the natural
of life surrounding labor are constantly changing, laws of production, which, while they are impeded
which may prevent the constractor from accepting now, only await the time of reassertion. And conand yielding to the estimate which labor and "the cessions should balance each other. If the status
workers" place upon their own "comfort." And quo demands a continuance of a union shop, it also
the way being open for changing by persuasion, by demands a continuance of an open shop. To proconstant free appeal inside the works, of a non-union vide for a possible change in one and not in the other
to a union shop, it is by no means an unlikely oc- is not a proposition in "balancing," in mutuality;
currence that such a change may take place, and it is a recognition, of an advantage gained through
the employer is by the terms of these proposals stress and an open bid for seeking further advantage.
riowerless to prevent it.
This does not mean stability, but turmoil, even
Suppose a case of this kind to occur. Final though the turmoil does not take on the form of
appeal is made to the umpire. The employees by coercion or violence.
dint of persuasion, we put it in this form since the
MENTAL HYGIENE.
whole purpose is to inhibit strikes, have unionized
the shop by their own agreement, and thereupon
Writings on the "state of mind" are becoming
demand union wages and union recognition, what more numerous. The investigation takes on the
is the umpire to decide? By this mandate appar- form of questioning what part of mental energy, at
ently he has no option but to declare the shop union, this time, should be devoted to studies in art,
and the employer must abide by his decision, no science, and letters. The subject reaches to civilmatter how disastrous to his contract fulfillment. ization in one direction, and touches individual
If a union shop is to be maintained, the employer human happiness in the other.
cannot bring in non-union workers, and he cannot
We have spoken in these columns of the necessity
longer control his own business according to his of more intensive application to "business." While
lawful rights of property. We do not find in this initiative, the projection through creative imaginaa:recognition of the fundamental rights to own and tion of new enterprises, is curtailed, the mind turns
operate industries. Nor do we conceive that gen- to a more direct analysis of the commercial problems
eral conditions will be improved thereunder. For in hand. This meets the demand for greaterflavings




APR. 6 1918.]

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1397

and thrift—increased production in the material as starvation produces hallucinations of the mind.
world. That, however, does not reach to the root The sound mind and sound body must be reciprocal.
Objectively, then, the study of mankind should
of the matter. "A sound mind in a sound body"
never more imperative than now; and therein be the study of man. It begins with self. Introwas
is a species of conservation of value in the present spection is a religion in itself. Not what others
do
and of potentiality in the future. We . well to think, what we ourselves think. Art, science,
letters, oh yes and ideals, these are never lost in the
consider it.
an objective poise, lowlands of common sense. Society and the State
There is a subjective side, and
the faculty of suspending judgment, always a com- are never harmed by plain thinking, and by wellponent of sound thinking, takes on added import- wishing—for these lead to right doing. We cannot
ance in times of excitement and stress. And let us live long on the mountain tops—the air is too thin
talk simply of mind and not of psychology. Whether for sustenance. In times of excitement silence is
or not thought is a mere reaction to outside stimuli golden. Anathema have a powerful recoil—which
by a nerve-machine, we do not know. We have is only another way of saying that "curses come
a deep seated suspicion that somewhere within us home to roost." George Eliot likened gossip to
there is some sort of an interpreter who can and lazy smoke curling from foul tobacco pipes. And
does at times take control of the machine. But let the "they-sayers" always have velvet over their
us stick to the homely old fashioned idea that there claws. In "times like these" it is well to think
is such a thing as "common sense," and that it has twice before speaking. Whatever civilization is, or
not lost its virtue; that when "crucial moments" may be, it rises no higher than the common thought
come we may and should resort to it as our last line of a people. As we think, so we are. And "to
of defense. One thing is certain—it is not acquainted keep the home fires burning" is a worthy work in
with what is known as "hysteria," and if there is all ages and all climes—just plain commerce and
anything sane left in the world, that resides therein. culture anent the dawn!
We can increase production by farming the sea
Therefore, while we study food-energies for the body,
we may gain benefits by studying the influence of as well as the land. If science searches for truth,
and art for beauty, the good must still overcome the
strains of thought on the mind.
This is, of course, under the proviso that we want evil. Mayhap evil is only the absence of good.
to be sane. Ecstasy is a very alluring state of At any rate true conservation in the fields of thought
mind. And it has many forms. We like to canter can never preclude respect for a neighbor's opinion,
over the world in thought; we are all thrilled by in- and interest in his welfare. The "simple life" is
spiration and success; we would be heroes all; the golden mean between barbarism and civilization.
Cinderella, Aladdin, Don Quixote, are only types To think deeply and kindly on the daily living, is
of the universal vaulting ambition. Even the to preserve to-day unto a better to-morrow. The
dullard tells what he would do if he were God. And new-thought people go into "the silences" and come
so we whip ourselves into an ecstasy, often without up and out refreshed, revivified, cleansed. It is
much provocation save our own egotism. It is a but a new form of confessional. There is no mobform of self-hypnosis—somewhat kin, but far re- psychology in the mental gardens planted in our own
moved from that produced by alcohol, or the gyra- dooryard. He who preserves not his individual
tions of the whirling dervish. And yet all is vanity right to think for himself, binds himself with the
of vanities; and we are reminded of the lines of chains of slavery. In Les Miserables, the Bishop
Joaquin Miller: "Time eftsoon will tumble, all of us asked a blessing of the dying revolutionist, and gave
together, like leaves in a gust, humbled indeed down the candlesticks to Jean Valjean, after he had stolen
into the dust!" Despite all this, reason has woven them. We are as leaves of grass, but we carpet the
for us a cable of human conduct, linked of precepts pathway to eternity, by humility, helpfulness,
and adages, that binds our feet to earth, and ever hope. "They also serve who stand and wait."
will. "Second thoughts are best" we say—though Justice is only thought that is just; liberty only
we act on impulse and think afterward, far too thought that is liberal.
often!
The influence of our thoughts, subjectively Let
WISCONSIN'S LOYALTY IN THE
us change the metaphor, and what a string of pearls
SENATORIAL ELECTION.
the ages have given us "To the pure in heart,"
Both to those who confidently expected it and to
"evil to him who evil thinketh," "love enemies,"
the success of Mr.
"do good to them that despitefully use you," "a those who were fearful about it,
maketh a clean mind," "a soft answer Lenroot to fill the unexpired term of the late Senator
pure heart
turneth away wrath," "think twice before," &c. Husting of Wisconsin will be gratifying. The first
Thought and conduct inextricably interwoven, but reports were from Milwaukee and other places where
always the heart as well as the brain—love as well the German element and the Socialist element also
reports showed a large
as mere will. Manifestly the health of the mind are largest, and when those
, Lenroot lead the case lost all doubt. The lead of
grows by what it feeds on—and for illustration
over
living on hate it turns to hate. We do not argue. nearly 12,000 over Davies and nearly 45,000
few observations by the way. Berger, with some precincts in the State yet to be
We merely drop a
increase rather than
There are other precepts, and one in common use is reported, seems fairly sure to
to affect the
"being good never gets you anywhere." And lessen. The soldier vote is too small
, however it may be divided.
considering the secretive cunning of the Oriental result materially
as equally standing for
we are disposed to take the little Chinese idol of Taking Lenroot and Davies
loyalty to the country and the cause, there is a
the three monkeys with hands over ears, eyes and
who ran
mouth, respectively, as containing, with all its plurality of some 181,000 against Berger,
both experience and on an open demand for "the immediate withdrawal
admonition, a hidden jest. But
science teach that wrath is poison to the body, just of American troops from the invasion of Europe."




1398

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[VOL. 106.

The overwhelming majority in this country is for
On the contrary, while he has been using extrathe vigorous and uncompromising carrying on of a ordinary powers and has been
almost constantly
righteous war into which we have been most re- asking for more, hardly anything
he has asked has
luctantly drawn, as our co-workers in Europe were been denied him, so anxious are
Congress and the
drawn before us. It is matter for regret that we country that nothing be withheld or delayed
which
cannot be numerically unanimous, but there is always may aid the speediest and least destructive
carrying
a minority. There may be some in England, and on of the war to the only endurable conclusion
. He
possibly a few even in France, who are opposed to has been denied, and properly, one
thing he asked
the war. There must be many in Germany and at the special session; and he is properly
made to
Austria opposed to it; may they swiftly grow in wait, now, until he puts his request into
more spenumber, courage, and aggressiveness!
.
cific and less general form. This has been said alThat majorities are not always and necessarily ready, but it needs to be said again, and to
be kept
right we know, and when the case is so clear that it in mind. It is not possible, it is not desirable,
and it
admits only one view we must still expect a dissen- would not be wholesome, to accept
the notion that
tient minority. Therefore, although the Berger everything done or said by the
Administration (which
vote is unpleasantly large,it is only about one-fourth is more than ever before a one-man
Administration)
of the whole, and we gladly accept this proof of the is to be accepted and applauded
, and that dissent
loyalty of Wisconsin as a State, notwithstanding the or criticism implies disloyalty. It is
a just request
re-election in Milwaukee, by a small plurality, of a of some Senators that when the spokesman
for this
Mayor who is avowedly an anti-war Socialist shows bill declares that the President is "hampered
through
the solidarity and menace of Socialism in some spots lack of co-ordinated authority" he should
state where
in a commonwealth especially cursed by it.
and how. The defect has been in the vagueness of
Mr. Lenroot is nominally Republican. At present the request for power to co-ordinate and
transfer and
that should not count. It has been said—but it is so on, and there is an unwillingness,
in the upper
very hard to believe—that recent criticism in the branch of Congress at least, to go farther in granting
Senate, which is not confined to those against whose broad and unspecified powers. It is only
too plain
name a "D" is printed in the roster, was for effect that in certain lines of military work we are
behind
on the next elections and was especially timed for promises and expectations, not in advance of
them,
that in Wisconsin on Tuesday. Whatever partisan as we had been told; whatever the fault,
it does not
feeling exists, in either branch of Congress, has been lie in any lack of freedom for the
President's hand.
most notably suppressed by those who have it; if
any disposition to play for partisan advantage exists
CANADA DETERMINED TO RESTRICT
it is certainly not more visible on the side of the
IMPORTS.
nominal minority than on the other. It should not
Ottawa, Canada, April 5 1918.
exist anywhere. No one man, and no hundred or
The Canadian War Trade Board has completed
thousand men, should be deemed worth considering
its consultations with the authorities at Washington
as against the issues and the cause that concern the
relative to the adjustment of the adverse balance
world and generations yet to be born.
of trade against the Dominion. Recommendations
will probably be made to the Government during
THE OVERMAN BILL UNDER DISCUSSION.
Senator Overman of North Carolina, who was re- the next week or two,for it is fully realized here that
ported some weeks ago as presenting very reluctantly the present exchange situation cannot go on much
the Administration bill which now bears his name, longer.
In reaching a decision, the War Trade Board will
has become urgent for its passage, yet it still meets
take into consideration not only the existence of
opposition in the Senate and still seems unlilely to
be accepted without further explanation and further war-time superfluities in the import list, but the
changes. On Wednesday he turned to the ancient radical dislike of Canadian electors to the creating
story in the Book of Exodus, how Moses became of any fat manufacturing monopolies inside their
weary in holding up his hand as a signal and aid to own national borders. It is not improbable that
those who were fighting the Amalekites at the foot the Government may take steps to collect from the
of the hill and how Aaron and Hur came to the Canadian companies benefited by any prohibitory
rescue and stood, one on each side, steadying his import law a surtax sufficient to satisfy the public.
hand to the going down of the sun and the discom- A war-time era of maximum wages and abnormal
fiture of the enemy with the edge of the sword. It profits in many lines of activity has created an unis an interesting story, and Senator Overman's at- precedented demand for luxuries, such as pleasure
tempted application of it is interesting; yet the re- cars, jewelry, millinery, &c., resulting in the placing
semblance is not close enough to the present case of heavy orders in the United States and tipping the
to make it worth heeding. The President is not so trade balance far beyond its normal. Raw materials•
clearly of the character and in the place of Moses of for war manufacture account, however, for the bulk
old that he should be accepted as above criticism or of imports, and this will prove practically impossible
inquiry; nor are the houses of Congress like Aaron to reduce.
and Hur. We have three leaders (or, if you please,
two of them concurrent and joint as one aid) who can HOW CANADIAN BANKS ARE AFFECTED BY
neither take entire responsibility nor shift that
THE MILITARY DRAFT.
which belongs to..each. Moreover, there has been
Ottawa, Canada, April 5 1918.
no ]ack, and no lack is intimated, of all proper and
Under the ruling of the Central Appeal Judge of
hearty support of the President, the constitutional Canada, 834 men are now being taken from the
commander of the army and navy, in all matters re- chartered banks of the country for military service.
lating to the war, and also in some which do not This is the net result of the draft upon the banking
clearly belong to war work.
institutions, and while great inconvenience will be




APR. 6 1918.]

1:399

THE CHRONICLE
-

1917.

1916.

1915.

1914.

1913.

Alien Arrivals152,959 355,767 258,678 688,495 1,387,318
felt in head offices and branches where staff shortages Immigrant
229,585
68,963 159,736
72,904
58,926
dy critical, shorter banking hours may be Non immigrant
were alrea
211.885 428,671 327,641 848,231 1,616,903
Total
resorted to as a means of carrying on business. From Alien Departures
274,209
69,725 160,641 293,635
67,652
the beginning of the war down to Jan. 15 1918, Emigrant
324,737
95,059 123,995 291,743
63 531
of 7,742 have put Non-emigrant
bank employees to the number
598,946
,
164,784 2 34,636 585,378
131,183
Total
43.005 262.853 1.017,957
on the King's uniform. This is admittedly a fine Net gain in population
80,702 263,887
on the part of the banking
showing of patribtism
Only brief reference to the nationality of the year's
profession, for there are now just 11,872 male and
arrivals seems to be called for under existing con6,775 female employees on all the bank staffs of the
ditions. With the aggregate inflow exhibiting so
country.
decided a contraction it necessarily follows that the
In determining the number of men to be furnished
immigration from virtually every country showed a
immediately by the banks, the Central Appeal
decline from 1916. In fact, in some instances the
Judge reviewed the position of each bank, taking
return movement exceeded that this way. Of
into consideration the number of male employees
Italians the net arrivals for the 12 months were only
and the proportion to the total staff, the extent of
3,389, against 36,885 the previous year and of
voluntary enlistment and the special situation of
ws but 8,510, against 17,776. Polish departeach bank in regard to the distribution of its staff Hebre
ures, on the other hand, exceeded arrivals by 2,991,
amongst its branches. The Royal Bank of Canada,
this contrasting with a net influx of 4,294 in 1916.
with its numerous branches, must furnish 120 men,
A continued movement in this direction from Mexico
the largest number designated in the list.
reflects the chaotic condition in that country.
Analysis of the compilation covering the occupations
IMMIGRATION AND EMIGRATION IN 1917. of those who arrived in 1917 discloses nothing of
. Among the various classes of
The immigration and emigration figures for the special significance
diminution in arrivals as compared
calendar year 1917, which are now available, do not skilled workmen
the rule, and among the unskilled
present any features calling for extended analysis or with 1916 was
servants and farm laborers are to be
comment, but as a part of the history of the time net gains of
but a loss of ordinary laborers.
cannot be dismissed without notice. It is perhaps recorded,
unnecessary to say that the movement of aliens in
and
(Current
either direction in the past year was very contracted.
would have been so in any event with so many
This
'TREASURY
CONTINUED OFFERING OF BRITISH
of the nations from which our immigrants are derived
BILLS BY J. P. MORGAN & CO.
offerengaged in the European war,and those able to bear
J. P. Morgan & Co. this week disposed of the usual
arms prevented from departing. But, with the ing of ninety day British Treasury bills on the same discount
.
volume of the shipping tonnage appreciably decreased bAsis, namely 6%,prevailing in offerings of the past month
activity of the submarines and the necesthrough the
ADDITIONAL CREDIT TO GREAT BRITAIN.
sity of reserving much the greater part of the availed to
e and the carrying of
An additional credit of $200,000,000 was advanc
able ships for transport servic
g the
passenger accommodations Great Britain by the United States on April 2, makin the
army supplies, even the
t advanced to it $2,720,000,000. Including
l total amoun
have been decidedly limited. Furthermore, neufra present week's credit the total loans to the Allies by the
immune from attack and, con- United States since the latter's entry into the war reach an
vessels have not been
as follows: Great
sequently, timidity has prevented many from en- aggregate of $5,160,600,000, apportioned 0,000,000; Italy,
who otherwise would have been glad Britain, $2,720,000,000; Prance, '$1,44 m, $104,600,000;
gaging passage
00,000; Russia, $325,000,000; Belgiu
ng
to take advantage of the opportunities now offeri $550,0, $6,000,000 and Cuba, $15,000,000.
Serbia
in the United States.
TO
Indicating how meagre was the flow of aliens
CREDIT OF $44,000,000 BY UNITED STATES
GREECE.
(immigrant and non-immigrant) in this direction in
agreed
Announcement that the Treasury Department had
1917, it is merely required to state that it would be
of approxiat least to the Civil War period on, but had not yet formally established, a credit nment was
necessary to go back
Gover
ures mately $44,000,000 in favor of the Greek Bill presented to
to find a smaller total. Moreover, while depart
on the Liberty Bond
usly, made in the report entative Kitchin on March 29. He
were much fewer .than for many years previo
the House by Repres
of the further stated that the status of a credit of $6,666,666 to
the net gain in the foreign-born population
definitely determined.
country as a result of the in and out movement was, Rumania has not yet been
and 1908, the smallest
with the exception of 1915
CUBA.
last- CURRENCY SHIPMENTS TO MEXICO AND
bf any year of which we have record. In the
of $125,000 in
The withdrawal from the Sub-Treasury
named year, as an outcome of depresgion here, there gold for shipment to Mexico was reported on April 2. A
by the American
was actually a net outward movement.
shipment of $1,000,000 in currency to Cuba
ically, the number of aliens who entered the Exchange National Bank was reported at the same time.
Specif
United States in the late year was only 211,885 (of
PROHIBITING GOLD EXPORTS.
which 152,959 immigrant and 58,926 non-immigrant) MEXICAN DECREE
al Bulletin" of March 30 announced that the
this comparing with 428,671 the previous year, The "Offici sador at Mexico City had telegraphed the
Ambas
-the latter American
tion by
848,231 in 1914 and 1,616,903 in 1913
ing decree of March 22, concerning prohibi
ls. The alien outflow follow against the exportation of gold and silver, modifying
the high record of arriva
Mexico
1917:
reached 131,183 against 164,784 in 1916 and 284,636 the decree on the same subject issued on Sept. 27 and silver
of gold
ion
the totals in the two preceding years Article 1. The exportatwithof silver bars and of bars Secretary of the
in 1915, with
the special permission of the
mixed may be made only
case.
approximating 600,000. Consequently, the net gain Treasury and Public Credit in each ores and concentrates containing gold
the exportation of
Article
1917, shall continue In
n-born population reached but 80,702, and silver2. For
in foreig
the provisions of the decree of Sept. 27
263,887 a year earlier 43,005 in 1915 and no effect. 3. The absolute prohibition of the exportation of gold bars of
against
Article
domestic
and of domestic and foreign gold coins and
less than 1,017,957 in 1913. The details of the move- domestic production in effect.
silver coin continues
ment for five years are subjoined:




guents

gitscussions

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THE CHRONICLE

Article 4. Subject to arrangements to be made in
each case with the
Treasury Department, the exportation of silver coin
(pesos fuertes) may be
permitted on condition that gold bullion equivale
nt in commercial value
to the coin is Imported at the same time for coinage
at the mint.
Article 5. The monetary commission, with the approval
of the Treasury
Department, shall obtain the gold and silver bars
it may consider proper
for storage or coinage at the mint.
Article 6. The importation of domestic or foreign gold
in bars or coin is
exempt from the payment of consular fees and consular
invoice charges.

The same issue stated that another telegram from the
American Ambassador, dated March 21, states that,
according to an announcement appearing in the press,
the
Treasury Department has given instructions to all custom
houses and tax collecting officials in Mexico not to receive
paper currency of the United States in payment of duties
or taxes. The gold exports prohibition was referred to
in
our issue of Saturday last, page 1288.
CANADA'S PROPOSED WAR APPROPRIATION.
Canada's war appropriation to be voted this session,
according to the Toronto "Globe," will be for $500,000,000.
Sir Robert Borden has given notice of a resolution asking
Parliament to authorize this expenditure. It is as follows:

[VOL. 106.

tary of the Treasury McAdoo as an aid to the sale of Liberty
bonds. It was argued by the Secretary that many firms
and individuals failed to subscribe because of their inabilit
y
to secure sufficient credit from banks. The bill, which
amends Section 5200 of the Revised Statutes, reads as
follows:
The total liabilities to any a.ssociation, of any person,
or of any company,
corporation, or firm for money borrowed, including
in the liabilities of a
company or firm the liabilities of the several members
thereof, shall at no
time exceed one tenth part of the amount of
the capital stock of such
associations, actually paid in and unimpaired and
one tenth part ofits unimpaired surplus fund: Provided, however, That
(1) the discount of bills
of exchange drawn in good faith against actually
existing values; (2) the
discount of commercial or business paper actually
owned by the person
negotiating the same, and (3) the purchase or discount
of any note or notes
secured by not less than a like face amount of bonds
of the United States
issued since April 24 1917, or certificates of
indebtedness of the United
States, shall not be considered as money,borrowed
within the meaning of
this section, but the total liabilities to any associati
on of any person or of
any company, corporation, or firm, upon any note
or notes secured by such
bonds or certificates of indebtedness, purchased
or discounted by such
association, shall not exceed 10% of the capital
and surplus of such association, except subject to such rules, regulations,
and limitations as may be
established from time to time by the Comptroller
of the Currency, with
the approval of the Secretary of the Treasury.

Resolved, That it is expedient to provide that a
sum not exceeding five
hundred million dollars (8500,000,000) be granted
to his Majesty towards
defraying any expenses that may be incurred by or
under the authority
of the Governor in Council during the year ending
March 31 1919 for:
(a) The defence and security of Canada;
(b) The conduct of naval or military operations in and
beyond Canada;
(c) Promoting the continuance of trade, industry
and business communications, whether by means of insurance or indemnit
y against war
risk or otherwise;
(d) The carrying out of any measures deemed necessar
y or advisable
by the Governor in Council in consequence of the
existence of a state of
war; and

NEW DISCOUNT BANK FORMED UNDER NAME
OF
FOREIGN TRADE BANKING CORPORATION.
The formation has been undertaken of a new corporation
in this city, to be known as the Foreign Trade Bankin
g
Corporation, whose principal business will centre in
the
purchase and sale of bankers' and trade acceptances.
The
new organization will be operated along the lines of
the
National and Union Discount companies of London; it
will
not accept deposits nor engage in a general banking busines
(e) Payments made for the said purpose during the
s.
fiscal year ending A certific
ate of incorporation for the proposed organization
March 31 1918, in excess of the amounts authoriz
ed by the War Appropriation Act 1917.
has been filed in the New York County Clerk's office.
It
is to have a capital of $2,000,000, in shares of $100
each.
RESERVE BANKS TO REDISCOUNT NOTES SECUR
ED The proposed undertaking is organized in accorda
nce with
BY FARM TRACTORS.
an amendment to the New York State Banking laws which,
According to an announcement of the U. S. Department it is stated, grants
authority to a discount bank or company
of Agriculture, notes secured by farm tractors will be
re- organized under the provisions of the Banking Law, under
discounted by the Federal Reserve banks. It was stated certain restrictions,
to accept bills of exchange or drafts
on the 5th inst. that instructions had been issued by
the drawn upon it, payable on demand or on time not exceeding
Federal Reserve Board to all Federal Reserve banks author- one year from the
date of acceptance; to issue letters of
izing them to rediscount tractor paper presented by
any credit authorizing the holders thereof to draw drafts upon it at
member bank, provided it has maturity not exceeding six sight or on time not
exceeding one year from the date of any
months and the tractors are purchased for agricultural such letter of credit;
to discount bills of exchange, drafts,
purposes. This action of the Federal Reserve Board, the notes, acceptances
or other choses_ in action. A minimum
Department explains, means that notes given for farm capital of $2,000,
000 for such corporations is called for.
tractors will be treated in the same manner as other agri- George A. Gaston
, head of the export, import and shipping
cultural paper, thus making it easier for farmers to obtain house of Gaston
, Williams & Wigmore, Inc., of this city,
tractors where needed.
is to be President of the corporation, and Max May,formerl
y
Manager of the Foreign Exchange Department of
the
FORM TO BE USED IN INDICATING APPROVAL.BY Guaranty Trust Co., will
be Vice-President and Managing
,CAPITAL ISSUES COMMITTEE OF SECURITIES.
Director of the corporation. Besides Messrs. Gaston
and
The Capital Issues Committee of the Federal Reserve May the directors will include: Wade Robins
on, President
Board has announced that, instead of embodying in adver- of Wade Robinson & Co., Inc., marine underwr
iters; Harry
tisements of securities, the entire opinion of the Commit
tee T. Hall, forxnerly Banking Commissioner of Ohio, and now
approving such securities, the following short form may
be Vice-President of the Merchants' National Bank of this
used:
city, and Benjamin S. Guinness of Guinness & Mahon
,
Passed as not incompatible with the interest of the United
States, but London bankers. It is expected that several Western
without approval of merits, security, or legality. Opinion
No.-.
bankers will be invited on the board. Quarters for the new
CAPITAL ISSUES COMMITTEE OF THE
concern have been leased at 35 Wall Street, where it expects
FEDERAL RESERVE BOARD.
Where a heading or title is given to this form it should be to open shortly. Mr. Gaston, who has undertaken the
"Finding of the Capital Issues Committee." The word project, had the following to say, regarding it:
We hear much those days about rendering service
"certificate," it is stated, should not be used.
for the purpose of
building up and holding our foreign
CAPITAL ISSUES COMMITTEE RECOMMENDING
WITHHOLDING OF SECURITY ISSUES PENDING
LIBERTY BOND SALE.
In order not to interfere with the Liberty Loan financing,
the Capital Issues Committee has adopted a resolution
recommending that all security issues be held in abeyan
ce
wherever possible. The resolution reads:
Voted to recommehd the postponement wherever possible
of the issue or
public offering of securities of every kind during
the pending campaign
for the Liberty Loan; this recommendation not applying
to cases where
securities must be sold or offered to provide for maturitie
s.
In cases of issues already passed upon by the Capital
Issues Committee,
but not as yet made or offered for sale, it is hoped that
such issues, wherever
practicable, may also be postponed and that the sub-comm
ittees will use
their influence to that end.

BILL LIMITING NATIONAL BANK LOANS TO
10%
AMENDED TO AID IN LIBERTY BOND SALE.
A bill amending the law prohibiting national banks from
lending more than 10% of their unimpaired capital and
surplus to any one borrower was passed by the House
on
April 3. The enactment of the bill was asked for by Secre-




patronage. Most of this propaganda
consists of statements relative to proper packing and
other features important, but matters of detail. Of the greatest
importance is the matter
of credits to help us achieve this most desirable result.
What this country
needs to maintain its recently won supremacy as
an exporter is adequate
shipping facilities and a more elastic credit system.
The new discount •
company will not accept deposits like banks, nor
transact a general banking
business. In other words, it will not compete in
any way with the established banking institutions.
Beyond dispute the establishment of the Federal
Reserve bank was the
most progressive step taken by this country in many
years. It has proved
a great boon to the industrial and commercial life
of the country, and while
it gives needed elasticity to the country's banking
capacity through its
rediscounts of commercial paper it maintains direct
relations only with
banks. Our discount bank will offer rediscount facilities
to banks, and
will go even a step further by extending service
to firms and individuals
also.

Yesterday afternoon's news slips stated that a second
institution, along the lines of the above, was also under way
with a capital of $10,000,000. These reports added that
several of the large banks of this city had signified a willingness to become parties to the arrangement and if it is carried
out along the present lines will include such banks as the
Guaranty Trust Co., the Chase National Bank, the First
National Bank, the Bankers Trust Co., the National City
Bank, and some others.

APR. 6 1918.1

THE CHRONICLE

1401

health, and welfare of the people of the country. This
leaves about 10 billion dollars which can be counted upon
as available to the Government for the conduct of the war,
and of this amount it is assumed that about 2% billion
dollars can be contributed by corporations and about 73
billion dollars by individuals. It will be seen that the remaining 33/ billion required by the Government, therefore,
will have to be provided through the form of loans from the
banks.
The purpose of the pamphlet is to equitably apportion
the burden of the 73 billion dollars to be provided by individuals. With this object in view, a very careful study
has been made of the income tax returns for 1915-1916,`Cand
of statistics in regard to the distribution of wealth and income among families heretofore prepared by economists.
On the basis of these statistics a table has been prepared
which, it is 'believed, indicates with a close approximation
to accuracy how much of a given income anyone should
contribute to the expenses of the Government in order to
Board at Washingannounced a few days ago that the Federal Reserve
the financial burden of the war.
authorized the establish- carry his fair share of
ton had, on the recommendation of our directors,
The study brings out the very interesting fact, that, while
directors of this branch have now
ment of a branch bank at El Paso. The
names authorized. They are a few rich families have incomes aggregating a large amount,
been chosen and the announcement of their
Manager of the bank; the Hon.
as follows: Sam R. Lawder, who will be
of the 27 millionNational Bank of El Paso, a distin- yet approximately 75% of the incomes
W. W. Turney, a director of the First
man; A. P. Coles of El Paso, one odd families into which the people of the United States are
guished lawyer and a successful business
Southwest and a man formerly of large grouped is received by families having incomes of less than
of the leading business men of the
of the City National Bank of
banking experience; U. S. Stewart, President
by
and deservedly high stand- $2,500 a year, while 85% of the total incomes is received
El Paso, a veteran banker of wide acquaintance
-President of the El Paso Bank & Trust families having incomes of $9,500 or less. The 27 million
ing, and A. F. Kerr, active Vice
amply testified to by the fact that he
Co., whose capacity and character is
families have incomes ranging from under $850 to incomes
Paso Clearing House Association.
is at the present time President of the El
well balanced board of directors, ranging over $5,000,000. A person or .family with the
I consider this not only an able, but a
will have a successful career and smaller income would be called upon to contribute $82 or
and anticipate that the El Paso branch
history.
10% of his income. From this amount
that part of the Eleventh Fed- less—or say about
The territory apportioned to the branch is
of Arizona and New Mexico the percentage rises, until the man having the larger income
eral Reserve District embraced in the States
Andrews, Brewster, Crane, Cul- finds that his share would be in the neighborhood of80% of his
and in the following counties of Texas:
Midland, Pecos,
berson, Ector, El Paso, Jeff Davis, Loving, Martin,
income. By reference to the table it is possible for anyone
Presidio, Terrell, Reeves, Val Verde, Ward and Winkler.
El Paso branch for the reason having an income ranging between these two amounts to
This territory has been assigned to the
El Paso is more favorable
determine quickly the amount which, theoretically, he should
that the mail time between the banks therein and
felt that the banks can transact their
than with the head office, and it is
to turn over to the Government, either in the
Federal Reserve bank through the means of the branch be prepared
business with the
form of taxes, or in purchasing Liberty bonds. The pamphgreater dispatch and satisfaction than with the head office direct.
with
better served
It has also been felt that the community interests will be
let concludes:
established by having the banking business of that

ESTABLISHMENT OF EL PASO BRANCH OF FEDERAL
RESERVE BANK OF DALLAS APPROVED.
The establishment of a branch at El Paso of the Federal
Reserve Bank of Dallas was approved last month by the
Federal Reserve Board at Washington, and the directors
for the new branch were announced in a telegram received
from Washington on March 27 from the Board by Judge
W.F. Ramsey, Federal Reserve Agent and Chairman of the
Board of the Dallas Bank. The directors. of the branch are
Sam R. Lawder, Assistant'Cashier of the Dallas Reserve
Bank, who will be Manager of the branch; W. W. Turney,
Coles,
a director of the First National Bank of El Paso; A.P.
Stewart, President of the City National
of El Paso; U. S.
of
Bank of El Paso, and A. F. Kerr, active Vice-President
Paso Bank & Trust Co. The Dallas "News" of
the El
March 28 gives the following extracts from a circular sent
its
out by Judge Ramsey regarding the new branch and
territory:

and closer relationships
territory go to El Paso instead of to the parent bank.
face value, from
The El Paso branch will receive for immediate credit at
for discount or
member banks in its territory, offerings of paper eligible
Such paper as is
rediscount, at the rates established by the head office.
be credited to the
acceptable to the executive committee of the branch will
and forwarded to the
reserve account of the offering member immediately
at the head office and
head office for review. The discount will be figured
of the offering bank, under advice.
will be charged to the reserve account
officers of the Federal Reserve
It is the earnest desire of the directors and
territory assigned to the El Paso
Bank of Dallas that all banks within the
to the branch bank.
branch confine, as far as possible, their transactions
to the branch territory, the
Should other counties desire to be transferred
the consent of the Federal
Federal Reserve Bank of Dallas may, with
the El Paso branch in the same
Reserve Board, authorize them to deal with
manner as those originally assigned to the branch.
concerned in
It is hoped that we may have the fullest co-operation of all
successful
order that the establishment of the branch may be justified by its
be necessary for all eligible nonoperation. To accomplish this, it will
members to avail themselves of all that the
member banks, as well as
it is
Federal Reserve system offers and to give it the support to which
justly entitled.

The response to previous loans has shown great loyalty and enthusiasm,
but we are settling down now to the long grind, and entering a time when
sober calculation is the part of wisdom. The first reaction to a study of
the table is that the charge against incomes is too heavy to be borne.
Further study and reflection brings one to the definite conclusion that,
on the average, something like this must be done if the Government is to
be provided with the means to push the war to an early and successful
termination. In the words of President Cleveland, "It Is a condition and
not a theory which confronts us." Shall we not have the courage to do
our share?

-GENERAL RULES THAT STAMP TAX
ATTORNEY
UNDER WAR REVENUE ACT APPLIES
TO SHORT SELLING.
•
A ruling by U. S. Attorney-General Gregory in which
it is held that the stamp tax imposed under the War Revenue
Act of Oct. 3 1917 on sales or transfers of stocks, applies
four-fold to short sales, is expected to result in a protest
from the New York Stock Exchange. The ruling was made
known by the Treasury Department as follows:
EACH ONE'S SHARE OF THE COST OF THE WAR.
(T. D. 2685.)
intelligent answer, what is each
In order to arrive at an
STAMP TAX—SALES OR TRANSFERS OF STOCK.
one's share of the cost of the war? the Bankers Trust ComLoan of Stock for Purposes of Sale and Return of Such Stock, Subject to
pany of New York has had its Statistical Department make
Transfer Tax Imposed by the Act of October 3 1917.
a careful study of the problem, and as a result the Company
TREASURY DEPARTMENT,
has now issued for free distribution a pamphlet which is
Office of Commissioner of Internal Revenue, Washington, D. C.
everyone to determine what would be To Collectors of Internal Revenue and Others Concerned:
intended to enable
In accordance with an opinion from the Attorney-General dated March 23
his fair share of the burden of the cost of the war, if this
1918, it is held that the transfer of shares or certificates of stock in any
burden were equitably distributed.
association, company or corporation made by the person loaning stock
The Company estimates that during the first year of the to another borrowing the stock to effect a sale, and also the transfer of
of stock from a borrower returning them
war the expenditures of the Government hav9 amounted shares or certificates borrower's obligation to buy in and returnto a lender
stock, are
of the
billion dollars, or more than fourteen times the in fulfillmentto the tax imposed by Section 800 and 807, Schedule A,subto over 9M
both subject
the seven years previous to the division 4, Title VIII, of the War Revenue Act of October 3 1917. In a
average expenditures of
war. The advances made to our allies have accounted for so-called short sale transaction there are therefore four taxable sales or
transfers:
nearly one-half of the total expenditures. It is estimated
(1) The sale of stock by the person making the short sale;
second year of the war will
(2) The transfer from the lender of stock to the person making the short
that the expenditures for the
the stock sold;
that he may
amount to about 15 billion dollars. Assuming that cus- sale soThe purchase make delivery of of stock to return to the lender;
by the borrower
(3)
taxes will produce 1M billion dollars, this
toms and excise
(4) The transfer from the borrower to the lender of shares to replace
leaves about 133i billion dollars which must be raised from those borrowed.
DANIEL C. ROPER,
the proceeds of bond sales and of the income taxes. The
Commissioner of Internal Revenue.
review is to determine how
purpose of the pamphlet under
Approved: March 30 1918.
W. G. McADOO, Secretary of the Treasury.
this burden of 13M billion dollars shall be pro-rated among
Commissioner Roper's has also decided to make the tax
the people of the United States. While it is estimated that
the savings of the nation, available for reinvestment in var- retroactive to Dec. 1 1917. His conclusions thereon are set
ious forms, will amount to something like 18 billion dollars out as follows:
You enclose a copy of an opinion rendered you by the Solicitor of Induring the coming year, it is thought that at least 8 billion
the effect that the transfer of the stock from the lender
dollars out of this amount must be permitted to remain ternal Revenue toand later from the borrower to the lender in fulfillment
to the borrower,
invested in the form of increased working capital, or must of the former's obligation are both subject the tax. With this conclusion
be used to provide for capital expenditures essential to the I agree, for the following reasons:




1402

THE CHRONICLE

[vol.. 106

1. The Act by its express terms, it will be observed, covers every
transfer of any oversubscription. The bonds will bear interest at
the rate of 43i%
of the legal title to shares of stock with certain specific exceptions.
There per annum, will be dated and bear interest from May
9 1918, and will
can certainly be no doubt that there is a transfer of the legal
title from the mature Sept. 15 1928. The first coupon will be for
129 days'Interest and
lender to the borrower and later from the borrower to the lender
under the will be payable Sept. 15 1918, after which interest
will be payable semicircumstances stated. Shares of stock are tangible things and their
loan annually March 15 and Sept. 15. This arrangement as to
interest dates is
with an agreement to return things of the same class is
the maxim of made in order to avoid having the interest payments
on this series of bonds
Roman law, as to which no one can doubt that title passes from
the lender fall ypon approximately the same dates as those of
the Second Liberty
to the borrower and vice versa.
Loan. The bonds are not convertible and are not subject to
call for reThe fact of these decisions is undoubtedly that even in the
case of a demption before maturity. The bonds carry the
same exemptions from
broker and his customer the legal title to the stock is, not
nominally, but taxation as those of the Second Liberty Loan.
really in the broker, if the course of business so requires,
although the
The bill authorizes the Secretary of the Treasury to purchase Third
customer may retain, as against the broker and his trustee in bankruptcy,
Liberty Loan bonds to the amount of one-twentieth of the original issue of
an equitable right in rem to stock in the broker's possession
of the same
such bonds during the first year, and in each subsequent year one-twentieth
species as that dealt in between them. In accordance with
this same of the amount outstanding at the beginning of each
such subsequent year,
general principle, it is specifically held that a loan of stock transfers
title.
until the expiration of one year after the termination of the war. A similar
2. It cannot be said that the borrower is a mere agent between
the
lender and the vendee,so as to make what is in appearance two transactions provision is made in the bill with respect to the bonds of the Second Liberty
Loan and the bonds issued upon conversion of bonds of the First Liberty
In reality only one. There is no privity between the lender and
the vendee. Loan.
The former looks merely to the borrower and assumes no
relationship
Third Liberty Loan bonds which have been owned by a person for six
further. There are, therefore, in substance, two transactions,
a transfer months prior to the date of his death will be
acceptable at par and accrued
by the lender to the borrower and transfer by the latter to
the vendee, interest in payment of United States
inheritance taxes upon his estate.
and the tax must be paid on each.
This applies also to 43,1% bonds issued upon conversion.
3. As to the provisos in Subdivision 4, they should receive a fair
interThe campaign will open April 6 and close May 4. Subscriptions will be
pretation in connection with the whole but there must be clear
language payable in the following instalments:5% on
before it be assumed that exemption from ta cation was intended.
application, 20% on May 28,
Under 35% on July 18 and 40% on Aug. 15. No
no fair interpretation can either be held to cover the loan
instalment payment is required
of stock under to be made in the month of June
on account of the tax payments which are
the circumstances now under consideration.
due in that month.
A loan of stock cannot be called a pledge thereof within the meaning
of
Payment in full may be made with the application on or before May 4,
the first proviso. The transaction is, in effect, the reverse of that
covered but bonds will not be delivered before
May 9 on any subscription for an
by the proviso. In the latter case, money is loaned, and stock is
deposited amount exceeding $10,000. Full
payment may be completed upon subas collateral for its return. In the case now in question stock is
loaned and scriptions for any amount on May
9 or any subsequent instalment date.
money is deposited as collateral for its return. In one case
the debt is Payment of any instalment,
including the first instalment of 5%, or
money, in the other stock.
payment in full, may be made in Treasury certificates of indebtedness
There can, of course, be no doubt that the legal title to the
money except those maturing April 22 and
June 25. Qualified depositary banks
loaned passes in a real sense in the case covered by the proviso, and
for the and truse companies may make
payment by credit upon the subscriptions
same reason legal title to the stock loaned in the present case passes
with of themselves and their customers
but only to the extent that they cannot
like reality to the borrower.
As to the second proviso, it is sufficient to say that the relationship make payment in Treasury certificates of indebtedness.
Within an hour after President Wilson had signed the
between the lender and the borrower in the present case is not, in any
sense, that of a broker buying and selling stocks for a customer.
Third Liberty Loan bill the first completed bond of the

The law imposes a tax of two cents on each $100 "of face
value or fraction thereof," "on all sales or agreements to
sell, or memoranda of sales or deliveries of, or transfers of
legal title to shares or certificates of stock in any association, company, or corporation, whether made upon or shown
by the books of the association, company, or corporation,
or by any assignment in blank, or by any delivery, or by
any paper or agreement or memorandum or other evidence
of transfer or sale, whether entitling the holder in any
manner to the benefit of such stock or not."
The "Wall Street Journal" of the 4th inst. in indicating
the embarrassment which would result from the new ruling
said:

loan came from the press Bureau of Engraving and Printing.
It was a $50 "Baby Bond," and was laid aside by James
L. Wilmeth, Director of the Bureau, for special disposition ,
to be determined later. Forty thousand more bonds were
ready yesterday morning, 100,000 by to-day (Saturday),
and hereafter they will be turned out at the rate of 500,000
a day to supply demands for cash sales and immediate
delivery.

ACT PROVIDING FOR $3,000,000,000 OF LIBERTY
BONDS AND ADDITIONAL CERTIFICATES.
The Liberty Loan bill increasing the amount the U. S.
Government is authorized to issue in bonds for war purHere is where persistent hammering for a decision came in. When it
poses to $12,000,000,000 (which among other things makes
was put up to the Attorney-General by a minor cog in the Federal machinery
provision for the issuance of the new $3,000,000,000 block
and the representatives of the New York Stock Exchange, the
words
"deliveries of" and whether "entitling the holders in any manner to the of Liberty Loan bonds) was completed
by the Ways and
benefit of such stock or not" took on a new meaning. No answer was
apparently possible except the one given, according to the wording of the Means Committee of the House on March 29 and introduced
on that day by the Chairman of the Committee, Claude
law. And yet the writers of the law probably had no such intention.
Here is a case of its working out. An executor in St. Louis decides to Kitchin. It was passed
by the House on March 30 in virsell 100 shares of Union Pacific for benefit of the estate. He wires an order
to New York. The stock is sold. Heretofore the transaction could tually the same form it was reported, but on April 1 it was
have been carried by the simple process of borrowing stock until the actual decided to recall the bill from the Senate to remedy the lanshares could be delivered. It may take six months before the necessary guage in
the provision relating to the exemption from State
signatures of tax officials in Utah, Nebraska, New York, or any other
State whore inheritance laws are in effect, can be obtained for release of the taxation of Government bonds held by banks. As it had
original shares.
been drafted by the Treasury officials tho bill had Liberty
Under the now ruling possibly 100 extensions of the stock loan may be bond holdings
of banks exempt from tax, but as passed by
required, each costing the estate $4.
the House on March 30 it was feared that the provision
would be interpreted as exempting banks from all State and
DETAILS OF THIRD LIBERTY LOAN OFFERING.
Details of the $3,000,000,000 Third Liberty Loan offering local taxation.
The Senate in passing the bill on April 3 struck out the
were announced by Secretary of the Treasury McAdoo on
Thursday (April 4) just prior to the final enactment, later taxing provision. The Senate and House bills differed conin the day, of the Third Liberty Loan bill providing for the siderably, but on April 4 the House accepted the Senate
issuance of the bonds. The campaign for the sale 'of the bill, and it was immediately signed by the President, thus
bonds opens to-day (April 6) and will continue until May,4. becoming a law. Under the Act (this provision was carried
The new issue will be dated May 9 and will mature in ten in both bills) the Secretary of the Treasury is authorized
years. Sept. 15 1928. The bonds are to bear interest,as to deposit in such banks and trust companies as he may
previously announced, at 431%. The first coupon, pay- designate the proceeds arising from the payment of income
able Sept. 15 next, will cover 129 days interest; subsequent and excess profits taxes. It is pointed out that through
interest dates will be March 15 and Sept. 15. Subscrip- this provision permitting the vast amounts collected by the
tions will be payable 5% on application; 20% on May 28; Government in taxes to remain in localities where they are
35% on July 18 and 40% on Aug. 15. The payment of any collected until such time as the Treasury calls for the funds,
instalment may be made in Treasury certificates of In- the strain to which the banks are subjected during the period
debtedness, except those maturing April 22 and June 25. of the payment of these taxes will be considerably reduced.
In his announcement Secretary McAdoo refers to the pro- In the House on March 30 Representative McFadden ofvision in the Third Liberty Loan bill (the text of which is fered an amendment intended to permit the payment in
given elsewhere in to-day's issue of our paper) authorizing four installments of the war excess profits taxes at the option
him to purchase bonds of the Third Liberty Loan issue to of the taxpayer under such regulations as would be prethe amount of one-twentieth of the original issue of such scribed by the Commissioner of Internal Revenue—the first
bonds during the first year, and in each subsequent yecr payment to be made on or before June 15 1918, the second
one-twentieth of the amount outstanding until one year on or before Aug. 15 1918 the third on or before Oct. 15
after the end of the war. A similar provision is also car- 1918 and the fourth on or before Dec. 15 1918. A point of
ried in the bill as to bonds of the Second Liberty Loan and order against the amendment was sustained by the chair
bonds issued upon conversion of the First Liberty Loan. on the ground that the amendment was not germane to the
subject matter of the bill. During the discussion in the
The following is the Secretary's announcement:
As previously announced, the amount of the Third Liberty Loan will be House on March 30 of Section 5 of the bilrrelating to the
$3,000,000,000, the right being reserved to allot bonds up to the full amount deduction of the value of U. S. bonds in exempting banks




•

APR. 6 1918.]

THE CHRONICLE

from State taxation, Representative McFadden stated that
a bill providing for practically the same proposal embodied
in Section 5 had been considered by the Banking and Currency Committee. The provision was, he said, sent to that
committee by the Secretary of the Treasury and the Committee, after considering it, had refused to report the bill,
notwithstanding the fact that the Comptroller of the Currency had appeared and urged that it be favorably reported
out of Committee. Representative McFadden in his further remarks on the provision said:

The existing appropriation of $4,000,000,000, together with the appro
platten of $3,000,000,000 in the Act of April 24 1917, was calculated to
provide the requirements of the Allies in this country to the end of the
current fiscal year; that is, the year ending June 30 1918. Such requirements of the Allies will be within the estimates. The proposed additional
appropriation would provide for their requirements at the same rate for the
months of July, August and September.
In the Acts of April 24 1917 and Sept. 24 1917, we appropriated $7,00(..000,000 for loans to the Allies, and this bill proposes to add to that amount
$1,500,000, 00, thus authoriizng total loans to the Allies amounting to
$8,500,000,00.
The following table shows the credits and loans made to foreign countries
to and including March 26 1918:

the
I want to direct my special attention to this section of
that
bill—Section 5—and to point out some things in regard to it
that
seem to me to be a little unjust. I do not want to belittle the effect
Liberty
this provision is going to have in the way of stimulating the sale of
I have to say in the way of criticizing at
bonds. I am not saying what
this
all, but I want to point out, if I can, in these few minutes just what
section means to the vhirious States in loss of taxes.
working way for the
Now, Section 5 of this bill provides in a practical,
exemption from taxation of national and State banks by the various States.
For instance, take either one of these classes of banks in the State of Pennsylvania, with a capital, we will say, of $500.000 and a surplus of $250,000
and total assets of $10,000,000. An institution of this kind is exercising
the various functions which are given to that bank through its charter,
granted by the State.
a
Now, I say a bank in Pennsylvania with a capital of $500,000 and
the
surplus of $250,000 and total assets of $10,000,000, exercising all
various functions which its charter gives it, will by investing $750,000 in
State
United States bonds, or the value of its shares, be exempt from
taxation, or under this section the States will be deprived of the right to
will be deprived of at least $2,000,000
tax these banks. Pennsylvania
annual income and the banks, or their stockholders, will be saved this
amount of taxes. Looking at this as a stimulant for the sale of Liberty
bonds it is fine; but from the standpoint of the State's revenue it is a
serious question. I can see also where the banks, or their shareholders,
more properly, would be relieved of large taxes; but the question of providing the losses in State revenue would then fall upon the entire people
or the remaining taxing resources of the State. The United States would
be the gainer to the extent of finding in these banks a market for the sale
of Liberty bonds to the extent of the market value of all shares of tho
national and State banks—less the amount of the present holdings of
United States bonds. The capital and surplus of national banks alone last
June 20 1917 was over $2,300,000,000. I have not the figures for the
State banks.
On the other hand, the States would be out the amount of money or
taxes that these banks would be relieved of the payment of, and would
have to curtail the State's expenses this amount or collect from the'taxpayers the amount that would otherwise be collected from that well-to-do
class of bank-stock holders. I also seriously question the right of Congress
to take away the power from the States to tax their own chartered institutions, to say nothing about the right given them by this Congress in 1864
to tax the value of stock in national banks, which has never been questioned till now.
the
I do not want it understood that I would in any way interfere with
banks
source of a sale of Liberty bonds, but I would point out that the
of
are not seeking this legislation, but it is insisted upon by the Secretary
I want
the Treasury as an inducement to the banks to buy Liberty bonds.
already know—that the national and State banks
to show you what you
need no "hypodermic." They have proven their patriotism in the matter
including
of the sale and purchase of these Liberty bonds and certificates,
war savings stamps, and will continue to make good in the future each
in need of the kind of service they know so well how
time their country Is
to render whether this section is left in or out.

Besides authorizing $4,461,054,540 war bonds, the bill
provides for additional loans of $1,500,000,000 to the Allies
and increases the amount of Treasury Certificates of Indebtedness which may be issued from $4,000,000,000 to
$8,000,000,000.
As indicating what the new bond bill would accomplish,
Chairman Kitchin, of the Ways and Means Committee; in
his report presented to the House on March 29, along with
the bill, said:
Section 1.—Bond Authorization.
This section amends Section 1 of the Bond Act of Sept. 24 '1917, to increase the bond authorization under that Act from $7,538,945,460 to
$12,000,000,000. In other words, this proposed bill provides an additional
authorization of $4,461,054,540. There aro $3,666,233,850 of bonds
authorized and available to be issued during the fiscal year 1918, under
the authorization of Sept. 24 1917, so that the total amount of bonds
available to be issued during the fiscal year 1918, under the Act of Sept. 24
1917. as amended by this bill, will be $8,127,288,390. It must be borne
in mind that this amount does not include $63,915,460 of bonds authorized
to be issued and applied in the fiscal year 1919 to redeem the loan of 19081918.
The Act of April 24 1917, as amended by the Act of Sept. 24 1917. authorized the issue of $2,000,000,001 of bonds. The Act of Sept. 24 1917
authorized the issue of $7,538,945,460 of bonds, in addition to the $2,000,000.000 authorized by the Act of April 24 1917.
The proposed bill authorizes the issue of $4,461,^54,540 of bonds. If
this bill becomes a law in its present form, the total bond authorizations
since the declaration of war will amount to $14,000,000,000.
Under the Act of April 24 1917, $1,986,616,316 81 of bonds have been
issued, and under the Act of Sept. 24 1917. $3,808,766,150 of bonds have
been sold. Of this amount $3,807,724,858 73 had been paid into the
Treasury on March 27 1918. The total bonds sold to date, under the Acts
of April 24 1917 and Sept. 24 1917, aggregate $5.795,381,466 81.
Section 1 of the proposed bill amends Section 1 of the Bond Act of
Sept. 24 1917 as follows:
1. By increasing the bond authorization from $7,538,945,460 to $12,000,000,000, or $4,461,054,540. For the Third Liberty Loan the Secretary
of the Treasury proposes to issue $3,000,000,000 of bonds, reserving the
right to allot eversubscriptions. The proposed increase in the issue will
make it possible to allot all subscriptions in full upon the Third Liberty
Loan and leave a substantial margin of bonds for a future issue.
2. By increasing the maximum interest upon the bonds to 4y,%.
Section 2.—Credits to Foreign Countries.
This section amends the last sentence of Section 2 of the Bond Act of
Sept. 24 1917 by increasing the appropriation for loans to the Allies from
$4,000,000,000 to $5,500,000,000, or $1,500,000,000.




1403

Loans to Foreign Governments to and Including March 26 1918.
[Acts of April 24 1917 and Sept. 24 1917.1
Balances
under
Established
Loans
Credits
Credits.
Made.
Established.
Country—
$18,700,000
$85,900,000
$104,600,000
Belgium
15,000,000
15,000.000
Cuba
35,000.000
1,405,000,000
1,440,000,000
France
40,000,000
2,480,000,000
2,520,000,000
Great Britain
70,000,000
480,000,000
550,000,000
Italy
137,270,250
187,729,750
325,000,000
Russia
1,800,000
4,200,000
6,000,000
Serbia
Total
$4.960,000,000 $4,642,829,750 $317,770.250
Note.—In addition to the above, a credit of 250,000,000 francs, or approximately $44,000,000 in favor of the Greek Government has been
agreed to but not yet formally established, and a credit of 86,666,666 was
arranged in favor of the Rumanian Government, the precise status of which
and the drafts thereunder is not definitely determined.
Section 3.—Bond Conversion.
This section amends Section 4 of the Bond Act of Sept. 24 1917, by adding
two new paragraphs which provide that the holders of bonds bearing interest at a higher rate than 4% shall not have the privilege of conversion, but
that the provisions of Section 7 of the Act of Sept. 24 1917, relating to tax
exemption, shall extend to them.
Id order to prevent trouble in connection with the conversions which will
result from the issue of 43% bonds, and because of the impossibility of
making these conversions promptly at the date of the issue of the new bonds
of the Third Liberty Loan, it is proposed in this section to treat all conversions made within the six months' period prescribed for conversions by the
Secretary of the Treasury a.s though they had been made on May 15 in
the case of the bonds of the Second Liberty Loan or on June 15 in the case
of the conversion bonds of the First Liberty Loan. Inasmuch as the holders of the bonds of bothi Of these issues have everything to gain and nothing
to lose by the conversion, it may be assumed that all of them will wish to
make the conversion and to make it promptly. By virtue of this section
they would lose nothing by waiting a month or two to present their bonds
for conversion. This provision will greatly relieve the burden that would
be thrown upon the banks and trust companies of the country, the Treasury
Department, and the Bureau of Engraving and Printing if all conversions
had to be made contemporaneously with the issue of the bonds of the
new loan.
There are out now more than 20,000,000 separate bonds, and one can
imagine what the conversion of those into the new issue will mean, and
therefore it is deemed important not to restrict the Secretary of the Treasury in such a way that those conversions must be placed upon a given day
or within a limited period of time.
The 4% bonds are now convertible into a subsequent issue bearing a
higher rate, and the 334% are, also convertible. This proposed 4h %
bond will not be convertible.
Section 4.—The Issue of Certificates of Indebtedness.
This section amends the last sentence of Section 5 of the Bond Act of
Sept. 24 1917 by increasing the limit upon the amount of certificates of
indebtedness that may be outstanding at any one time from $4.000.000,000
to $8,000,000,000.
The amount of Treasury certificates now outstanding is about $3,200,000,000. The existing authorization of $4,000,000,000 will, therefore, be
exhausted by the middle of April. While there is no reason to anticipate
that so large an amount as $8.000,000,000 of Treasury certificates will be
required to provide for the necessities of the Government before another
loan can be advantageously offered, nevertheless it is apparent that the
Treasury ought to be placed in a position where it can provide for the
current needs of the Government from month to month for a reasonable
period in advance. These certificates can not run for more than a year,
and the money raised by the issue of them can not be spent except for
purposes approved by Congress.
These certificates of indebtedness are issued only to bridge over the interval between the Liberty loans, and as soon as the Liberty loan is placed
Treasury certificates are retired, or they are issued in anticipation of
taxes which are payable in June, and the moment the taxes are paid in,
these certificates are retired,so that they are not an outstanding indebtedness all the time; they are merely means employed, and an essential means,
of temporarily financing the needs of the Treasury.
In view of the above it is evident that in speaking of our authorized
bonded debt, it is not proper to add to the $14,000,000,000 of bonds authorized since the declaration of war, the certificates of indebtedness authorized, since they can not be issued for a longer period than one year, and
since the only purpose that they serve is to bridge over the periods between
Liberty loans or the payment of income and excess profits taxes.
•
Section 8.—To Stabilize the Market for Government Bonds.
This section also provides for the addition of another new section (Sec. 15)
to the Act of Sept. 24 1917 to provide a means to create a sinking fund to
buy Government bonds issued or converted since Sept. 24 1917 in order
to stabilize the market for Government bonds. Your committee believes
that this Government must do what each of the warring countries have
done in one form or another, and prepare itself to support the market for
its bonds.
This new section provides that the Secretary of the Treasury shall set
aside, out of any money in the Treasury not otherwise appropriated, a
sum not exceeding one-twentieth of the amount of bonds issued or converted
since Sept. 24 1917, and before April 1 1918, and as and when any more
bonds are issued that he shall set aside a sum not exceeding one-twentieth
of the amount of such bonds issued.
This section further provides that whenever by reason of purchases of
bonds the amount so set aside falls below the sum which the Secretary of
the Treasury deems necessary, but that he may set aside such amount as
he shall deem necessary, but not more than enough to bring the entire

1404

THE CHRONICLE

IMP

amount so set aside at such time up to one-twentieth of the amount of
bonds issued or converted since Sept. 24 1917.
This section appropriates the amount so set aside for this purpose, to be
available until the expiration of one year after the termination of the war.
This section also provides that the par amount of bonds of any series
Issued before April 1 1918 which may be purchased in the 12 months' period
beginning April 1 1918, and in each 12 months' period thereafter, shall not
exceed one-twentieth of the amount of bonds of such series outstanding
at the beginning of such 12 months' period, and that in the case of any
series of bonds issued after April 1 1918 the par amount of bonds of such
series which may be purchased in the 12 months' period beginning on the
date of such issue, and in each 12 months' period thereafter, shall not
exceed one-twentieth of the amount of the bonds of such series outstanding
at the beginning of such 12 months' period. The average cost of the
bonds of any series purchased in any such 12 months' period can not
exceed par and accrued interest.
If all the 33i% bonds were converted to 4)4, as the 33 and 4% bonds
now sold aggregate $5,796,000,000, the most that could be set aside for the
purpose of this sinking fund at the present time would be $289,800,000.
Section 7.—Permission to Issue Bonds and Certificates of Indebtedness in
Foreign Moneys.
This section also provides for the addition of another new section (Sec. 16)
to the Act of Sept. 24 1917, to permit the issue of bonds payable in foreign
moneys. This provision, it is believed, will make it possible for the
Secretary of the Treasury to take steps to rectify the position of dollar
exchange in those neutral countries where the dollar is at a disadvantage
to-day.
The theory is that if we can sell some Government bonds in foreign
countries, especially in those countries neutral where the balance is against
us and where our exchange position is disadvantageous, we may be able
to correct it or modify it to our advantage.
This section also permits the Secretary of the Treasury to sell bonds or
certificates of indebtedness payable in foreign moneys without offering
them as a popular loan in the United States and to deposit in foreign countries with depositaries the proceeds from any such bonds or certificates.
Your committee believe that this provision will greatly facilitate the negotiations which the Treasury Department must enter into in order to relieve
foreign exchange problems.

[Vol.,. 106.

Brought forward
$8,Z20,407,312 00
Estimated receipts from war-savings certificates, fiscal year 1918
$663,200,,00
Additional bonds authorized but not yet issued
(exclusive of $63,945,460,
to be applied to the redemption in the fiscal
year 1919 of the loan of
190'4918)
$3,666,233,850
Less postal savings bonds
issued Jan. 1 1918
302,140
3,665,931,710
Total estimated receipts from war-savings certificates and bonds authorized but not yet issued, less
postal savings bonds of Jan. 1 1918
$4,329,131,710 00
Grand total receipts

$12,549,539,022 00

The following is the bill as passed by the Senate on April
3 and accepted by the House on April 4 and now a law:

That the first section of the Act approved Sept. 24 1917, entitled "An
Act to authorize an additional issue of bonds to meet expenditures for the
national security and defense, and, for the purpose of assisting in the prosecution of the war, to extend additional credit to foreign governments, and
for other purposes," be, and is hereby amended to read as follows:
That the Secretary of the Treasury, with the approval of the President
is hereby authorized to borrow, from time to time, on the credit of the
United States for the purposes of this Act, and to meet expenditures authorized for the national security and defense and other public purposes
authorized by law, not exceeding in the aggregate $12,000,000,000, and
to issue therefore bonds of the United States, in addition to the $2,000,000,000 bonds already issued or offered for subscription under authority of
the Act approved April 24 1917, entitled "An Act to authorize an issue of
bonds to meet expenditures for the national security and defense, and, for
the purpose of assisting in the prosecution of the war, to extend credit to
foreign governments, and for other purposes:" Provided, That of this
sum $3,063,945,460 shall be in lieu of that amount of the unissued bonds
Section 8.—Short Title of the Act.
authorized by Sections 1 and 4 of the Act, approved April 24 1917, $225,This section provides that the short title of the Act shall be ."Third 000,000 shall be in lieu
of that amount of the unissued bonds authorized
Liberty Bond Act."
by Section 39 of the Act approved Aug. 5 1909, $150,000,000 shall be in
Appendix A.—Summary of Estimated Receipts and Disbursements for the lieu of the unissued bonds authorized by the joint resolution apporoved
March 4 1917, and $100,000,000 shall be in lieu of the unissued bonds
Fiscal Year 1918.
authorized by Section 400 of the Act approved March 3 1917.
Balance in the Treasury June 30 1917, free of all current
The bonds herein authorized shall bo in such form or forms and denominaobligations
$1,066,983,361 00 tion or denominations
and subject to such terms and conditions of issue,
Ordinary receipts
$3,856,800,000 00
conversion, redemption, maturities,payment, and rate or rates of interest,
Panama Canal receipts
6,000,000 00
not exceeding four and one-quarter per centum per annum, and time or
Public debt receipts (exclusive of wartimes of payment of interest, as the Secretary of the Treasury from time to
savings certificates and bonds authtime at or before the issue thereof may rpescribe. The principal and inorized but not yet issued)
4,357,607.312 00
terest thereof shall be payable in United States gold coin of the present
8,220,407,312 00 standard of
value.
The bonds herein authorized shall from time to time first be offered at
$9,287,390,673 00 not less than par
as a popular loan, under such regulations, prescribed by
Ordinary„ disbursements
$9,568,029,726 72
the Secretary of the Treasury from time to time, as will in his opinion give
Panama 'Canal disbursements
24,338,889 00
the people of the United States as nearly as may be an equal opportunity
Public debt disbursements
334,222,732 00
to participate therein, but he may make allotment in full upon applications
Special disbursements
6,190,000,000 00
for smaller amounts of bonds in advance of any date which he may set for
the closing of subscriptions and may reject or reduce allotments upon later
Total estimated disbursements
16,116,591,347 72 applications
and applications for larger amounts, and may reject or reduce
allotments upon applications from incorporated banks and trust companes
Estimated deficit in general fund June 30 1918
$6,829,200,674 72 for
their own account and make allotment in full or larger allotments to
others, and may establish a graduated scale of allotments, and may from
Deficit as above
$6,829,200,674 72
time to time adopt any or all of said methods, should any such action be
Necessary balance in general fund June 30 1918
500,000,000 00 deemed
by him to be in the public interest: Provided, That such reduction
or increase of allotments of such bonds shall be made under general rules to
Total estimated necessary issue of bonds and warbe prescribed by said Secretary and shall apply to all subscriebrs similarly
savings certificates during the remainder of the
situated.
current fiscal year, based upon departmental estiAnd any portion of the bonds so offered and not taken may be otherwise
mates of expenditures
7,390,200,674 72
disposed of by the Secretary of the Treasury in such manner and at such
Estimated receipts in fiscal year 1918 from war-savings
price or prices, not less than par, as he may determine. The Secretary may
certificates and bonds already authorized but not yet
make special arrangements for subscriptions at not less than par from perIssued (exclusive of $63,945,460 to be applied to the redemption in the fiscal year 1919 of the loan of 1908-18) 4,329,131,710 00 sons in the military or naval forces of the United States, but any bonds
Issued to such persons shall be in all respects the same as other bonds of the
same issue.
Estimated authorization of bonds necessary, exclusSec. 2. That the last sentence of Section 2 of said Act approved Sept. 24
ive of cost of issue
$3,000,068,964 72
1917, be, and is hereby amended to read as follows:
To provide loans to the Allies, first three months of next
"For the purposes of this section there is appropriated, out of any money
fiscal year
1,500,000,000 00
in the Treasury not otherwise appropriated, the sum of $5,500,000,000,
Cost of issuing said bonds
9,000,137 93
and in addition thereto the unexpended balance of the appropriations
made by Section 2 of said Act approved April 24 1917, or so much thereof
Estimated authorization of additional bonds necessary, including expense of issue
$4,509,069,102 65 as may be necessary: Provided, That the authority granted by this section to the Secretary of the Treasury to establish credits for foreign governments, as aforesaid, shall cease upon the termination of the war between
Fiscal Year 1918—Details of Estimated Receipts.
the United States and the Imperial German Government."
Ordinary receipts:
Sec. 3. That Section 4 of said Act approved Sept. 24 1917 is hereby
From custons
$185,000,000 amended by adding two new paragraphs, as follows:
From internal revenue—
"That holders of bonds bearing interest at a higher rate than four per
Miscellaneous
$973,000,000
centum per annum, whether issued (a) under Section 1, or (b) upon conExcess profits tax
1,226,000,000
version of three and one-half per centum bonds issued under said Act
Income tax—
approved April 24 1917, or (d) upon conversion of four per centum bonds
Corporations
535,000,000
issued upon conversion of such three and one-half per centum bonds, shaft
Individuals
666,000,009
not be entitled to any privilege of conversion under or pursuant to this
$3,400,000,000 00 section or otherwise. The provisions of Section 7 shall extend to all
such
From sales of public lands
$1,800,000 00 bonds.
From miscellaneous sources (including $40,000,000 in"If bonds bearing interest at a higher rate than four per centum per
creased postage)
270,000,000 00 annum shall be issued before July 1 1918, then any bonds bearing interest
at the rate of four per centum per annum which shall, after July 1 1918,
Total estimated ordinary receipts
$3,856,800,000 00 and before the expiration of the six months conversion period prescribed
Panama Canal, estimated receipts from tolls, etc
6,000,000 00 by the Secretary of the Treasury, be presented for conversion into bonds
Public debt:
bearing interest at such higher rate, shall, for the purpose of computing
w First Liberty Loan of 1917 (loss amount
the amount of interest payable, be deemed to have been converted on the
kitthereof received in 1917)
$520,280,222
dates for the payment of the semi-annual interest on the respective bonds
Second'Liberty Loan of 1917
3,808,766,150
so presented for conversion, last preceding the date of such presentation."
One-year Treasury notes
23,540,000
Sec. 4. That the last sentence of Section 5 of said Act approved Sept.
Deposits to retire Federal Reserve Bank
24 1917 be, and is hereby amen4ed to read as follows: '
notes and national bank notes
4,000,000
"The sum of such certificates outstanding hereunder and under Section
Deposits for postal savings bonds
1,020,940
6 of said Act approved April 24 1917, shall not at any one time exceed in
the aggregate $8,000,000,000."
Estimated public debt receipts
4,357,607,3120)
Sec. 5. That Section 8 of said Act, approved Sept. 24 1917, be, and is
hereby amended to read as follows:
Total estimated receipts (exclusive of war-savings
"Sec. 8. That the Secretary of the Treasury, in his discretion, is hereby
certificates, Treasury certificates of indebtedness,
authorized to deposit, in such incorporated banks and trust'companies as
and bondslauthorized but not yet issued)
$8,220,407.312 00 he may designate, the proceeds, or any part thereof, arising
from the sale




APR. 61018.]

THE CHRONICLE

certificates
of the bonds and certificates of indebtedness and war savings
excess
authorized by this Act, and arising from the payment of income and
bear such rate or rates of interest, and
profits taxes, and such deposits shall
subject to
shall be secured in such manner, and shall be made upon and
may from time to
such terms and conditions as the Secretary of the Treasury
the Revised
time prescribe: Provided, That the provisions of Section 5191 of
the amendments
Statutes, as amended by the Federal Reserve Act, and
national bankthereof, with reference to the reserves required to be kept by
system,
ing associations and other member banks of the Federal Reserve
by the United States in desigshall not apply to deposits of public moneys
Secretary of the Treasury is hereby authorized
nated depositaries. Tho
shall be deposited
to designate depositaries in foreign countries with which
to have on deposit
all public money which it may be necessary or desirable
the military and
in such contries to provide for current disbursements to
and consular and
naval forces of the United States, and to the diplomatic
such countries
other representatives o 1 the United States in and about
the United States
until six months after the termination of the war between
and to prescribe the terms and
and the Imperial German Government,
conditions of such deposits."
amended by
Sec. 6. That said Act approved Sept. 24 1917, is hereby
adding four new sections, to read as follows:
bearing interest at a
"Sec. 14. That any bonds of the United States
Section 1 of this
higher rate than four per centum (whether issued under
or under said Act
Act or upon conversion of bonds issued under this Act
person continuously
Approved 24 1917), which have been owned by any
which upon such
for at least six months prior to the date of his death, and
regulations predate constitute part of his estate, shall, under rules and
United States
scribed by the Secretary of the Treasury, be receivable by the
of any estate or inheritance taxes
at par an accrued interest in payment
under or by virtue of any present or future
imposed by the United States,
law, upon such estate or the inheritance thereof.
authorized from time
"Sec. 15. That the Secretary of the Treasury is
year after the termination of the war,
to time, until the expiration of one
authority of this Act, including bonds isto purchase bonds issued under
said Act approved
sued upon conversion of bonds issued under this Act or
upon such terms and conditions as he
April 24 1917, at such prices and
bonds of any such series which may be
may prescribe. The par amount of
date of issue shall
purchased in the twelve months' period beginning on the
series originally
not exceed one-twentieth of the par amount of bonds of such
not exceed oneIssued, and each twelve months' period thereafter, shall
of such series outstanding at the betwentieth of the amount of the bonds
of the bonds of
ginning of such twelve months' period. The average cost
shall not exceed
any series purchased in any such twelve months' period
par and accrued interest.
shall
"For the purposes of this section the Secretary of the Treasury
appropriated, a
set aside, out of any money in the Treasury not otherwise
the amount of such bonds issued before
sum not exceeding one-twentieth of
issued he shall set
April 1 1918, and as and when any more such bonds are
by reason
aside a sum not exceeding one-twentieth thereof. Whenever,
in this section, the amount so set aside
of purchases of bonds, as provided
purposes of this
falls below the sum which he deems necessary for the
amount as he
section, the Secretary of the Treasury shall set aside such
the entire amount
shall deem necessary, but not more than enough to bring
to one-twentieth of the amount of such bonds
so set aside at such time up
of the Treasthen outstanding. The amount so set aside by the Secretary
to be available
ury is hereby appropriated for the purposes of this section,
of the war.
n
until the expiration of one year after the terminatio
the beginning
"The Secretary of the Treasury shall make to Congress at
regular session a report including a detailed statement of the operaof each
tions under this section.
ss authorized
Sec. 16. That any of the bonds or certificates of indebtedne
payable, prinby this Act may be issued by the Secretary of the Treasury
as expressed
cipal and interest, in any foreign money or foreign moneys,
coin, and he
in such bonds or certificates, but not also in United States gold
or certificates in such manner and at such prices,
may dispose of such bonds
with the pronot less than par, as he may determine, without compliance
the amount
visions of the third paragraph of Section 1. In determining
equivalent of
of bonds and certificates issuable under this Act the dollar
or certificates payable in foreign money or foreign
the amount of any bonds
of issue
moneys shall be determined by the par of exchange at the date
by the
thereon, as estimated by the Director of the Mint, and proclaimed
Section 25 of
Secretary of the Treasury, in pursuance of the provisions of
1894, entitled 'An Act to reduce taxation, to
the Act approved Aug. 27
Secreprovide revenue for the Government, and for other purposes.' The
with
tary of the Treasury may designate depositaries in foreign countries,
the proceeds
which may be deposited as he may determine all or any part of
by this Act, payable in foreign
of any bonds or certificates authorized
money or foreign moneys.
Bond
"Sec. 17. That the short title of this Act shall be 'Second Liberty

1405

cases immediately sold on the open market which tend to depress the
market price and affects adversely the sales of future issues.
part
Secretary McAdoo expressly states that there is no desire on the
of the Government to prevent or interfere with legitimate trading, in good
faith, in Liberty bonds.
It is one of the great objects of the Treasury Department to have these
of
bonds held as permanent investments by tho people and paid for out
savings, thus at once providing funds for the Government and conserving
labor and material.
There are the soundest reasons for holding Liberty bonds. Their
quotations under par on the stock exchange means a loss only to those who
sell. The financial history of the United States shows that in times of
peace all of its bonds have gone above par, some as high as 139. The
tremendous growth of our resources and of our trade, our domestic trade
alone having increased from $30,000,000,000 to $64,000,J00,000 in the
last four years, warrants the belief that our Government bonds are the
soundest investments in the world, and with the restoration of peace conditions will command a handsome premium in the market.

OPENING OF THIRD LIBERTY LOAN DRIVE TO-DAY.
To-day, April 6, the first anniversary of the declaration
of war against,Germany, will witness the firing of the opening
gun in the Third Liberty Loan campaign. The flying of
Old Glory from every staff available is to be one of the
inspiring incidents in the drive, the Liberty Loan Committee, in requesting its display, having taken this means of
presenting a special appeal to the people. Besides the
display of the flag, that is to bring the message of the loan
to all beholders, another method will be used to bring it to
the attention of the lax mind. More than one million
pasteboard replicas of the original Liberty Bell, bearing
the inscription "Ring It Again," are to be distributed broadcast. The bells also ask the recipients of them to buy
bonds in the Third Liberty Loan. More than 20,000 persons have volunteered to assist in the distribution of the
bells. The chief part of it will be done by more than 10,000
members of the Police Reserves, formerly known as the
Home Defense League. Through the co-operation of
Deputy Police Commissioner Rodman Wanamaker, head
of the Police Reserves and of Police Commissioner Enright,
the men will report to their precinct stations for this purpose. Women's organizations will also help. The Boy
Scouts, pupils of high schools and inmates of orphan asylums
will take part in the work, and 10,000 more helpers are
needed by the Liberty Loan Committees. The bells will
be hung on door knobs, and this work will be directed by
leaders. Small boys will for once be asked to ring door
bells for a good purpose. Early risers to-day will find
Liberty Loan workers posting bills about the Loan all over
the city. A brigade of posters will start at midnight, and
the city will be pretty effectually covered before the milkman is on his route.
A huge parade will go from Liberty Loan Headquarters
to City Hall, in the middle of the day. A coach will start
from Buffalo for New York, bearing the legend, Liberty
Coach, and the Liberty Ball will be started rolling on its
trip of 473 miles at the same time. Airplanes will bomb
New York with Loan literature. There will be many massmeetings and other exercises. Every part, every trade of
New York is organized for the loan. Trade leaders are
already predicting success. The Patriotic Household
League, composed of 400 men in domestic service, met last
night to complete their organization which it is planned to
"
Act."
man or woman in domestic service in the
'An Act to authorize an issue of bonds to extend to every
Sec. 7. That the Act, entitled
Physiek,
s for the national security and defense, and, for the pur- city. The meeting was presided over by Henry
meet expenditure
to foreign
pose of assisting in the prosecution of the war, to extend credit
the butler of J. Pierpont Morgan. A mass-meeting is to be
hereby
governments, and for other purposes,' approved April 24 1917, is
held on April 14. In the New York Guard,led by Adjutantamended by adding a new section to read as follows:
short title of this Act shall be 'First Liberty Bond General Charles H. Sherrill, the same enthusiasm is mani"Sec. 9. That the
Act."
big object, the oversubscription of the Third
Bond fest. The
"Section 8. That the short title of this Act shall be 'Third Liberty
Liberty Loan, has brought both Charles F. Murphy, leader
Act."
y Hall, and Samuel Koenig, Republican ChairThe text of the Act of Sept. 24 1917 was given in these of Tamman
man of the New York County Committee, into agreement on
29.
columns Sept.
this subject, and they are working together to insure the
--active co-operation of their respective parties. Efforts in
SECRETARY MC ADOO AGAIN URGES HOLDING OF
this line, on a purely non-partisan basis, have been strongly
LIBERTY BONDS.
seconded by Joseph Hartigan, Director of the Department
In his latest edict with regard to the holding of Liberty of Speakers and Meetings of the Liberty Loan Committee.
bonds as an investment, Secretary of the Treasury McAdoo Entire co-ordination of the election, machinery in the various
last week reiterated that "one who subscribes for a Liberty districts has been assured, and the district captains in 2,000
bonds and gets credit as a patriot for doing so is not acting election districts will throw their whole weight and influence
patriotically if he immediately sells that bond, that is, unless on the side of the Loan.
he imperatively needs the money." It is not the mere subNot to be outdone by their elders, the youth of New York
scription that helps the Government, he points out, it is the has answered the call in the Third Liberty Loan. High
actual loan; shifting the bond to some one else, he says, does school students, nearly 100,000 of them, will begin next
not help. A statement setting out the latest expressions of week a house-to-house canvass that will touch every home
Secretary McAdoo in the matter further says:
in the city. The plans have been agreed upon, and it has
The same objection lies to exchanging Liberty Loan bonds in trade.
Board
Liberty Loan bonds in exchange for merchan- been suggested by Arthur S. Somers, President of the
Merchants offering to take
dise are doubtlessly actuated by patriotic motives, but such transactions of Education, who is also the originator of the canvassing
g of thrift,
tend to defeat a primary object of the bonds sale, the encouragin
the children make three visits to each home so
expenditures. Bonds so exchanged are in most plan, that
and the discouraging of




1406

THE CHRONICLE

(Vol- 106.

that no one may be overlooked. Flags will be awarded to
the high schools making the best showing, and banners and
certificates to the schools which fill their quotas.
Every means is to be taken to have householders show
their flags to-morrow, both because of the anniversary and
because of the start of the drive.

on Wednesday evening April 3. The gathering was the
largest ever attempted in connection with the Liberty Loan
plan. Every section of the territory included in the New
York district was represented. Benjamin Strong, Governor
of the New York Federal Reserve Bank and Chairman of
the Liberty Loan Committee, presided at the meeting.
Governor Strong
SPEECHES BY ADMINISTRATION OFFICIALS TO of the principles devoted his remarks to a discussion of some
which should be observed in the conduct
OPEN THIRD LIBERTY LOAN CAMPAIGN.
of the great financial operation we are about to undertake.
The Administration officials will take an active part in In part he said:
This loan
the opening of the Third Liberty Loan campaign to-day— est battle is to be placed with our people at the same time that the greatof all time is raging in
long as that battle
the first anniversary of America's entrance into the war. cided, everything that we value Europe. So and hangs in the is undeis at stake
balance.
President Wilson, Vice-President Marshall, Secretary of the The presence of our troops in large numbers in France has developed in
people a new and intense anxiety as to the outcome; a
Treasury McAdoo and Secretary of the Navy Daniels will the minds of ourin
personal interest
the venture
anything that has existed since
all make the day a memorable one in speeches. President the outbreak of the war. Forfar beyondtime we are actively conscious
the first
Wilson will open the campaign in Baltimore, where he will that we are at war; for the first time we realize that we have a peronsal,
human investment in the
also review 18,000 troops from the National Army canton- ilies in the United States war. One million eight hundred thousand famhave sons, husbands or brothers in the nation's
ment at Camp Meade. Secretary of the Treasury McAdoo service, either in France or in training in this country or in the navy.
Throughout every part of the country our people are watching military
will make the opening speech of his campaign in behalf of
developments
task
the new Liberty Loan at Philadelphia, while Vice-President Those who arewith breathless anxiety. Your flesh is by so much the lighter.
seeking security for their own
and blood will not withMarshall will address a gathering at St. Louis, and Secretary hold the dollars needed to insure victory. This should be the keynote of
our campaign.
of the Navy Daniels will inaugurate the campaign in CleveIt is, of course, desirable, in fact essential, that every subscriber to a
land.
Liberty bond should understand precisely the terms of the loan. In preReports to the Treasury on April 4 told of busy Liberty vious loans, unfortunately, the enthusiasm of those selling the bonds has
occasionally led to their
Loan workers in cities and villages all over the country pre- the various provisions ofmaking statements not altogether accurate as to
the law under which the bonds are authorized.
paring for enthusiastic demonstrations to-day. The key- Some misunderstandings have occasionally been caused as to the privilege
note for the big popular war credit, to be sounded by Presi- of conversion, or as to the tax exemption, or other features, which possibly
could not be avoided. But every dissatisfied bondholder is an obstacle
dent Wilson and Secretary McAdoo, will be echoed by scores to overcome when the succeeding loan
is placed. So to the extent that the
of other speakers at local meetings from coast to coast.
terms of the loan are discussed, great care should be exercised that accurate
information

is given, and, for that purpose, all necessary instructions will
be issued from the bank.
Juat now subscribers to these bonds are not betraying anxiety as to rates
of interest, dates o( maturity, tax exemption provisions or conversion
rights. Their anxiety is that the money they subscribe be promptly and
effectively spent by our Government to insure victory to our troops and
their safe return.
Do not let the notion become prevalent that buying war bonds is simply
a financial transaction. It is far more than that; it is a contribution of
war materials and of the labor to produce war materials to enable our
armies to win battles. It has been estimated that prior to the war the annual production and turnover of the country had a value of$50,000,000,000.
This may now have increased to $60,000,000,000. The appropriation
bills passed by Congress represent
the labor and
LIBERTY LOAN COMMITTEE URGES BANKS TO industries of the country for not lessrequisitions made upon value of goods
than $23,000,000,000 in
and services. It is no longer a question of whether we can produce these
ENCOURAGE PARTIAL PAYMENT BOND
war materials, but it is a question of speed of production. Industries and
PURCHASES.
labor loaded with the production of everything required to enable us to
All banks and trust companies in the New York Federal live as we were in the habit of living before the outbreak of the war cannot
produce $23,000,000,000 of goods in time to equip the armies now so urReserve District have been asked by the Liberty Loan gently needed,
unless our people
part of their demands
Committee, through its Distribution Committee, to take and give the Government right ofwithdraw some extent that we indulge
way. To the
part in the partial payment movement in the Third Liberty in unnecessary expenditures, by so much we retard production of war materials; to the extent
Loan by adopting the card system. This announcement, armies in Europe we that we thereby delay the presence of fully equipped
jeopardize the outcome of the war.
made on Thursday at Liberty Loan headquarters by Gilbert
You have been advised of the arrangements as to quotas. In this loan
B. Bogart, Assistant Director of Distribution, means that the Second Reserve District is asked by our Government to sell nine hundollars of bonds.
plans have been completed for laying the partial payment dred million continue to
We must
maintain the standard
system before all the banks of this district, for the city been displayed in this district in other previous of patriotism which has
borrowings of the Govbanking institutions already have been approached and have ernment, for our quota of every loan, whether of long bonds or short certificates of indebtedness, which our Government has heretofore offered,
been asked to use the coupon books. In a letter sent to has been heavily oversubscribed.
But this matter of quotas requires some
nearly twelve hundred banks and trust companies outside explanation in order to avoid misunderstandings and dissatisfaction.
New York City, the Distribution Committee emphasizes When our Government sells an issue of bonds, it does not require from the
subscribers that payment be made in gold or currency. Payment, in fact,
the importance of the partial payment plan. Not only is its is made by checks on banks, which simply effect
a transfer of bank balances
operation beneficial to the bank in that it prevents undue from the credit of subscribers to the credit of the Government. Therefore,
in order that the amount of the loan be equitably apportioned among the
withdrawals of deposits, but it brings to the Government a
Federal Reserve districts, and among
various communities within the
much larger sum than is generally estimated. Almost a districts, consideration must be given the the
to
amount
bank balances in
thousand banks out of the 1,296 in this Federzil Reserve the respective districts and communities which will,of part, be transin
ferred to the Government. A committee of our organization has secured
District reported to the Liberty Loan Committee that the data
from all banks in
based upon this
partial payment sales made in the last campaign amounted pecially for the purpose,the district and apportionmen data' secured eshas effected an
t. It is based upon
to $74,000,000. This, as the Committee points out in its the resources of tho banks, after allowing for savings deposits, for duplication of bank balances, and foreign balances. The apportionment of
letter to the banks, is a large part of the $441,000,000 of quotas is,
as far as can be made by
based upon
sales made in this district in amounts of $50 to $10,000. accurate data. In every communityexperienced men, fairly arises as to
where dissatisfaction
the apportionment, it should be explained that the utmost care has been
The letter follows in part:
exercised to assure a fair determination of this matter, which, at best, is
The Liberty Loan Committee urged last September that
the banks of most difficult to arrive
at.
this Federal Reserve District, by encouraging subscriptions
to Liberty
Questions are asked daily by intending purchasers as to where they should
bonds on the partial payment plan, would prevent an undue
withdrawal of make their subscriptions.
Many of our industries and transportaton
deposits. With this end in view, the Committee furnished
partial payment lines have offices in
one place, plants or investments in other places.
cards free of cost, to banks requesting them. Figures compiled
to date Many business men have
show the wisdom of this, as 971 banks of.the 1,296 in
more than one residence or place of business
the Second Federal The spirit of
emulation which actuate.; all branches of the organization
Reserve District report about 723,000 partial payment
subscriptions naturally and properly inspires
committeemen to secure the largest volume
amounting to about $74,000,000. This latter figure is an
important part of subscriptions possible
for their own communities. It is, however, deof the $441,000,000 reported in subscriptions in amounts
from $50 to sirable that this matter
be governed by some fair principle, if one can be
$10,000. While there has been no official statement
to this effect, it found, so
as to avoid criticism. The real principle, after all, is a simple
is our understanding that $50 and $100 bonds will
be issued in the coming one.
As the apportionment is based upon bank deposits, so the subscripcampaign. These denominations, of course, represent the
greater part of tions should be based
upon bank balances. Where a corporation or inthe partial payment subscriptions.
dividual has more than one bank account, the balances carried in those acThe need is just as urgent that as large a part as possible
of the forth- counts form
the basis of the apportionment of quotas to the communities
coming Liberty Loan be paid for out of current savings and
to facilitate this where the
accounts are carried. Therefore, the subscriber should apporwork the Liberty Loan Committee will furnish partial payment
cards for tion his subscription
the Third Liberty Loan.
according to the amount of balances carried in his
various bank accounts, out of which his payments are made.
In every instance, however, where employers of labor arrange to secure
GOVERNOR STRONG'S ADDRESS AT LIBERTY LOAN subscriptions from their employees, it is desirable
that this subscription
be made and financed at the place where the plant is located. The inMASS MEETING AT CARNEGIE HALL.
terests of the community demand this, and It is, of course, only fair to
Liberty Loan workers from New York, New Jersey and the employees who are subscribing.
Connecticut received their final instructions previous to
It came to our attention during the last campaign that in some communithe "big drive" at a mass meeting held in Carnegie Hall ties, when quotas had been completed, the committees discontinued work.
If every organization adopted this policy, the loan would not
be fully sub-

ANNIVERSARY OF ENTRANCE OF U. S. IN WAR—
LEGAL HOLIDAY IN CHICAGO.
Under a proclamation issued by Mayor William H.
Thompson, of Chicago, on the 4th inst., to-day, April 6,
will be a legal holiday in Chicago, marking not only the first
anniversary of the entry of the United States into the war,
but also the opening of the Third Liberty Loan drive.
A parade and patriotic demonstration are planned.




APR. 6 1918.]

THE CHRONICLE

1407

,
I
Your Liberty Loan Committee, in the following statement issued
scribed, because in some sections quotas will certainly not be filled.
are not on Monday last, April 1.
efforts should continue, without relaxation, until the close. We
army of
At the meeting of the Liberty Loan7Committee held to-day no change
simply raising money for the Government; we are enlisting a great
Every addi- of views developed with regard to the desirability and importance, to
bondholders, whose moral support is needed to win the war.
country.
visualize war conditions, of giving an accurate representation of trench
tional bondholder becomes an addition to the war spirit of the
as
life and activity in Central Park during the coming loan campaign,
Let none escape.
have been asked as to the attitude of the Liberty Loan expressed in the committee's letter of Mar. 22 to the Mayor and Board
Many questions
presents
of Estimate. The Committee was informed, however, of the order issued
organzation towards depositors in savings banks. The answer
savings banks Mar. 26 by the Adjutant-General of the army limiting to twenty-four
no difficulty. It is not expected or desired that depositors in
in order to subscribe for these bonds. The hours any absences which commanding officers may grant to their troops
should withdraw their deposits
ions made by for participation in Liberty Loan demonstrations. In spite of the most
savings banks should themselves buy the bonds. Subscript
naturally
vigorous efforts on the part of the committee, the military authorities,
those who customarily have savings in the savings banks will
to that class of banks. possibly influenced by the seriousness of the great drive now in progress
somewhat interrupt the flow of savings deposits
Canada and abroad that the placing of in France, feel unable to modify the order to meet this special condition,
But it has been the experience in
by savings in- and it is therefore impossible for the Committee to realize its expectation
war loans even at higher rates of interest than those allowed
to au dangerous of placing at the disposal of the French High Commission a body of trained
stitutions has not caused withdrawals from such banks
a temporary sus- soldiers to construct the trenches and man them during the period of the
extent; in fact, has had little effect other than to cause
Even the postal Loan campaign.
pension of new deposits. Our own experience is similar.
interest than is borne
The fundamental purpose of the exhibit was to present a vivid and
savings deposits, which bear a much lower rate of
entire period of the realistic idea of the trench life and activity of our soldiers in France, and
by our Government bonds, have increased during the
nt bonds.
the Committee feels that a mere exhibit of tranches and guns without
war, notwithstanding the large sales of Governme
complaint as the failure trained soldiers to man them would be utterly inadequate to convey the
Probably no subject has caused quite so much
d to
have endeavore
living and lasting impressions which the plan was conceived to create and
to deliver bonds promptly to the subscribers. We
otherwise, that delays would justify neither the use of Central Park for the purpose nor the necesmake clear through the press, by circulars and
must be asked to show sary expenditure of money, and the Committee has advised the Mayor
of that character are unavoidable. Our people
are doing their utmost accordingly.
consideration to the officers of the Treasury, who
s
difficulties. Facilities
to meet a situation quite unprecedented in variety of
In view of its responsibility for the organization of successive campaign
amounts of
have not heretofore been adequate to prepare the enormous
to raise money for the Government for war purposes and of the wideBureau of Engraving and Printing has spread public interest in the trench exhibit, the Committee greatly regrets
bonds required to be issued. The
forty-four million
been taxed to its utmost capacity to prepare no less than
its inability to carry out this plan, which was to have been the central
nt. The bonds
experipieces of bonds up to date to meet the needs of the Governme
feature of its publicity work during the coming campaign. Past
loan are known, In the case of
the
cannot be finished until the terms of the
ence has proved that a realization of the seriousness of the war and
authorizing the bonds has not yet been passed by sacrifices it demands form the only basis on which these campaigns can be
the present issue, the bill
successfully.
Congress.
prepare the conducted
by reason
In order to overcome this delay, it has been arranged to
The Third Liberty Loan will be made an overwhelming success
except as to printing the text. I am
for it, than
bonds in all particulars in advance
of a far broader participation in it and a far better organization
million pieces in the Bureau of Engraving and ever before. The Committee will, through the medium of indoor exhibits
told that there are thirteen
that the instant
the
Printing completed except for the addition of the text, and
war material loaned by the French High Commission and
on the presses of the unique
features in adthe bond bill is signed by the President these bonds will be put
British authorities, and by means of parades and other
campaign
effort can do so. This is one of the
and turned out as rapidly as human
to the usual posters and literature, conduct an intensive
frequently interfere dition
details of an operation of great magnitude which will
lines.
importance, but, along patriotic
difficulty
the success of our plans far out of proportion to its
with
But there should be no over-confidence. A task of the greatest
s to the
of the loan
after all, subscribers to the bonds have usually adjusted themselve
for the country, because the contemporaneous payment
is set
transfer to the
deliveries, which I hope will not be necessary
necessity for a little delay in
of the taxes due June 15 will call for a
have only subscriptions and
greatly in excess of the minimum estimate
on the next issue. In the last two loans our books show that we
billions Government of a sum probably
of unadjusted subscriptions by subscribers to nearly two
These together will constitute the most gigantic
$10,000
to subscri- of $5,500,000,000.
of bonds in this district, and a balance of less than $3,000 owing
financial transaction in history.
bers who have defaulted in their payments.
difficulties to be dealt with by our organization is
One of the greatest
Liberty bonds.
Y BOND PARTIAL PAYMENTS PLAN
the establishment of a policy in regard to borrowing on
expansion so NEW LIBERT
Every bond purchased with borrowed money produces bank
CALLING FOR POOL OF $100,000,000.
How much, therefore, wo should
long as such loans remain unpaid.
must be deterencourage subscribers to buy bonds with borrowed money
A new Liberty Loan partial payment plan by which purmined—
who open their subscription
process in order to chasers of $50 and $100 bonds
First. By whether it is necessary to encourage that
bank may continue their payments at any other
at one
insure a successful loan; and,
of the
Second. By some knowledge of the extent to which the finances
station in Greater New York was announced
loans without bank or selling
people of the country are equal to absorbing Government
Committee. In the
difficult question to answer. on April 2 by the local Liberty Loan
mortgaging future earnings. That is a very
t plan
estimates of the amount of the available current savings previous loans it was found that the partial paymen
Thero are various
extent those who hold
funds, and it is important to determine to what
imposed a hardship on workers and others
Probably if all the people in many cases
these savings are willing to invest in war bonds.
rd
to appropriate all who started their payments at one place and afterwa
of the country up to the presentotime had been willing
not
to the purchase of the bonds so far issued, it would
to a remote part of the city, being thereafter put to
moved
of their savings
subscribers. As it is,
have been necessary for the banks to lend one dollar to
of working time and carfare, of going
and second Liberty the expense, from loss
the amount of borrowing by subscribers to the first
bank where they made their
moderate, and it is our hope that the present outburst each week back to the distant
Loans is exceedingly
on
enthusiasm for the war will insure a very large subscripti
e in order to continue their payments. The new
of patriotic
purchas
bank borrowings.
to the third Liberty Loan, without the necessity for heavy
difficulty was made public by
s from seek- plan, which will obviate this
In England it has been found quite safe to discourage subscriber
Distribution of the Liberty
the purchase of war bonds beyond a period of six Arthur M. Anderson, Director of
ing accommodation for
months,
upon the theory that a new loan will be offered every six
tee in the Second Federal Reserve District.
months,
Loan Commit
their current
and thus the subscribers should confine their subscriptions to
Subscribers may make their
g six months. Coupon books are to be used.
savings, or to what they expect to make within the succeedin
institution or
this policy would be safe for us to pursue, but it is initial instalment payments at any banking
1 am not at all sure that
that an explicit statement will be issued before or in the course selling station in New York City and their additional instalexpected
of the campaign which will be a guide as to the policy to pursue.
substations
are unable ment payments at any bank and at many postal
One unfortunate effect of excessive subscriptions by those who
be available
out of savings has been heavy sales of bonds on the Stock throughout the city. The coupon books will
to liquidate loans
This would
of the agencies established for that
Exchange and their consequent decline below the issue price.
subscribers for payments at any
not occur, certainly not to the extent to which it has occurred, if
subscription. Not only
intention of holding them,even though purpose irrespective of the place of
to the bonds took them with the firm
to do so were severe enough to hurt. In general, will the plan make it easier for the public to pay by instalthe economies necessary
it is not the
we think subscribers should be encouraged to borrow where
banks will be relieved of much detail work.
and where he ments, but the
intention of the subscriber to promptly dispose of his bonds
Liberty Loan Committee proposes that the national and
a reasonable period.
The
has the moans to repay the loan in
farmers of the
banks and trust companies in this city underwrite the
You have, frequently heard the statement made that the
that they State
not generally subscribed to the Government loans;
country have
which will be made within the
I do not partial payment purchases
are unpatriotic; and that in various ways they are bad citizens.
pool of not
neither do I believe that they are bad metropolitan area by subscribing pro rata to a
believe that they are unpatriotic,
very good way to sell bonds to abuse the prospective more than $100,000,000. Benjamin Strong, Governor of
citizens, nor is it a
that the farmers
and Chairman of
buyer. Our difficulty in the past has been to so organize
they have the Federal Reserve Bank of New York,
could be personally reached and through agencies in which
has sent a
now been arranged to take the farmers into the Liberty Loan Committee in this district,
confidence. Our plans have
s Organnt of every commercial banking instituon. The Farm Bureaus, Granges and the Dairymen'
our organizati
the Preside
encouraging them to letter to
pool and also the
izations are co-operating with us, and we hope, by
farmers of this tion in the city to explain this suggested
keep separate records of the amounts subscribed by the
completely emancipate themselves from any of thP workings of the coupon system. His letter follows:
district, that they will
to be inaugurated, the
charges which you have heard.
In connection with the Third Liberty Loan soon
plan which will
Committee is anxious t adopt a uniform partial payment
partial payments
provide greater conveniences for the subscriber in making
the initial subscription was filed.
PLAN FOR TRENCHES IN CENTRAL PARK TO FUR- at places other than that at whichng loan plans to handle the partial payThe Committee in the forthcomi
THIRD LIBERTY LOAN ABANDONED.
THER
ions by means
ment subscriptions for bonds of $50 and $100 denominat
of operation being that
The plan to reproduce in Central Park a sector of French of a coupon book similar to the enclosed—the planat any banking institut payments
instalmen
trenches as an impetus to the floating of the Third Liberty the subscriber may make his well as at certain other agencies which may
tion in Greater New York, as
Loan has been abandoned by the Liberty Loan Committee be established for that purpose. The bank will be asked merely to stamp
, detach the
be
rubber
of this city because of the inability of the committee to secure the stub and coupon with a coveringstamp to e tofurnished representing
a bureau
construct and man the trenches. coupon and forward it with a where remittanc
a body of trained soldiers to
the bookkeeping, notices to delin' all of the participating banks,
The proposal to construct the trenches was referred to in our quents, delivery of bonds, and other clerical work will be dome, and which
expense to them, by
issue of Mar. 23, page 1182. The decision to drop the plan will be operated for the participating banks, without
Chairman of the the Federal Reserve Bank.
n Strong,

was made known by Benjami




1408

THE CHRONICLE

It will be necessary for the banks to finance the partial
payment subscriptions through contributing to a pool to the amount
of whatever subscriptions for small denomination bonds may be taken in
the city.
The method of procedure by any one bank would be
to make an initial
payment(either by cash,or if qualified as a deposito
ry and having deposited
the necessary collateral, by credit to the Government,
for its respective
share of the total amount to be carried, this to be paid
in weekly or monthly
installments by the special bureau operated by the Federal
Reserve Bank,
as payments are made for the subscribers. Defaulte subscript
d
ions will be
carried for a reasonable time, and then the bonds
will be sold for the
account of the defaulting subscriber.
Based on the results in the Second Loan, the amount
which the pool
might be required to carry would be not more
than $100,000,000.
The details involved in the plan are being worked out
and will be submitted to you in due course by the Commercial Banks
and Trust Companies
Committee. In the meantime, I shall be glad to have
you advise me on
the following two points:
1. That you will receive at your office instalment payment
s on subscriptions represented by these coupon books, forwarding
the coupons and all
remittances to the Special Bureau operated by the Federal
Reserve Bank;it
will not be necessary for you to keep at your
bank any records excepting
the record of the serial numbers of the coupons
forwarded.
2. That you will carry your pro rata share of the bonds
in the pool (not
to exceed the above-mentioned amount) at a reasonab
le rate, to be determined by the Liberty Loan Committee,
The co-operation in this plan will not prevent any
banking institution
from adopting and operating any other partial
payment plan for its own
customers if it so desires, in which case cards
similar to those formerly
used will be supplied upon request.
The Committee is conscious of the great mass of detail
that the banks
assumed in the First and Second Loans and hopes
that the above-mentioned
plan, operated without expense to them, will solve
this situation satisfactorily.

[VoL. 106.

the Corn Exchange Bank; Charles H. Sabin, President
of the
Guaranty Trust Co., and Martin Vogel, Assistant Treasur
er
of the United States, are associated with Mr. Baker
in an
advisory capacity. The more active work of the Commercial
Banks and Trust Companies Committee will be done
under
the direction of Charles E. Mitchell, President of the
National
City Company. The other members of the committee
are:
H. B. Baker, Vice-Pre
sident National City Company;
J. Howard Ardrey, Vice-President National Bank
of Commerce;
Theo. Hetzler, President Fifth Avenue Bank;
Thomas Hildt, Vice-President Bankers Trust Co.;
D. B. Sherer, Vice-President the Corn Exchang
e Bank;
F. H. Sisson, Vice-President Guaranty Trust
Co.;
Ernest Stauffen Jr., Vice-President Liberty National
Bank;
E. B. Sweezy, Vice-President the First National
Bank;
E. R. Tinker, Vice-President Chase National
Bank;
J. Y. G. Walker, Vice-President Union Trust
Co.;
Albert Chambers, of A. L. Chambers & Co., Secretar
y.

The commercial banks and trust companies in the city are
informed of the appointment of this committee and
of the
proposed scope of its work in a letter which has just been
sent to their Presidents by Chairman Mitchell. Mr. Mitchel
l
points out that his committee is requesting united
and generous support for the partial payment plan announced
by the
Liberty Loan Committee. He also says in this letter
that a
uniform margin of 10% on loans which have Liberty
bonds
as collateral, and a uniform interest rate on such loans,
are
I want you to know that the Committee appreciat
es the spirit which desirable.
has prompted your active co-operation in the past.
The committee will suggest to the commercial bank
Another letter from Governor Strong, almost identical in
the
wording with that sent to the commercial banking institu- advisability of providing the public with adequate facilities
tions, except that it contains no reference to the pool, has for purchasing and for getting information. It also will
been mailed to the head of every savings bank in Greater point out the advantages to the public and to the Government
New York. The savings banks are asked to co-operate in of keeping banks open for two evenings in the week in sections of the city where the opportunity to buy after busines
receiving instalment payments in connection with
s
the
coupon book plan, but not in the pool. When the Central hours would be a convenience. If the recommendations of
Committee approved the coupon book plan, arrangements the bank committee are carried out by the city institutions,
were made with the Metropolitan Canvass Committee. the rediscount facilities of the Federal Reserve Bank will be
There will be two kinds of coupon books in use in this city. offered to the banks which are not members of that system
at the same rate as that enjoyed by members, both to
One kind will be for the person who buys a $50 bond and
city
the banks and to out-of-town institutions. Plans also
will be
other for the purchaser of a $100 bond. The former will
pay taken up by the colnmittee for the safekeeping
by the banks
$2 down at first and the latter $4. There are forty-e
ight of Liberty bonds without charge to the persons
owning them.
coupons for $2 in the $100 book and forty-eight for $1 in
the
$50 book. On the front over of the coupon book is printed The committee also will point out the advantages of a 100%
subscription among bank employees as well as of a thorou
instructions for the instalment payments and where
gh
they understanding of the tax features of the Liberty
may be made. One of the regulations on the inside
bonds.
of the Another part of the committe0's work will be to
ask banks to
cover has to do with defaults in payments. This regulat
ion point out to their depositors the necessity of using
provides that should any payment remain overdue and
the lendunpaid ing capacity of the banks both from the standpo
int of prefor two weeks the association may give notice by
mail to venting too sudden a shift in deposits and also
of increasing
the purchaser, and if within one week thereafter, such
pay- the amount of subscriptions obtained.
ments are not made, the purchaser shall be deemed in
default,
Each member of the Commercial Banks and Trust
the bond may be sold at the market price then prevail
Coming, panies Committee will keep in touch with several banks
and after fifty weeks from the date of the agreem
which
ent, the already have been assigned to him, while Mr.
Mitchell is
purchaser, on surrender of the book with all unpaid coupon
s, responsible only for work among the banks in the
Borough
will receive the proceeds of the sale of the bond less
expenses of Manhattan. Similar work will be done in Brookl
yn by
and the amount of the unpaid coupons.
a committee headed by Charles A. Boody, President of
the
It is further provided that in the event of any differe
nces People's Trust Co. of Brooklyn. In the Bronx the bankin
between the recording account kept by the association
g
and field is covered by Thomas J. Quinn, Vice-President
of the
the record on the stubs of the book, the association reserve
s Bronx National Bank, while in Queens and Richmond
counthe right to require proof satisfactory to it that paymen
ts ties it comes under the direction of Acosta Nichols, Chairm
an
have been made to a duly authorized agent as shown on
the for Long Island and Staten Island.
stubs. The loss or destruction of the book or
change of
address of the owner must be immediately reporte
d to the GOVERNOR STRONG'S
RECOMMENDATIONS REGARDLiberty Loan Committee, 15 Nassau Street, New
York City.
ING PAYMENT BY CORPORATIONS OF
Arrangement for the purchase of the $50 bond is similar
SUBSCRIPTIONS TO LIBERTY LOAN.
that for the $100 bond, except that the initial paymen to
t is
Subscriptions to the Third Liberty Loan, made by corfor $2 instead of $4. In the book there is also a
schedule of poratio
ns whose main offices or whose banking facilities are
payment dates; the first coupon is due the week of
May 13. in New
York, but whose branch offices may be in other parts
The back of the book contains a list of the agencie
s, author- of the
country,
ized by the Liberty Loan Association, where coupon
s may be scribers' money should be filed in the cities where the subpaid. In the back of the book is this announ
is drawn in payment or where the arrangecement: "If ments
for borrowing the money aro made. This is the
payment for the within mentioned bond is made
prior to substan
ce of a recommendation made on March 29 by
April 1 1919, the bond will be delivered with one
or more Benjam
in Strong, Governor of the Federal Reserve Bank of
coupons detached, but with an allowance of interest
on all New York
payments made."
and Chairman of the Liberty Loan Committee
of the Second Federal Reserve District, who quoted from
a
NEW BANK COMMITTEE TO ADVISE REGAR
DING letter from the Treasury Department in Washington in
PARTIAL PAYMENT BOND SALES.
explanation of his stand. Mr. Strong said:
Co-ordination of the Liberty Loan activities of the
My recommen
national quotas. When dations on this subject are based on the theory of the
the Government sells its bonds
and State banks and trust companies in this city
bank balances in
during the payment and in order to avoid unnecessary it acceptsof
shifting
bank balances
coming drive will be developed through a newly
organized throughout the country, subscriptions should be made in the district where
body to be known as the Commercial Banks and Trust
the bank balances are carried by the subscriber. The
apportionment among
Com- the districts and among the communit
panies Committee, it was announced on Wednes
ies within
day
the based on the capital, surplus, undivided profitsthe respective districts is
and the deposits of the
Liberty Loan hedaquarters. George F. Baker,
Chairman banks, the deposits of the respective banks being analyzed to allow for
savings deposits
of the board of directors of the First National Bank,
dean of a duplication. and the deposits of other banks which would, in fact, be
the banking profession in New York City, and active
We recently received a letter from the Treasury Departm
particient in Washpant in the two preceding loans, is head of the
advisory ington, which reads in part, as follows:
division of this committee. Walter E. Frew,
The quotas allotted to each Federal Reserve District
are based chiefly
President of upon the bank resources of the district, and
it therefore




seems proper that.

APR. 6 1918.]

THE CHRONICLE

subscriptions of corporations doing business in more than one district
should be placed in the district from which the money is withdrawn. If
bank accounts in more than one district are drawn upon to meet subscriptions, it would seem proper to divide the subscription accordingly. Subscriptions by corporations for account of their employees should be filed
in the districts where the employees are resident. Even though the original
payment comes out of the corporation's general funds, the subsequent
repayment by the employee is made from his own money or earnings
which would otherwise be deposited in the district where he resides. This
distribution of such subscriptions seems to be equitable and Liberty Loan
committees are requested to refrain from urging the distribution of corporation subscriptions except in accordance with this plan.
This seems to me to cover the situation admirably. Any other method
would nullify the whole theory of the quota system. In brief, subscriptions, should, in my judgment, be filed in the/cities where the subscriber's
money is drawn in payment or where his financial arrangements for borrowing are made.

A. J. HEMPHILL ON LIBERTY LOAN SPRING DRIVE.
A. J. Hemphill, Chairman of the Board of the Guaranty
Trust Co., in an article entitled "Our Great Spring Drive,"
points out that "no more appropriate date could have been
selected for the initiation of the Third Liberty Loan than
April 6, the anniversary of the entrance of the United States
into the world war." In stating that this campaign will
undoubtedly surpass in energy, scope and effectiveness any
previous effort of the kind, Mr. Hemphill said:
The Second Loan was more successful than the first because the first
had educated the people to the necessity and advantage of lending their
money to the Government. The Second Loan has advertised its successor
by proving what our vast means are capable of, and has sot the pace for
the Third Loan.,
Furthermore, behind this drive will be the tremendous motive power of a
nation thoroughly aroused to the grim task before it. During the two
previous campaigns we were only preparing for war. Now we are actually
in it, although we are just beginning to fight in tho sturdy, determined,
American way. But our national temper is rising with every dispatch
from France which tolls of our thin line contending bravely and successfully
with the enemy, whose atrocities and bad faith forced us into the conflict.

Mr. Hemphill also had the following to say:

That the United States is now the dominant banking power of the world
is shown in the annual report of the Comptroller of Currency, presented to
of
Congress on Jan. 30. The Comptroller estimated the banking power
the country at $37,529,00 ,000, an increase of more than $1,4, 00,000,000
computed as
since 1912. In 1890 the banking resources of the world were
the
being $15,558,000,000. Thus the increase in the United States during
last five years nearly equaled the world's combined banking power 28 years
ago. And British financiers have freely conceded that in the Federal
Reserve System we have the strongest and largest banking system in the
world. The sound state of our banks is the best possible evidence of,.the
country's unparalleled prosperity, which is further accentuated by the
fact that the general stock of money in the United States on March 1,
according to estimates made by the Treasury Department, totaled $6,351,548,056, as compared with $5,146,178,093 a year ago. Money in circulation on March 1 amounted to $5,092,53^,682, as against $4,583,695,87 a
year ago that date.
Based on a population of 105,293,000, the per capita circulation at the
beginning of March was placed at $48 37. On March 11917,it was $44 26.
Just before the outbreak of the European War, namely, July 1 1914, the
per capita circulation was $34 35.
The official estimate of the total wealth of the United States for the year
1912, the latest available tabulation, was $187,739,071,090. That we
have been creating and storing up great riches since then is well known.
To-day our national wealth is estimated to be between $225,000,009,000
and $250,000,000,000. Our per capita wealth in 1912 was $1,965, now
the average is considerably in excess of $2,000 for each individual.
The year 1917 was one of marvelbus expansion industrially and commercially for the United States. Our exports aggregated more than
$6,000,000,000 and our imports were valued at $3,0 ,000,000. The crop
yield of all cereals excepting wheat exceeded all previous harvests, and was
worth $21,000,000,000. Bank clearings totaled unprecedented amounts,
while both deposits and loans surpassed all pervious records. The Government during the last year borrowed $5,805,000,000 by selling its bonds in
the two Liberty Loans. We loaned approximately $4,003000,000 to
our Allies.
And, fortunately, the American people as a whole changed their money
habits in 1917 by buying bonds on a colossal scale. The Treasury Department has learned where and how to find the money it needs to finance our
part in the struggle for world freedom. It has built up, through the splendid and unstinted co-operation of business interests generally, but through
banking institutions and bond houses in particular, the greatest bondselling organization that has ever been known. Not only has the public
acquired the habit of lending but, more important, that of saving in order
that it may lend more.
But if we are to win this war we must realize thoroughly that a slacker
dollar is on a par with a draft dodger or a shirker of work.

CANVASSING SYSTEM COMPLETED FOR THIRD
LIBERTY LOAN.
The last of the police precinct headquarters for the houseto-house canvass of the city in the big drive to sell the Third
Liberty Loan issue were selected last week and the local
organizations began the work of occupying them. With the
actual taking possession by the Liberty Loan Committee of
these local headquarters throughout the city came'a final
announcement from the committee of the uses to which these
centres would be put and of the general plans. These police
precinct local headquarters are the final stations in a system
which embraces the three principal boroughs of Manhattan,
Brooklyn and the Bronx. The work of canvassing them is
to be done under the direction of the Metropolitan Canvass
Committee, of which A. B. Leach of A. B. Leach & Co.,
investments, 62 Cedar Street, is Chairman. This comprehensive system begins with Mr.Leach, who is in active charge
of more than 100,000 bond sellers. These men and women
are now meeting daily at Mr. Leach's downtown headquarters, at the police precinct headquarters, and at various




1409

points of assembly throughout the city which have been
donated to the Liberty Loan Committee. Among the 100,000
are expert salesmen, loaned to the committee by the houses
which employ them. They,give their time without compensation for the big drive, which begins to-day, April 6, except
that in cases where the business firms pay them salaries these
salaries are continued by the firms. In most cases the salary
is a small one, the principal earnings of the salesmen being
derived from commissions. So in their case there is real
patriotism. The experts who in some cases are partners in,
banking and bond houses, are augmented by the insurance
soliciting forces of the city, young lawyers, real estate men,
bank clerks and business men with a selling experience.
Mr. Leach and his aids have worked out plans for enlisting
the full co-operation of the school/children, who have taken
to them readily. To each of therprincipal schools has been
assigned a quota. The exact magnitude of the quota is being
kept secret, but during the drive a list of the ten schools which
lead the others in bond sales will be posted upon blackboards.
It has been decided by the Metropolitan Canvass Committee
that at the end of the drive all schools which had exceeded
their quota by 10% would receive a banner with proper lettering, while schools which had exceeded their quotas by
20% or more would send a delegate to a general convention
of schools which had made similar records. There the childdren would receive recognition at the hands of members of
the committee.
Final arrangements have been made by Chairman Leach
and his associates on the committee to co-ordinate the activities in the various boroughs. When the drive starts, Mr.
Leach will tour the boroughs by automobile. With him when
he visits Brooklyn,for instance, will be membersof the executive committee. Anything that requires attention in that
borough which comes up during the auto tour of the borough
can be immediately delegated to the member of the committee in charge of Brooklyn.
Contracts have been signed for the appearance in the streets
of the city from the first day of the drive of upwards of 25
traveling banks. These are set up in large motor lorries.
During thd campaign for the Second Liberty Loan they did
valiant service. They will be supplied with a force of speakers and salesmen and will bring patriotism home to the people
in an effective and practicable way. In accordance with
the final assignment of large districts to a special force of
Liberty bond salesmen, the lower part of Manhattan from
Canal Street to the Battery is to be covered by insurance
solicitors. The life underwriters will cover the part of the
lower city lying west of Broadway, while the marine and fire
underwriters will have the lower city east of Broadway.
The dommittee has adopted a simpler form of subscription
blank, which will be far easier of understanding than the more
technical form used in the last drive. In addition, arrangements have been made to carry the message of appeal to the
foreign language population of the city. Each of the 34
nationalities which make up cosmopolitan New York will
be dealt with in a selling way by men and women who speak
the language of the nationality to which they are assigned..
School children will deliver circulars in English, Yiddish
and Italian to neighborhoods where they will be of assistance.
In addition, practically every home in the city will be prepared for the coming of the bond salesman through circulars
which will give much advance information. With Mr. Leach
on the committee, as it has been finally constituted, are:,
William F. Atkinson, Life Underwriters' Association;
S. B. Blakeman, John Hancock Mutal Life Insurance Co.;
Thomas A. Buckner, New York Life Insurance Co.;
L. A. Cott, Mutual Benefit Life Insurance Co.;
W. A. Day, Equitable Life Assurance Society;
George T. Dexter, Metropolitan Life Insurance Co.;
L. Arnold Frye, Patriotic Service League;
R. Willis Goslln, Prudential Life Insurance Co.;
B. IC. Marcus, Vice-President, Bank of the United States;
Douglas Mathewson, lawyer;
Edwin P. Maynard, Brooklyn Trust Co.;
Joseph P. Morlehan, Prudential Life Insurance Co.;
H. J. Miller, Metropolitan Life Insurance Co.;
J. S. Myrick, Mutual Life Insurance Co.;
William J. O'Shea, Superintendent Public Schools;
Edgar L. Perera, Foreign Languages;
H. Duncan Reid, Globe Indemnity Co.;
Dr. Ellery G. Stowell, Patriotic Service League; and
Charles Wesley of Liggett & Drexel.

The executive committee i f the Metropolitan committee
is: Powhatan Bolling of Fields, Richards & Co.; Hamilton
Candee of the Guaranty Trust Co.; W. E. Fulcher of A. B.
Leach & Co., and H. F. Whitney. of Remick, Hodges & Co.
Mr. Bolling is the member in charge of the Bronx, while
Mr. Fulcher is Mr. Leach's aid in Manhattan. Mr. Whitney is in general charge in Brooklyn.

1410

THE CHRONICLE

RAINBOW DIVISION OUT TO GET $450,000,000 OF
NEW YORK'S LIBERTY BOND ALLOTMENT.
Headed by George deB. Greene, as Chairman of the
Advisory Trades Committee, the Rainbow Division of
Allied business divisions in this city is ready to startits
great drive for Liverty Loan subscriptions. The division
expects to raise half of the quota of $900,000,000 officially
allotted to the Second Federal Reserve District. This immense organization, representing 130 industries, which are
grouped into eighty-one trade committees, has a roll of
1,200,000 members. It represents every branch of professional, business and industrial life in the Second or New
York Federal Reserve District, though its activities do not
extend outside of the five boroughs
Benjamin Strong, Governor of the Second Federal Reserve Bank, is commander-in-chief of the division, and he
has appointed the Chairman of the committees which are to
direct the operations of each section. The chairmen have
selected 2,000 lieutenants to be associated with them in the
campaign, and during the four weeks of the drive, each
committeeman will receive leave of absence from his firm,
and, without remuneration, will devote his entire time to
the service of the Liberty Loan. Helping the drive will be
a corps of 140 experienced bond salesmen, who will aid the
various committees in every possible way.
The Rainbow Division was organized last October to
participate in the campaign for the last Liberty Loan. The
plan of the organization was to push the loan by work
within particular section by men in those sections. By
means of intensive work among firms and corporations and
about five hundred employees' meetings, which were addressed by such men as Charles E. Mitchel, of the National
City Company; Thomas W. Lamont, of J. P. Morgan &
Co., and Job E. Hedges, a sum of $331,735,500 or nearly
25% of the entire amount subscribed in the Second Federal
Reserve District was rolled up. More than 600,000 individual subscriptions were represented in this sum, and
now it is hoped to double the number of bond buyers.
In the last campaign the hardware men led the list with a
total subscription of $42,218,250 the shippers being second
with $40,005,850, and the chemical men third with $32,400,000. One of the great objects that the Rainbow Division hopes to accomplish is to impress the general public
with the truth that this is not a rich man's war. This will
be done by personal appeals of an army of canvassers who
will visit the thousands of industrial shops here and will try
to convince each worker that it is his or her individual duty
to subscribe. In speaking of the work of the trades George
deB. Greene, who is a member of the firm of E. H. Rollins
& Sons, said:
We are particularly anxious to make an appeal to the man and woman
of small capital this year. Every home in the city should have one or more
bonds of the new issue. We want the clerk and bookkeeper to feel that his
$50 or $100 is just as important to the success of the drive as the quarter
of a million dollar subscription of the corporation capitalist.
The increased cost of living will offer some opposition to the canvassers'
work. I believe that the man behind the ledger is both ready and willing
to make sacrifices which he knows will benefit the country at large.

It is proposed to conduct a thorough canvass of the homes
of this city and its suburbs. Every employee in each house
will be listed and asked to buy bonds in a circular letter.
Following is the personnel of the advisory trades committee,
which is the organization assisting each Rainbow Division
in its activities: G. deB. Greene, Chairman; Craig-Colgate,
Vice-Chairman; Pemberton Berman, H. S. Bowers, Arthur
B. Holden, Cecil D. Landale, Morris K. Parker, Miss Virginia Potter, Arthur J. Rosenthal, Walter N. Stillman,
Richard H. Swartwout, Robert Tinsman, Jacques Weinberger, Beekman Winthrop, and Milton S. Harrison, Secretary.
NEW LIBERTY LOAN LEGION WILL JOIN BOND
SELLING FORCE.
Announcement was made on Monday in Liberty Loan
headquarters that a new organization has been formed to
take part in the Third Liberty Loan campaign. This latest
auxiliary of the bond-selling army is the Liberty Loan Legion.
At least a quarter of a million additional workers will be added
to the force in this Federal Reserve District by the time the
campaign is in full swing.
Any person who obtains subscriptions for the Third Liberty Loan is eligible for membership in the Liberty Loan Legion. The Liberty Loan Committee will recruit the first
of its legionaries from among the men, women and children
who subscribed to the First or Second Liberty Loan in this
district. These workers signed up for the loan, thousands of




[VOL. 106.

others will be brought in. Every member of the Legion will
be entitled to wear a bronze badge. The following communications, which will be sent broadcast throughout the district,
that is to say, through New York State, the twelve northern
counties of New Jersey and Fairfield County in Connecticut,
explains the purpose of the Liberty Loan Legion:
TREASURY DEPARTMENT.
Second Federal Reserve District War Loan Organization.
LIBERTY LOAN COMMITTEE.
Federal Reserve Bank of New i-ork, 120 Broadway.
April 6 1918.
To Those Who Serve at Home:
The most important duty of those who serve at home is to convert money
of the nation into shells, clothing, rifles and food for those who serve in
the field. We must have an army of finance and to this end we are taking steps to organize in this Federal Reserve District a division of the
Liberty Loan Legion.
As one who has served the Government in past loans, you are invited
to enlist. As a member of the Legion it will be your duty to solicit sub-.
scriptions of your friends and neighbors. You will be enrolled as a.member
on receipt by us of the enclosed card, showing that you have procured
subscribers to the Third Liberty Loan.
The work of the Liberty Loan Legion can be done in no other way. It
is your privilege—your duty—to serve conscientiously. You can do more
to help the loan with those you know than all the advertising or formal appeals can accomplish. You know what your neighbor can—and should—
do, and it is your duty to see that they do it. Please get at least five subscriptions and as many,more as possible. Every bond sold is a vote for
victory.
Go to your Liberty Loan Committee or any bank and get subscription
blanks. As you secure subscribers have the blanks filled out and signed,
and then deliver the subscription blanks to your local Liberty Loan Committee that they may keep a record of your work.
A membership button will be sent promptly on receipt of the enclosed
application, properly filled out.
Yours very truly,
•
LIBERTY LOAN COMMITTEE,
Second Federal Reserve District.

In reply to this notice, the Liberty Loan Committee will
send the new legionary the bronze badge of membership, and
will point out that he or she may continue to be of help to the
Government by inducing the persons who have subscribed
through his or her efforts to join the Legion. The following
letter explains this phase of the work:
TREASURY DEPARTMENT.
Liberty Loan Legion, Second Federal Reserve District.
To Legion Member:
We acknowledge the receipt of your application for membership in the
Liberty Loan Legion and take pleasure in notifying you that you are now
a member of that vast army of loyal people who serve at home.
We are enclosing your emblem of membership, which identifies you as
having performed a valuable service to your country. You are now authorized to inform those subscribers you have already obtained that they,
too, may become members provided they secure new Subscribers to the
Third Liberty Loan, and we, therefore. enclose — application cards for
you to distribute to them.

PUBLISHERS AND ALLIED TRADES START THIRD
LIBERTY LOAN CAMPAIGN.
The Third Liberty Loan Campaign among publishers of
books, publishers of periodicals, printers of books and
periodicals, general printers, job printers, photo-engravers,
bookbinders and book sellers, both wholesale and retail down
to the smallest dealer, is in full swing. At a recent luncheon
at the Aldine Club, given by the Chairman of the committee,
Charles Scribner, President of Charles Scribner's Sons,
the guests were the men who have accepted positions on the
general committee.
It was determined at the meeting that this general committee should act as an executive committee. Mr. Scribner, in addition to being Chairman of the general committee,
will have charge of the work among the publishers. He
will share the chairmanship of this sub-committee with
these three other publishers: George P. Brett, President of
the Macmillan Co.; G. A. Plimpson of Ginn & Co., and
Joseph H. Sears, President of D. Appleton & Co. The
periodical branch of the industry will be in charge of A. C.
G. Hammesfahr, Vice-President and General Manager of
P. F. Collier & Son. Charles E. Butler, Treasurer of Brentano's, will be in charge of the work among the booksellers.
The campaign among the bookbindnrs and allied trades will
be in charge of Raymond E. Bayles, President of the Eugene
C. Lewis Co. The general field of printers, photo-engravers
and othef branches of the practical end of publishing will be
under the supervision of John Clyde Oswald, Editor of
"The American Printer."
The general Secretary for the whole campaign will be
Whitney Darrow of Charles Scribner's Sons. Mr. Darrow
will act as a general clearing house of information for the
committee. He plans to issue a daily bulletin, which will
keep every person on the committees, sub-committees and
teams fully informed of the progress of the campaign. This
new committee covers a field so much larger than that included in the Second Loan in this group of industries that a
vastly increased subscription record is expected to result
from its labors.

APR. 6 1918.]

THE CHRONICLE

EXCLUSIVE CLUBS TO BE USED FOR DISPLAY OF
LIBERTY LOAN ADVERTISING.
For the first time in their history, the exclusive clubs of
New York City will permit the use of the exterior of their
structures for advertising purposes. Permission has been
granted to the Liberty Loan Committee by the presidents,
governors and executive bodies of a majority of them, to
place signs and banners wherever it is believed they will
attract the most attention. Although appealed to by many
humanitarian and patriotic societies for this privilege, the
clubs have always refusedpto permit advertising signs of any
nature to be placed on the exterior of their buildings. It
was contended that as these clubs were not only the meetingplaces but also the homes of persons of prominence, financially, socially and professionally, the privacy which these
men and women sought would be destroyed by the attention
which the advertising materials would attract. The present
war has, however, broken many long-established precedents, and with the knowledge that many of their own boys
are now helping the Government by fighting for it or working
with it, it is felt that anything that the clubs as organizations
and the members as individuals could do, should be done.
Among the clubs which will display signs and banners
advertising the Third Issue of Liberty bonds, to be offered
April 6, are: The Union, Union League, Racquet & Tennis,
Colony, Yale, Harvard, Columbia, St. Nicholas, University, Criterion, Knickerbocker, Harmonic and Manhattan
clubs. Several of the clubs also have notified the Liberty
Loan Committee that they will grant it the use of their
luxuriously furnished meeting-rooms during the campaign.
JEWELED FLAGS OFFERED AS PRIZES BY UNDERWRITERS' ASSOCIATION IN LIBERTY LOAN
CAMPAIGN.
Two American flags, made of rubies, diamonds and sapphires, are offered as prizes to members of the Life Underwriters' Association of New York, one to be awarded to the
member selling the greatest number of bonds of the Third
Liberty Loan and the other to the member who disposes of
the bond of highest denomination. The donor of the prizes,
Harry B. Rosen, who has a reputation as a most successful •
life insurance agent, barred himself from the competition in
making the offer at the dinner of the Association at the Arkwright Club last week. Mr. Rosen, who himself subscribed
for $480,000 of the bonds of the two earlier loans, also announced that for the period of the Liberty Loan drive he
would forego the underwriting of insurance entirely and de•
vote all his energies to selling Liberty bonds.
DEPARTMENT STORES UNITE FOR THIRD LOAN
DRIVE.
What promises to be one of the greatest efforts during
the coming campaign for the sale of the Third Issue of
Liberty bonds, which begins to-day (April 6) has been
started by the department stores of this city. At a meeting
held in the rooms of the Retail Dry Goods Association,
21 West Thirty-eighth St., at which were present the
leaders of this industry, detailed plans were adopted and
the work was at once started. Efforts on the part of the
heads of all the stores in this city will be directed to reaching
every patron by direct and indirect methods. Thousands
of lines of newspaper advertising will be contributed and
the advertising managers of the various companies are preparing a large number of attractive advertisements. In
addition to this, thousands of lines of space are to be given
to the Liberty Loan Committee direct, to be used in whatever way they may desire. Booths have been installed in
every store, signs, posters and other printed matter placed
in conspicuous spots, and in many cases, direct solicitation
will be used. But the persons visiting the stores are not the
only ones to be appealed to, for the Committee has decided
to use skilled window dressers to arrange attractive and
unique displays to interest the passers-by in the Liberty
Loan. Windows in unoccupied, as well as the occupied
stores, will be artistically treated by these employees.
Among the other ideas which the Committee is using are
the mailing of postal cards and literature to every one on
their immense mailing list; the sending out of pamphlets with
every parcel; the distribution of Liberty Loan book-marks
in every book department, and other similar schemes. The
stores will also use their own delivery wagons and drivers
in whatever way may be found necessary. And while this
campaign for interesting the general public is being carried
on, an intensive one will be actively waged among the em-




1411

ployees. Each store will give a prize to the employee
bringing in the greatest number of individual Liberty Loan
subscriptions to the bond booth of the store in which he or
she is employed. The prize will be awarded for the number
ratherthan the amount of the subscriptions. The Committee of the Department Store Division of the Liberty Loan
Committee, many of whom were present at the meeting, are:
Chairman, Louis Stewart of James McCreery & Co..
Vice-Chairman, S. F. Rothschild of Abraham & Straus, Brooklyn.
Secretary, Lauren Carroll,
Samuel J. Bloomingdale of Bloomingdale Brothers,
Clarkson Cowl, of James A. Hearn & Son,
Michael Friedsam, of B. Altman & Co.,
Bernard F. Gimbel, of Gimbel Brothers,
E. V. H. Koch, of H. C. F. Koch & Co.,
Edgar A. Baum, of A. I. Namm & Son, Brooklyn,
Isaac Levy, of Oppenheim, Collins & Co.,
Samuel W. Reyburn, of Lord & Taylor,
Horace Saks, of Saks & Company,
Butler Sheldon, of John Wanamaker Co.,
Franklin Simon, of Franklin Simon,
Louis Stern, of Stern Brothers,
Jesse I. Strauss, of R. H. Macy & Co.,
H. A. Weatherbee, of Arnold, Constable & Co.,
James M. Speers, of James McCutcheon & Co.,
Hubert T. Parson, of F. W. Woolworth Co.,
Alexander New, 220 Fifth Ave.,
Herman Lubet, of J. S. Bailey & Co., Brooklyn,
Louis Stewart Jr., of James McCreery & Co.,
William G. Cooper of Frederick E. Loeser Co., Brooklyn, and
Albert L. Levi and H. M. Wykes, of The Berlin Store, Brooklyn.

The Committee on Advertising is: Samuel W. Reyburn,
Jesse L. Strauss, Franklin Simon and Butler Sheldon.
WOMEN WHO SHARE BURDEN OF MAKING THIRD
LIBERTY LOAN A SUCCESS.
The women of the Second New York Federal Reserve
District are now prepared and organized to assume a substantial part of the burden of obtaining subscriptions to the
Third Liberty Loan of $3,000,000,000, the drive for which
begins on April 6th. Final plans for the activity of thousands
of women throughout the district were announced on Mar.31.
While the Woman's Liberty Loan Committee has general
charge through the district embracing New York, twelve
counties of New Jersey and a part of Connecticut, the
women have carried their principle of localizing the selling
function to a very fine point. They have divided the
Second Federal Reserve District into nine sub-divisions,
each under the chairmanship of some efficient woman.
They have also organized county committees and committees which do local work in various cities. Thus, the
network of their organization extends from the big centres
to the most isolated home in the country.
Two women who are in the forefront of the women's fight
for a big oversubscription to the Third Liberty Loan in the
Second Federal Reserve District are Mrs. John T. Pratt,
Chairman of the Woman's Liberty Loan Committee of the
Second District and Mrs. Courtlandt D. Barnes, Chairman
of the Woman's Liberty Loan Committee of the Metropolitan District which is made up of the boroughs of Manhattan, the Bronx and Brooklyn.
The Metropolitan District, embracing the Boroughs
of Manhattan, the Bronx and Brooklyn is under the direction of Mrs. Courtlandt D. Barnes, Chairman. There are,
in addition, chairmen for the Bronx and Brooklyn, respectively, Mrs. Ella O'Gorman Stanton and Mrs. W. S. Brewster. In addition to this organization for the Metropolitan
District there is an executive committee as follows: Miss
Virginia Potter of the Advisory Trades Committee Miss
M. Louise Dixon of the Committee on Booths, Mrs. Oscar
Stevens of the Committee on Theatres, Mrs. Lydig Hoyt,
Miss Virginia Furman, Treasurer, and Mrs. James F.
Curtis. Many other prominent New York women have
offered their services to the Third Liberty Loan drive.
They have been formed into a Central Committee made up
as follows:
Mrs. August Belmont, Mrs. John F. Hylan, Miss Virginia Gildersleeve,
Miss Mary Garrett Hay, Miss Mary E.Dreier, Miss Ethel Bowers, Mrs.
James S. Cushman, Mrs. William Kinnicutt Draper, Mrs. Daniel Guggenheim, Miss Anna C. Maxwell, Mrs. Martin Vogel, Mrs. John Francis
Yawger, Mrs. Willard Straight, Mrs. Charles Stone, Mrs. Francis Louis
Slade, Mrs. Harry Payne Whitney, Mrs. Charles C. Rumsey, Mrs. Francis
Burrall Hoffman and Mrs. Coffin Van Rennselaer.

PROPOSED FIXING OF PRICE OF COTTON FABRICS.
It was announced yesterday by the Council of National
Defense that in order that a price may be fixed for cotton
fabrics, the price-fixing committee of the War Industries
Board has called a meeting of the committee for Wednesday
next, April 10. Representatives of the entire cotton industry, it is stated, will attend the meeting and co-operate
with the Government. As a result of the large purchases

1412

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[VOL. 106.

by the Government for war needs, the statement says, we made under
authority of the Federal Reserve Act. With
to-day have what is known as a runaway market or ab- regard to section
13, the "Journal of Commerce" of March 29
normally high values in many cotton fabrics.
quoted Chairman Glass, of the House Committee on Banking
and Currency, who had assisted the House Ways and Means
ACT OF CONGRESS REGARDING WAR FINANCE Committee in redrafting it, as saying in support of the
House amendment:
CORPORATION.
Section 13, in my
The Administration bill creating a War Finance Corpora- between the Federal judgment, is the only thing that stands, textually,
Reserve system and utter wreck. It
tion passed this week the final stages looking to its enactment literal safeguard which should not be abandoned or weakened.is Ithe one
do not
into law. An agreement on the bill was reached by the con- believe the House or the country would desire to see the commercial banking
credit system of the country impaired or menaced by the operations of an
ferees on March 30 and the conference report was adopted emergency system chiefly devised to refund
the obligations and finance
by the Senate on April 1 and by the House on April 2. While the business of public service corporations, railroads, war supply enterprises, and great concerns that relate themselves to the conduct of the
in substance the provisions of the Senate and House bills
war.
were to a considerable extent the same, there were differences
This scheme was presented by those who designed it as an emergency
between the two, and for the most part the provisions of the measure. This particular provision of the bill makes it an emergency
measure. The Senate bill, as it came to the House in a kindred provision,
House bill were agreed to in conference. One of the essen- practically
made the
of the War Finance Corporation preferential
tial, particulars in which the bills disagreed was as to the security for discountsbondsrediscounts at Federal Reserve banks and in
and
amount of bonds which the corporation should be empowered the open market transactions of these banks. The Senate provision practically
to issue; the House bill limited the amount to $2,000,000,000, that issued an engraved invitation to the great concerns of the country
are in need of refunding facilities
while the Senate bill fixed the maximum at $4,000,000,000, of the Federal Reserve system, largely toto come and got priority benefits
the exclusion of current commerce
the amount urged by Secretary of the Treasury McAdoo. and industry. That provision of the Senate bill, together with its open
market feature, if enacted into law, might and very likely would clutter
On this point a compromise was agreed to by the conferees, up the Federal Reserve banks with
unliqeid securities,
who decided/ to empower the corporation to issue bonds to impair, if not exhaust, their ability to minister readily toand to that extent
current commerce
the extent of not more than six times its paid-in capital and industry.
In the case of the section (9) dealing with direct loans
($500,000,000), or $3,000,000,000. The House bill stipulated that these bonds could not be offered for sale at less made by the Corporation to persons, firms, corporations or
than par, while the Senate bill permitted their sale at less railroad or public utilities necessary to the prosecution of the
than par if the directors, with the approval of the Secretary war, the Senate bill authorized loans direct upon adequate
of the Treasury, should so determine. This provision of the security, while the House bill authorized direct loans secured
Senate bill was accepted by the conferees. The Capital by adequate security equal to at least 133% of the amount
Issues Committee provided for as finally agreed to is to advanced; the conferees have changed the percentage to
consist of seven members; this had been the number proposed 125, but have excepted from this requirement advances
in the House bill, whereas the Senate bill had called for a made to railroads under Federal control for the purpose of
membership of five; the Senate bill had also provided that additions, betterments or extensions. Direct loans to firms
three of the members of the committee should be members of and corporations which had been limited under the House
the Federal Reserve Board, while the House bill stated that bill to 16 2-3% of the paid-in capital of the War Finance
at least three should be members of the Board, and this stip- Corporation, plus the amount of bonds of the Corporation
2
ulation in the House bill is carried in the bill as it has finally outstanding, are limited to 123/% under the change made
been adopted. The provision in the House bill (not con- by the conferees. The provision in the House that in no
tained in the Senate bill) that not more than four of the mem- case shall the aggregate amount of advances to any person,
bers of the committee should be members of the same po- firm, corporation or association exceed 10% of the War
litical party is omitted in the bill in its final form. It was Finance Corporation is embodied in the bill as finally agreed
provided under both bills that the Corporation to, but the proviso with regard to excepting advances to
should be managed by a board of directors of five railroads under Federal control is also made to apply in this
members, one of whom would be the Secretary of the particular. Besides the text of the bill in its final form,
Treasury, the other four to be appointed by the which we give on another page in to-day's issue of our paper,
President, by and with the advice and consent of the Senate. we subjoin the statement of the conferees of the House, indiThe proviso in the House bill that not more than three of cating what was done by the conferees in perfecting the bill.
the five directors should be members of the same political STATEMENT OF THE MANAGERS ON THE PART OF THE HOUSE.
The managers on the part of the House at the conference on the disagree"
party was not incorporated in the bill accepted by the coning votes
ferees. The salary of the directors is fixed at $12,000 per (S. 3714) of the two Houses on the amendment of the House to the bill
to provide further for the national
,defense, and,
annum. The salaries of the members of the Capital Issues for the purpose of assisting in the prosecution ofsecurity andprovide credits
the war, to
Committee is to be $7,500 each. The bill in its final form for industries and enterprises in the United States necessary or contributory
of the war, and for other purposes, submit the following
provides for the voluntary licensing system for controlling to the prosecution in explanation of the
written statement
effect of the action agreed upon by
private security issues of $100,000 and over. Senator the conferees and recommended in the accompanying conference report:
Simmons in the Senate on April 1 stated that the voluntary
TITLE 1—WAR FINANCE CORPORATION.
security issue licensing plan would have about the same effect
Section 1—Establishment of War Finance Corporation.
in actual practice as the compulsory plan originally proposed
The Senate bill sets forth the purposes of the Act. The House bil
by Secretary McAdoo, since without the approval of the eliminated the statement of the purposes of the act, in view of the fact
that the
committee it would be difficult to find any market for securi- section ispurposes were fully set out in the title. The remainder of the
identical in both bills, except for minor clerical changes. The
ties. In reply to a question by Senator Cummins, of Iowa, conferees adopt the House section.
Senator Simmons said he thought cities, counties, school
Section 2—Capital Stock of the Corporation.
districts and similar public municipal corporations would
The substance of this section is the same in both bills. The House
bill makes a transposition of language in the interest of clearness. The
have to submit proposed bond issues for public improvements conferees
adopt the House section.
to the Capital Issues Committee. One of the sections of
Section 3—Management of the Corporation.
the bill which occasioned more or less dispute was section
The substance of the two bills is identical, with the following exception:
13, authorizing Federal Reserve banks to discount paper
1. The House bill provides that not more than three of the five directors
secured by bonds of the War Finance Corporation. It shall be members of the same political party. The Senate bill contained
similar provision. The conferees omit this provision.
was provided in the Senate bill that in the case of discounts no2. The House bill provides that each director shall
devote to the busiand rediscounts of such obligations, the Federal Reserve ness of the corporation all of his time not devoted to the business of the
Board might fix the rates at the same or higher rates than United States. The Senate bill contains no provision; therefore it would
his entire time to the
those provided for the purchase or rediscount of paper not require a director to devoteof the United States. business of the corporation or to do the business
The conferees prosecured by bonds or notes of the United States. Under vide that "each director shall devote his time, not otherwise required by
the business of the United States, principally to the business of the corthe House bill it was stipulated that no discount or rediscount
poration."
should be granted at a less interest charge than 1% per
3. The House bill provides that nothing contained in this or any other
annum above the prevailing rates for eligible commercia Act shall be construed to prevent the appointment as a director of the
paper of corresponding maturity. This provision of the corporation of any officer or employee under the United States or of a
director of a Federal Reserve bank. The similar
House bill was retained by the conferees. The conferees bill is not as broad as the provision of the House provision of the Senate
bill, and provides that
dropped the further provision in the House bill (not carried nothing contained in this Act or in the Federal Reserve Act shall be construed to prevent the appointment of a member of the Federal Reserve
in the Senate bill) that no discount or rediscount of paper Board or of any other governmental
administrative body, or of
secured by the bonds of the corporation, should be granted of a Federal Reserve bank, as a director of the corporation. a director
The conferees adopt the House provision.
unless the member bank satisfied the Federal Reserve
Bank that it had in its possession for the purpose of the
Section 4—Salary of the Directors.
The substance of the provisions of the two bills is identical, with the
transaction insufficient commercial paper eligible for disHouse bill
the salary of the directors at $12,000
count under the regulations of the Federal Reserve Board exception that the the Senate fixesallows the Secretary
per annum, while
bill
of the Treasury,




APR. 6 19181

THE CHRONICLE

with the approval of the President of the United States, to fix the salaries
at an amount not exceeding $12,000. The conferees adopt the House
section.
Section 5—The Principal Offices of the Corporation.
The provisions of the two bills are identical, with the exception that
the House bill permits the board of directors to establish agencies or
branch offices in any city or cities of the United States, while the Senate
bill permits the board of directors, with the approval of the Secretary of
the Treasury, to establish such agencies or offices. The conferees adopt
the House section.
Power of the Corporation.
Section 6—Ordinary Corporate Powers.
The provisions giving the corporation the ordinary powers and privileges enjoyed by corporations are identical except for certain clerical
changes in the interest of clearness. The conferees adopt the House
section with minor changes.

•

Section 7—Advances Through Banks.
The substance of the provisions of the two bills relating to advances
through banks are the same, with the exception of the following:
1. The House bill limits the advances that can be made by the corporation to those made upon the basis of loans of banks, bankers, or trust
companies made and outstanding to persons, firms, corporations, or
associations since April 6 1917, the date of the declaration of war. The
Senate bill contains no such limitation and would permit the corporation
to make advances to banks, bankers, or trust companies on outstanding
loans whenever made. The conferees adopt the House provision.
2. The House bill limits the advances, which can be made by the corporation to banks, bankers, or trust companies (on the basis of securities
of war industries held by such banks, bankers, or trust companies) to such
securities purchased since April 6 1917. The Senate bill contains no such
limitation, and would allow such advances to be made on any war industry
securities held by banks, bankers or trust companies which have rendered
financial assistance, directly or indirectly, by the purchase of such securities from persons, firms, corporations, or associations whose operations are
necessary or contributory to the prosecution of the war. The conferees
adopt the House provision.
3. The House bill limits the advances to banks, bankers or trust companies in the United States. The Senate bill contains no such limitation.
The conferees adopt the House provision.
4. The House bill limits the persons, firms, corporations or associations
whose loans may be made the basis of an advance to a bank, banker or
trust company to those conducting an established and going business In
the United States. The Senate bill contains no such limitation, and would
permit advances to be made to concerns outside of the United States,
if such concerns had outstanding loans or held securities of concerns whose
operations were necessary or contributory to the prosecution of the war.
The conferees adopt the House provision.
5. The House bill requires the corporation when it makes an advance
up to 100% of the face value of the loan by the bank, banker or trust company to require additional security equal to at least 33%. The Senate
bill requires in such cases additional security equal to at least 25%. The
conferees adopt the House provision.
6. The Senate bill gives fire and life insurance companies the same
privilege permitted to banks, bankers or trust companies under this section. The House bill does not give fire and life insurance companies this
privilege. The conferees omit this provision.
7. The House bill provides that the corporation shall retain power to
require additional security at any time. The Senate bill provides that the
corporation shall retain power to require additional collateral security at
any time. The word "collateral" is left out in the House bill. The conferees adopt the House provision.
Section 8—Advances to Savings Banks and Similar Institutions.
The substance of the provisions of the two bills providing for advances
to savings banks and similar institutions are identical, with the following
exceptions:
1. The House bill permits advance to be made to trust companies in
the United States which receive savings deposits. The Senate bill does
not extend this privilege to trust companies. The conferees adopt the
House provision.
2. The House bill limits the advances that can be made under this
section to banking institutions and building and loan associations in the
United States. The Senate bill does not require such institutions or
associat'ons to be doing business in the United States. The conferees
adopt the House provision.
3. The House bill provides that the board of directors shall prescribe
the character of securities that shall be required of savings banks and
similar institutions receiving advances under this section. The Senate
bill proscribes that the board of directors of the corporation, with the
approval of the Secretary of the Treasury, shall proscribe the character
of such securities. The conferees adopt the House provision.
savings
4. The Senate bill provides that the rate of interest charged
banks and similar institutions shall not be less than ono-half of 1% per
of the rate of discount for 00-day commercial paper preannum in excess
of the
vailing at the time of such advances at the Federal Reserve bank
House bill
district in which the borrowing institution is located. The
of interest shall not be less than 1% per annum
provides that such rate
-day commercial paper. The conferees
in excess of the rate for such 90
of
adopt the House provision, with the added limitation that such rate
interest shall in no case be greater than the average rate receivable by the
borrowing institution on its loans and investments made during the six
months prior to the date of the advance, except that where the average
of
rate so receivable by the borrowing institution is less than such rate
discount for 90-day commercial paper the rate of interest on such advance
shall be equal to such rate of discount.
5. The Senate bill provides that all advances made to savings banks and
similar institutions shall be secured by the pledge of securities the market
value of which shall be equal in amount to at least 125% of the amount of
the advances. The House bill increases the amount of securities to be
required in such cases to an amount equal to at least 133% of the amount
of the advance. The conferees adopt the House provision.
6. The Senate bill provides that in the case of loans to savings banks
and similar institutions that the corporation shall retain power to require
additional collateral security at any time. The House bill provides that
In making advances to such institutions the corporation shall retain power
to require additional security at any time. The word "collateral" is left
out in the House provision. The conferees adopt the House provision.
Section 9—Direct Loans Made by the Corporation.
The Senate bill provides that the Corporation may make advances
or
upon adequate security directly (1) to any person, firm, corporation
association owning or controlling (directly or through stock ownership)
any railroad or other public utility and (2) to any person,firm, corporation
or association conducting an established and going business whose bonded
indebtedness is not in excess of its actual invested capital and assets and




1413

whose operations are necessary or contributory to the prosecution of the
war. The Senate bill also provides that such advances shall be made
only In such cases as the board of directors shall determine to be of exceptional importance in the public interest.
The similar provision of the House bill makes no specified reference to
any particular class of business, but authorizes the corporation to make
advances in exceptional cases direct to any person, firm, corporation or
association conducting an established and going business in the United
States whose operations shall be necessary or contributory to the prosecution of the war (but only for the purpose of conducting such business in the
United States, and only when such person, firm, corporation or association
Is unable to obtain funds upon reasonable terms through banking channels
or from the general public). The conferees adopt the House provision,
except that the determination of the ability of the applicant for the loan
to obtain money through banking channels or from the general public is
specifically left to the judgment of the board of directors of the corporation.
The Senate bill contains no limit to the amount of money that can be
loaned direct under this section by the Corporation to any person, firm,
corporation or association. The House bill provides that the Corporation can not have outstanding at any one time in direct loans more than
one-sixth of its paid-in capital stock plus the aggregate amount of its
bonds authorized to be outstanding at such time. The confereetadopt a
provision limiting the aggregate amount of advances, made in direct
loans, which may be outstanding at any one time to one-eighth of the
sum of its authorized capital stock and bonds.
The House bill also contains an additional limitation with reference to
the advances to be made direct by the Corporation not contained by the
Senate bill, namely, that the rate of interest charged on any such advance
shall not be less than 1% per annum in excess of the rate of discount for
-day commercial paper prevailing at the time of such advance at the
90
Federal Reserve bank of the district in which the borrower is located.
The conferees adopt the House provision.
The Senate bill authorizes the Corporation to make loans direct upon
adequate security. The House bill provides that the direct loans shall be
secured by adequate security equal to at lean 133% of the amount advanced by the Corporation. The conferees adopt the House provision.
changing 133% to 125% and providing that advances to railroads under
Federal control for the purpose of making addition's, betterments, or road
extensions shall be secured by security deemed adequate by the directors
of the Corporation.
Section 10—Single Advances to the Corporation.
The House bill provides that in no case shall the aggregate amount of
advances made under this Act to any person, firm, corporation or association exceed at any one time 10% of the authorized capital stock of the
corporation, or $50,000.J00. The Senate bill contains no such limitation.
The conferees adopt the House provision, but except from its operation
advances to railroads under Federal control for the purpose of making
additions, betterments or road extensions.
Section 11—Purchase and Sale of Government Bonds and Obligations.
The Senate bill authorizes the Corporation to subscribe for, acquire,
and own, buy, sell and deal in bonds and obligations of the United States
to such extent as the Secretary of the Treasury may.from time to time
it
determine. The House bill limits the power of the Corporation in that
in
only authorizes it to subscribe for, acquire, and own, buy, sell and deal
bonds and obligations of the United States issued or converted since
Sept. 24 1917. and only to such extent as the board of directors, with the
approval of the Secretary of the Treasury, may from time to time determine. While the Senate bill would permit the Corporation to deal in
Government bonds and obligations of all issues, the House bill would only
since
authorize it to deal in such bonds and obligations issued or converted
Sept. 24 1917, the date the last bond Act became a law. The conferees
adopt the House provision.
Section 12—Corporate Authority to Issue Bonds.
The House bill authorizes the Corporation to issue $2,000,000,000 worth
of
of bonds. The Senate bill authorizes it to issue $4,000,000,000 worth
bonds. The conferees authorize it tnissue $3,000,000,000 worth of bonds.
sale at
The House bill provides that these bonds can not be offered for
less than par. Under the Senate bill the bonds could be offered for sale
with the approval of the Secreat ass than par if the board of directors,
tary of the Treasury, should so determine. The conferees adopt the
Senate provision.
The House bill requires the approval of the Secretary of the Treasury
approval
only as to the rate of interest, whereas the Senate bill requires such
The conas to every corporate act in relation to the issue of its bonds.
ferees adopt the House provision.
but
Both bills authorize the issuance of bonds payable in foreign money;
adopt
the House bill contained fuller provisions therefor. The conferees
the House provision, with verbal changes.
Secured by
Section 13—Federal Reserve Banks Authorized to Discount Paper
War Finance Corporation Bonds.
the direct
Both bills authorize the Federal Reserve banks to discount
corporation and
obligations of the member banks secured by bonds of the
by a memto rediscount eligible paper secured by such bonds and indorsed
ber bank.
the case of discount and rediscount
The Senate bill provides that in
system secured
of the obligations of member banks of the Federal Reserve
Board may fix the
by bonds of the Corporation, that the Federal Reserve
provides for the purchase or
rates at the same rates, or higher rates, than it
United States. The
rediscount of paper secured by bonds or notes of the
this section shall
House bill provides that no discount or rediscount under
above the prevailing
be granted at a less interest charge than 1% per annum
maturity. The conrates for eligible commercial paper of corresponding
ferees adopt the House provision.
no discount or
The House bill contains another limitation, namely that
of the corporarediscount shall be granted of paper secured by the bonds
bank that it
tion unless the member bank satisfies the Federal Reserve
insufficient comhas in its possession for the purpose of the transaction
the regulations of
mercial paper eligible for discount or rediscount under
the Federal Reserve
the Federal Reserve Board, made under authority of
The conferees omit
Act. The Senate bill contains no similar provision.
this provision.
Commence Business.
Section 14—President to Authorize Corporation to
business, except
This section prohibits the corporation from doing any
organization, until it is ausuch as is incidental and preliminary to its
Senate bill contains
thorized by the President to commence business. The
section.
no similar provision. The conferees adopt the House
for Its, Operation.
Section 15—Earnings of the Corporation Not Required
be made of the net earnThe Senate bill specifies certain uses that may
operations upon the direction
ings of the Corporation not required for its
provides for similar dieof the Secretary of the Treasury. The House bill

1414

THE CHRONICLE

position of such net earnings of the Corporation upon direction
of the
board of directors, with the approval of the Secretary of the
Treasury.
The conferees adopt the House provision.
The Senate bill provides that the net earnings of the Corporation
not
required for its operations may be invested in any bonds, notes or
certificates of indebtedness of the United States. The House bill provides
that
such net earnings may be invested only in bonds and obligations
of the
United States issued or converted since Sept. 24 1917, the date of the passage
of the last bond Act. The conferees adopt the House provision.
The House bill provides that such net earnings or any other funds of the
Corporation maybe used in the purchase or redemption of any bonds issued
by the corporation. The Senate bill does not contain a similar provision.
The conferees adopt the House provision.
The House bill provides that the directors of the Corporation may from
time to time sell and dispose of any securities or other property acquired
by the Corporation. The Senate bill does not contain a similar
provision. The conferees adopt the House provision.
The Senate bill provides that any balance remaining after the payment
of the debts of the Corporation shall be paid to and become the property
of the United States. The House bill provides that such payment
shall
be paid into the Treasury of the United States as miscellaneous receipts.
The conferees adopt the House provision.
Section 16—Bonds of the Corporation Tax Exempt to the Same Extent
as
Liberty Fours are Exempt.
The substance of the tax-exempt bond provisions of the two bills
is
identical. The House bill makes certain changes in the interest of
clearness. The conferees adopt the House section.

[Void. 106.

The House bill provides that any member of the committee shall be
subject to removal by the President of the United States. The Senate
bill
contains no similar provision. The conferees adopt the House provision.
The House bill provides that the President shall designate one of
the
members of the committee as chairman, and that four members
of the
committee shall constitute a quorum for the transaction of business.
The
Senate bill contains no similar provision. The conferees adopt the House
provisions, but add a clause providing that any vacancy in the chairmanship shall be filled by the committee.
Section 201—Officers, Attorneys, Agents and Other Employees of the Committee.
This section provides that the committee may employ and fix
the compensation of such officers, attorneys, agents and other employees
as may
be deemed necessary to conduct its business, who shall be appointed
without
regard to the provisions of the Act entitled "An Act to regulate
and improve the Civil Service of the United States," approved
Jan. 16 1883
(Vol. 22, U. S. Stat. L., p. 403), and amendments thereto or any
rules or
regulations made in pursuance thereof. No such officer, attorney,
agent
or employee shall receive more compensation than persons
performing
services of like or similar character under the Federal Reserve
Board.
The Senate bill contains no similar provision. The conferees
adopt the
House section.

Section 202—Transaction of the Committee Business.
This section provides that all the expenses of the committee,
including
all necessary expenses for transportation incurred by the members
or by
their officers, attorneys, agents or employees under Its order
in making
an investigation or upon official business in any other place than
at their
Section 17—The United States not to be Liable for Obligations of the Corporation. respective headquarters, shall be allowed and paid on the presentation of
itemized vouchers therefor approved by the chairman. The committee
This section provides that the United States shall not be liable for
the may rent suitable offices for its use, and purchase
such furniture, equippayment of any bond or other obligations or the interest thereon issued
or ment and supplies as may be necessary, but shall not
expend more than
incurred by the Corporation, nor shall it incur any liability in
respect $10,000 annually for offices in the District of Columbia.
The principal
of any act or omission of the corporation. The Senate bill contains
no office of the committee shall be in the District of Columbia,
but it may meet
similar provision. The conferees adopt the House section.
and exercise its powers at any other place. The committee may,
by one
or more of its members, or by such agents as it may designate,
Section 18—Penalty for Perjury, Forgery and Embezzlement.
prosecute
any inquiry necessary to its duties in any part of the United States.
The
The substance of the penalty provisions of the two bills are identical. Senate
bill contains no similar provisions. The conferees adopt the
Certain clerical changes have been made in the House bill in the
interest House section.
of clearness. The House bill increases the penalty or false
statements
and wilful overvaluation of securities from a fine of not more
Section 203—Committee to Investigate Issuance of Securities.
than $5,000
or imprisonment for not more than one year, or both, to "a fine
of not more
This section authorizes the committee to investigate, pass upon and dethan $10,000 or imprisonment for not more than five years, or
both." termine whether it is compatible with the national
interest that there
The House bill increases the forgery and embezzlement fine
from $5,000, should be sold or offered for sale or for subscription
any issue, or any part
provided in the Senate bill, to $10,000. The conferees adopt
the House of any issue, of securities hereafter issued by any person,
firm, corporaprovision, reducing the penalty for wilful overvaluation of securities
to tion or association, the total or aggregate par or face value of
fine of not more than $5,000, or imprisonment for not more
which issue
than two years, and any other securities issued by the same person,
firm, corporation, or
or both.
association since the passage of this Act is in excess of $100,000.
The
Section 19—Quarterly Reports of the Corporation.
Senate bill authorizes the committee to investigate, pass upon and determine
The Senate bill requires only reports with reference to direct
advances whether or not the sale or offering for sale or for subscription of any issue
made by the Corporation. The Senate bill requires a report of
the name or any part of any issue of securities hereafter issued, the par or face value
and place of business of each person, firm, corporation or
association of which issue shall be in excess of $100,000, is compatible with the public
receiving direct advances from the Corporation, the amount
advanced, interest. The House bill changes the expression "compatible with the
the terms and the securities accepted therefor. The House bill
provides public interest" to "compatible with the national interest." The conthat the Corporation shall file quarterly reports with the Secretary
of the ferees adopt the House provisions.
Senate and with the Clerk of the House of Representatives,
The Senate bill authorizes the committee to make rules and regulations,
stating as of
the first day of each month of the quarter just ended,(1) the total
amount with the approval of the Secretary of the Treasury, with reference to passing
of capital paid in,(2) the total amount of bonds issued,(3) the
total amount upon such issues of securities. The House bill leaves the making of rules
of bonds outstanding, (4) the total amount of advances made
under each and,regulations to the discretion of the committee. The conferees adopt
of sections 7, 8 and 9, (5) a list of the classes and amount
of securities the House provision.
taken under each of such sections, (6) the total amount of advances
The Senate bill provides that the issues of shares or securities heretofore
outstanding under each of Sections 7, 8 and 9, (7) the amount
of bonds and made,only a part of which have been sold or disposed of prior to the passage
obligations of the United States bought or sold under Section
11, and (8) of the bill, shall not be affected by the provisions of the bill. The House
such other information as may be hereafter required by either
House of bill provides that any securities which upon the date of the passage of this
Congress. The conferees adopt the House provision, omitting
Act are in the possession or control of, or are in hypothecation by, the coritem (7).
The House bill also requires the Corporation to make a report
to Con- poration, association, or obligor issuing the same shall be deemed to have
gress on the first day of each regular session, including a detailed
state- been issued after the passage of this Act. The conferees adopt the House
ment of receipts and expenditures. The conferees adopt this provision.
provision, omitting the words "or are in hypothecation by."
The House bill provides that nothing in this bill shall be construed te
Section 20—Indebtedness of a National Banking Association.
authorize the committee to pass upon (1) any borrowing by any person,
This section provides that Section 52 2 of the Revised Statutes
of the firm, corporation or association in the ordinary course of business
as
United States rela ing to the indebtedness of a national banking
associa- distinguished from borrowing for capital purposes, (2) the sale or offering
tion shall not apply in the case of any liability incurred by such
associa- for sale or subscription of securities the issue of which the committee
has
tion under the provisions of the War Finance Corporation Act.
This pro- determined to be necessary to the renewing or refunding of indebtedness
vision does not appear in the Senate bill. The conferees adopt
the House existing at the time of the passage of this Act,(3) the resale of any securities
section.
the sale or offering of which the committee has determined to be compatible
TITLE II—CAPITAL ISSUES COMMITTEE.
with the national interest, (4) any securities issued by any railroad corporation the property of which may be in the possession and control of
Section 200—Creation of Capital Issues Committee.
the President of the United States, or (5) any bonds issued by the War
The Senate bill provides that the capital issues committee shall
be com- Finance Corporation. This provision
is substantially the same as the
posed of five members. The House bill increases the membership
to
seven members. The Senate bill provides that three of the members shall provisions of the Senate bill, except that items (3) and (5) are not included
In the Senate provision, and that the Senate bill in place of item (2) probe members of the Federal Reserve Board. The House bill provides
that at least three of the members shall be members of the Federal vided that the Act should not apply to "borrowing to renew or refund
Reserve Board. The conferees adopt the House provision as to these indebtedness existing at the tme of the approval of this Act." The conferees adopt the House provision, amending item (2) so that nothing in
matters.
The House bill provides that not more than four of the members of the the bill shall be construed to authorize the committee to pass upon "the
renewing or refunding of indebtedness existing at the time of the passage
committee shall be members of the same political party. The Senate
of this Act."
bill contains no similar provision. The conferees omit this provision.
The House bill provides that no member or officer of the committee shall Section
204—Appropriation of $200,000 for the Establishment and Mainin any manner, directly or indirectly, participate in the determination of
tenance of the Committee.
any question affecting his personal interest, or the interest of any corporaThis section provides that there is appropriated out of any money in
tion, partnership or association in which he is directly or indirectly interthe Treasury not otherwise appropriated, for the remainder of the fiscal
ested. Before entering upon his duties each member and officer shall
certify under oath to the Secretary of the Treasury that he will comply year ending June 3 1918 and the fiscal year ending June 30 1919, the sum
with the provisions aforesaid, and he shall also take an oath faithfully to of $200,000 for the purpose of defraying the expenses of the establishment
discharge the duties of his office. Nothing contained in this or in any and maintenance of the committee, including the payment of the salaries
other Act shall be construed to prevent the appointment as a member of and rents herein authorized. The Senate bill contains no similar provision.
the committee of any officer or employee under the United States, or of a The conferees adopt the House section.
director of a Federal Reserve bank. The Senate bill contains no similar
Section 205—Annual Report of the Committee.
provision. The conferees adopt the House provision, omitting the reThis section provides that the committee shall make a report to Congress
quirement of an oath to comply with the prohibition or participation by
on the first day of each regular session, including a detailed statement of
a member in any action affecting his personal interests.
Both bills fix the salary of the members of the committee who are not receipts and expenditures, and also including he names of officers and
employees and the salary paid to each. The Senate bill contains no similar
members of the Federal Reserve Board at $7,500 per annum. The House
bill also provides that if any member receives any other compensation provision. The conferees adopt the House section.
from any office or employment under the United States, the amount so
Section 206—Termination of the Work of the Capital Issues Committee.
received shall be deducted from such salary, and if such other compensaThis section of the House bill provides that the capital issues committee
tion is $7,500 or more, that such member shall receive no salary as a mem- title shall
continue in effect until, but not after, the expiration of six months
ber of the committee. The Senate bill contains no similar provision. after
the termination of the war, the date of such termination to be deThe conferees adopt the House provision.
termined by a proclamation of the President of the United States, but that
The Senate bill provides that the salary of the members of the committee the
President may at any time by proclamation declare that this title is
shall be paid by the Corporation. The House bill provides that the salaries no
longer necessary, and thereupon it shall cease to be in effect. The
shall be paid by the Federal Government. The conferees adopt the House Senate
bill contains no similar provision. The conferees adopt the House
provision.
section.




APR. 6 1918.1

THE CHRONICLE

TITLE III—MISCELLANEOUS.
Section 300—Penalty for Violations of Act not Covered by Section 18.
This section provides that whoever wilfully violates any of the provisions
of this Act, except where a different penalty is provided in this Act, shall,
upon conviction in any court of the United States of competent jurisdiction, be fined not more than $10.000 or imprisoned for not more than five
years, or both; and whoever knowingly participates in any such violation,
except where a different penalty is provided in this Act, shall be punished
by a like fine or imprisonment, or both. The similar Senate penalty provision is substantially the same except that the penalty provided in the
Senate bill is a fine of not more than $1,000 or imprisonment for not more
than one year, or both, and excepp that the clause "except where a different
penalty is provided in this Act' does not appear in the Senate bill. The
conferees adopt the House section, reducing the maximum term of imprisonment from five years to one year.
Section 301—Stamp Tax to Apply to Promissory Notes Secured by Liberty Fours.
This section provides that no stamp tax shall be required or imposed
upon a promissory note secured by the pledge of bonds or obligations of
the United States issued since April 24 1917 or secured by the pledge of a
promissory note which itself is secured by the pledge of such bonds or obligations: Provided, That in either case the par value of such bonds or obligations shall equal the amount of such note. The Senate bill does not
contain a similar provision. The conferees adopt the House section.
Section 302—The Savings Clause.
The savings-clause provisions of the two bills are identical.
Section 303—Definition of the Term "Securities."
The definition of the term "securities" is the same in the two bills, except
the House bill specifically provides that the term "securities" includes
"shares of stock," and "debentures." The conferees adopt the House
section.
Section 304—Right to Amend, Alter or Repeal Act Reserved.
This provision is exactly the same in the two bills.
Section 305—Short Title of the Act.
This section provides that the short title of the Act shall be the "War
Finance Corporation Act." The Senate bill does not contain a similar
provision. The conferees adopt the House section.
Section 306—Repealing Provision.
This section provides that all provisions of any Act or Acts inconsistent
with the provisions of this Act are hereby repealed. The Senate bill does
not contain a similar provision. The conferees adopt the House section.
TITLE.
The conferees amend the title to read as follows:
"An Act to provide further for the national security and defense, and,
for the purpose of assisting in the prosecution of the war, to provide credits,
for industries and enterprises in the United States necessary or contributory
to the prosecution of the war, and to supervise the issuance of securities.
and for other purposes."
CLAUDE KITCFIIN,
HENRY T. RAINEY,
LINCOLN DIXON,
J. HAMPTON MOORE,
WILLIAM R. GREEN,
Managers on the part of the House.

TEXT OF BILL CREATING WAR FINANCE
CORPORATION.
following is the text of the bill creating the War
The
Finance Corporation in the form in which it went to President Wilson for approval:
AN ACT to provide further for the national security and defense, and,
for the purpose of assisting in the prosecution of the war, to provide
credits for industries and enterprises in the United States necessary or
contributory to the prosecution of the war, and to supervise the issuance of securities, and for other purposes.
TITLE I—WAR FINANCE CORPORATION.
That the Secretary of the Treasury and four additional persons (who
shall be the directors first appointed as hereinafter provided) are hereby
created a body corporate and politic, in deed and in law, by the name,
style and title of the "War Finance Corporation" (herein called the Corporation), and shall have succession for a period of ten years: Provided,
that in no event shall the Corporation exercise any of the powers conferred
by this Act, except such as are incidental to the liquidation of its assets and
the winding up of its affairs after six months after the termination of the
war, the date of such termination to be fixed by proclamation of the President of the United States.
Sec. 2. That the capital stock of the Corporation shall be $500,000,000,
all of which shall be subscribed by the United States of America, and such
subscription shall be subject to call upon the vote of three-fifths of the
board of directors of the Corporation, with the approval of the Secretary
of the Treasury, at such time or times as may be deemed advisable; and
there is hereby appropriated, out of any money in the Treasury not otherwise appropriated, the sum of $500,000,000, or so much thereof as may be
necessary for the purpose of making payment upon such subscription
when and as called. Receipts for payments by the United States of
America for or on account of such stock shall be issued by the Corporation
to the Secretary of the Treasury, and shall be evidence of stock ownership.
Sec. 3. That the management of the Corporation shall be vested in a
board of directors, consisting of the Secretary of the Treasury, who shall
be chairman of the board, and four other persons, to be appointed by the
President of the United States, by and with the advice and consent of the
Senate. No director, officer, attorney, agent or employee of the Corporation shall in any manner, directly or indirectly, participate in the determination of any question affecting his personal interests, or the interests
of any corporation, partnership or association, in which he is directly or
indirectly interested; and each director shall devote his time, not otherwise
required by the business of the United States, principally to the business
of the Corporation. Before entering upon his duties, each of the four
directors so appointed, and each officer, shall take an oath faithfully
to discharge the duties of his office. Nothing contained in this
or any other Act shall be construed to prevent the appointment as a director
of the Corporation of any officer or employee under the United States or of
a director of a Federal Reserve bank.
Of the four directors so appointed, the President of the United States shall
designate two to servo for two years,and two for four years; and thereafter
each director so appointed shall serve for four years. Whenever a vacancy
shall occur among the directors so appointed, the person appointed director




1415

to fill any such vacancy shall hold office for the unexpired term of the
member whose place he is selected to fill. Any director shall be subject
to removal by the President of the United States. Three members of the
board of directors shall constitute a quorum for the transaction of busineso.
Sec. 4. That the four directors of the Corporation appointed as hereinbefore provided shall receive annual salaries, payable monthly, of $12,000.
Any director receiving from the United States any salary or compensation
for services shall -not receive as salary from the Corporation any amount
which, together with any salary or compensation received from the United
States, would make the total amount paid to him by the United States
and by the Corporation exceed $12,000.
Sec. 5. That the principal office of the Corporation shaltbe located in the
District of Columbia, but there may be established agencies or branch
offices in any city or cities of the United States under rules and regulations
prescribed by the board of directors.
Sec. 6. That the Corporation shall be empowered and authorized to
adopt,alter,and use a corporate seal; to make contracts; to purchase or lease
and hold or dispose of such real estate as may be necessary for the prosecution of its business; to sue and be sued; to complain and defend in any
court of competent jurisdiction, State or Federal; to appoint, by its board of
directors, and fix the compensation of such officers, employees, attorneys
and agents as are necessary for the transaction of the business of the corporation, to define their duties, require bonds of them and fix the penalties thereof, and to dismiss at pleasure such officers, employees, attorneys and agents;
and to prescribe, amend and repeal, by its board of directors, subject to the
approval of the Secretary of the Treasury, by-laws regulating the manner
in which its general business may be conducted and the privileges granted
to it by law may be exercised and enjoyed, and prescribing the powers
and duties of its officers and agents.
Sec. 7. That the Corporation shall be empowered and authorized to
make advances, upon such terms, not inconsistent herewith, as it may
prescribe, for periods not exceeding five years from the respective dates of
such advances:
(1) To any bank, banker or trust company,in the United States, which
shall have made after April 6, 1917, and which shall have outstanding,
any loan or loans to any person, firm, corporation or association,conducting
an established and going business in the United States, whose operations
shall be necessary or contributory to the prosecution of the war, and evidenced by a note or notes. but no such advance shall exceed 75% of the
face value of such loan or loans; and
(2) To any bank, banker, or trust company, in the United States, which
shall have rendered financial assistance, directly or indirectly, to any such
person: firm, corporation or association by the purchase after April 6
1917 of its bonds or other Obligations, but no such advance shall exceed
75% o he value of such bonds or other obligations at the time of such
advanc... as estimated and determined by the board of directors of the
,
Corporation.
All advances shall be made upon the promissory note or notes of
such bankc. banker or trust company, secured by the notes, bonds or other
obligations, which are the basis of any such advance by the Corporation,
together with all the securities, if any, which such bank, banker or trust
company may hold as collateral for such notes, bonds or other obligations.
The Corporation shall, however, have power to make advances (a) up
to 100% of the face value of any such loan made by any such bank, banker
or trust company to any such person, firm, corporation or association,
and (b) up to 100% of the value at the time of any such advance
(as estimated and determined by the board of directors of the Corporation)
of such bonds or other obligations by the purchase of which financial
assistance shall have been rendered to such person, firm, corporation or
association: Provided, that every such advance shall be secured in the manner described in the preceding part of this section, and in addition thereto
by collateral security, to be furnished by the bank, banker or trust company,of such character as shall be prescribed by the board of directors, of
a value, at the time of such advance (as estimated and determined
by the board of directors of the Corporation), equal to at least 33% of the
amount advanced by the Corporation. The Corporation shall retain
power to require additional security at any time.
Sec. 8. That the Corporation shall be empowered and authorized to
make advances from time to time, upon such terms, not inconsistent herewith, as it may prescribe, for periods not exceeding one year, to any savings bank, banking institution or trust company, in the United States
which receives savings deposits, or to any building and loan association
in the United States, on the promissory note or notes of the borrowing institution, whenever the Corporation shall deem such advances to
be necessary or contributory to the prosecution of the war or important in
the public interest: Provided, That such note or notes shall be secured by
the pledge of securities of such character as shall be prescribed by the
board of directors of the Corporation, the value of which, at the time of
such advance (as estimated and determined by the board of directors
of the Corporation) shall be equal in amount to at least 133% of the
amount of such advance. The rate of interest charged on any such advance shall not be less than 1% per annum in excess of the rate of discount
for ninety-day commercial paper prevailing at the time of such advance
at the Federal Reserve Bank of the district in which the borrowing institution is located, but such rate of interest shall in no case be greater than
the average rate receivable by the borrowing institution on its loans and
investments made during the six months prior to the date of the advance,
except that where the average rate so receivable by the borrowing institution is less than such rate of discount for ninety-day commercial paper
the rate of interest on such advance shall be equal to such rate of discount.
The Corporation shall retain power to require additional security at any
time.
Sec. 9. That the Corporation shall be empowered and authorized, In
exceptional cases, to make advances directly to any person, firm, corporation or association, conducting an established and going business in the
United States, whose operations shall be necessary or contributory to the
prosecution of the war (but only for the purpose of conducting such business in the United States and only when, in the opinion of the board of
directors of the Corporation, such person, firm, corporation or association is unable to obtain funds upon reasonable terms through banking
channels or from the general public),for periods not exceeding five years
from the respective dates of such advances,upon such terms, and subject
to such rules and regulations as may be prescribed by the board of directors
of the Corporation. In no case shall the aggregate amount of the advances
made under this section exceed at any one time an amount equal to 1234%
of the sum of (1) the authorized capital stock of the Corporation plus
be
(2) the aggregate amount of bonds of the Corporation authorized to
outstanding at any one time when the capital stock is fully paid in. Every
such advance shall be secured by adequate security of such character as
shall be prescribed by the board of directors of a value at the time of such
advance (as estimated and determined by the board of directors), equal
to (except in case of an advance made to a railroad in the possession and
control of the President, for the purpose of making additions, betterments
or road extensions to such railroad) at least 1.25% of the amount advanced by the Corporation. The Corporation shall retain power to

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[Vol.. 106.

require additional security at any time. The rate of interest charged the Corporation, nor shall it incur any liability in respect of any act or
on any such advance shall not be less than 1% per annum in excess of the omission of the Corporation.
rate of discount for ninety-day commercial paper prevailing at the time
Sec. 18. That whoever (1) makes any statement, knowing it to be false,
of such advance at the Federal Reserve Bank of the district in which the for the purpose of obtaining for himself or for any other person, firm,
borrower is located.
corporation or association any advance under this title, shall be punished
Sec. 10. That in no case shall the aggregate amount of the advances by a fine of not more than $10,000, or by imprisonment for not more than
made under this title to any one person, firm, corporation or association five years, or both.
exceed at any one time an amount equal to 10% of the authorized capital
Whoever willfully overvalues any security by which any such advance
stock of the Corporation, but this section shall not apply in the case of Is secured, shall be punished by a fine of not more than $5,000, or by iman advance made to a railroad in the possession and control of the Presi- prisonment for not more than two years, or both.
Whoever (1) falsely makes, forges or counterfeits any bond, coupon or
dent, for the purpose of making additions, betterments or road extensions
to such railroad.
paper in imitation of or purporting to be in imitation of a bond or coupon
Sec. 11. That the Corporation shall be empowered and authorized to issued by the Corporation; or (2) passes, utters or publishes, or attempts
subscribe for, acquire and own, buy, sell and deal in bonds and obligations to pass, utter or publish any false, forged or counterfeited bond, coupon
of the United States issued or converted after Sept. 24,1917,to such extent or paper purporting to be issued by the Corporation, knowing the same
as the board of directors, with the approval of the Secretary of the Treasury, to be falsely made, forged or counterfeited; or (3) falsely alters any such
may from time to time determine.
bond, coupon,or paper; or (4) passes, utters or publishes as true any falsely
Sec. 12. That the Corporation shall be empowered and authorized to altered or spurious bond, coupon or paper issued or purporting to have
Issue and have outstanding at any one time its bonds in an amount aggregat- been issued by the Corporation, knowing the same to be falsely altered or
ing not more than six times its paid in capital, such bonds to mature not spurious, shall be punished by a fine of not more than $10,000,or by imless than one year nor more than five years from the respective dates of prisonment for not more than five years, or both.
issue, and to bear such rate or rates of interest, and may be redeemable
Whoever, being connected in any capacity with the Corporation, (1)
before maturity at the option of the Corporation, as may be determined embezzles, abstracts, or willfully misapplies any moneys, funds or credits
by the board of directors, but such rate or rates of interest shall be subject thereof, or (2) with intent to defraud the Corporation or any other uomto the approval of the Secretary of the Treasury. Such bonds shall have a pany, body politic, or corporate, or any individual, or to deceive any
first and paramount floating charge on all the assets of the Corporation, officer of the Corporation, (a) makes any false entry in any book, report,
and the Corporation shall not at any time mortgage or pledge any of its or statement of the Corporation, or (b) without authority from the directors
assets. Such bonds may be issued at not less than par in payment of any draws any order or assigns any note, bond, draft, mortgage, judgment,
advances authorized by this title, or may be offered for sale publicly or or decree thereof, shall be punished by a fine of not more than $10,000,or
to any individual, firm, corporation or association, at such price or prices, by imprisonment for not more than five years, or both.
as the board of directors, with the approval of the Secretary of the TreasThe Secretary of the Treasury is hereby authorized to direct and use the
ury, may determine.
Secret Service division of the Treasury Department to detect, arrest and
Upon such terms not inconsistent herewith as may be determined from deliver into custody of the United States Marshal having jurisdiction any
time to time by the board of directors, with the approval of the Secretary person committing any of the offenses punishable under this section.
of the Treasury, at or before the issue thereof, any of such bonds may be
Sec. 19. That the Corporation shall file quarterly reports with the
issued payable in any foreign money or foreign moneys, or issued payable Secretary of the Senate and with the Clerk of the House of Representatives,
at the option of the respective holders thereof either in dollars or in any stating as of the first day of each month of the quarter just ended (1) the
foreign money or foreign moneys at such fixed rate of exchange as may total amount of capital paid in, (2) the total amount of bonds issued.
be stated in any such bonds. For the purpose of determining the amount (3) the total amount of bonds outstanding,(4) the total amount of advances
of bonds issued payable in any foreign money or foreign moneys the dollar made under each of Sections 7,8 and 9,(5) a list of the classes and amount
equivalent shall be determined by the par of exchange at the date of issue of securities taken under each of such sections, (6) the total amount of
thereof, as estimated by the Director of the Mint and proclaimed by the advances outstanding under each of Section 7, 8 and 9, (7) such other inSecretary of the Treasury in pursuance of the provisions of section 25 of formation as may be hereafter required by either House of Congress.
the Act entitled "An Act to reduce taxation, to provide revenue for the
The Corporation shall make a report to Congress on the first day of
Government, and for other purposes," approved August 27th 1894.
each regular session, including a detailed statement of receipts and expendiSec. 13. That the Federal Reserve banks shall be authorized,subject tures.
to the maturity limitations of the Federal Reserve Act and to regulations
Soc. 20. Section 5202 of the Revised Statutes of the United States is
of the Federal Reserve Board, to discount the direct obligations of member hereby amended so as to read as follows: "Sec. 5202." No national bankbanks secured by such bonds of the Corporation and to rediscount eligible ing association shall at any time be indebted, or in any way liable, to an
paper secured by such bonds and indorsed by a member bank. No disdount amount exceeding the amount of its capital stock at such time actually
or rediscount under this section shall be granted at a less interest charge paid in and remaining undiminished by losses or otherwise, except on acthan 1% per annum above the prevailing rates for eligible commercial count of the nature following:
paper of corresponding maturity.
First. Notes of circulation.
Any Federal Reserve bank may, with the approval of the Federal Reserve
Second. Moneys deposited with or collected by the association.
Board, use any obligation or paper so acquired for any purpose for which it Is
Third. Bills of exchange or drafts drawn against money actually on
authorized to use obligations or paper secured by bonds or notes of the deposit to the credit of the association, or due thereto.
United States not bearing the circulation privilege:
Fourth. Liabilities to the stockholders of the association for dividends
Provided, however, that whenever Federal Reserve notes are issued and reserve profits.
against the security of such obligation or paper the Federal Reserve Board
Fifth. Liabilities incurred under the provisions of the Federal Reserve Act.
may make a special interest charge on such notes, which, in the discretion
Sixth. Liabilities incurred under the provisions of the War Finance
of the Federal Reserve Board, need not be applicable to other Federal Corporation Act.
Reserve notes which may from time to time be issued and outstanding.
TITLE IL—CAPITAL ISSUES COMMITTEE.
All provisions of law, not inconsistent herewith, in respect to the acquisition
by any Federal Reserve bank of obligations or paper secured by such bonds
Sec. 200. That there is hereby created a committee to be known as the
or notes of the United States, and in respect to Federal Reserve notes issued "Capital Issues Committee," hereinafter called the Committee, and to be
against the security of such obligations or paper, shall extend, in so far as composed of seven members to be appointed by the President of the
applicable, to the acquisition of obligations or paper secured by the bonds United States, by and with the advice and consent of the Senate. At least
of the Corporation and to the Federal Reserve notes issued against the three of the members shall be members of the Federal Reserve Board.
No member, officer, attorney, agent, or employee of the Committee
security of such obligations or paper.
Sec. 14. That the Corporation shall not exorcise any of the powers shall in any manner, directly or indirectly, participate in the determination
granted by this title or perform any business except such as is incidental of any question affecting his personal interests, or the interests of any corand necessarily preliminary to its organization until it has been authorized poration, partnership, or association in which he is directly or indirectly
by the President of the United States to commence business under the interested. Before entering upon his duties, each member and officer
shall take an oath faithfully to discharge the duties of his office. Nothprovisions of this title.
Sec. 15. That all net earnings of the Corporation not required for its ing contained in this or any other Act shall be construed to prevent the
operations shall be accumulated as a reserve fund until such time as the appointment as a member of the Committee of any officer or employee
Corporation liquidates under the terms of this title. Such reserve fund under the United States or of a director of a Federal Reserve bank.
The terms during which the several members of the Committee shall
shall, upon the direction of the board of directors, with the approval of the
Secretary of the Treasury, be invested in bonds and obligations of the respectively hold office shall be determined by the President of the United
United States, issued or converted after Sept. 24,1917, or upon like direc- States, and the compensation of the several members of the Committee
tion and approval may be deposited in member banks of the Federal who are not members of the Federal Reserve Board shall be $7,500 per
Reserve system, or in any of the Federal Reserve banks, or be used from annum, payable monthly, but if any such member receives any other
time to time, as well as any other funds of the Corporation, in the purchase compensation from any office or employment under the United States the
or redemption of any bonds issued by the Corporation. The Federal amount so received shall be deducted from such salary, and if such other
Reserve banks are hereby authorized to act as depositaries for and as fiscal compensation is $7,500 or more, such member shall receive no salary as a
agents of the Corporation in the general performance of the powers con- member of the Committee. Any member shall be subject to removal by
ferred by this title. Beginning six months after the termination of the the President of the United States. The President shall designate one of
,
war, the date of such termination to be fixed by a proclamation of the the members as Chairman, but any subsequent vacancy in the ChairmanPresident of the United States, the directors of the Corporation shall pro- ship shall be filled by the Committee. Four members of the Committee
ceed to liquidate its assets and to wind up its affairs, but the directors of shall constitute a quorum for the transaction of business.
Sec. 201. That the Committee may employ and fix the compensation of
the Corporation, in their discretion, may, from time to time, prior to such
date,sell and dispose of any securities or other property acquired by the such officers, attorneys, agents and other employees as may be deemed
Corporation. Any balance remaining after the payment of all its debts necessary to conduct its business, who shall be appointed without regard
shall be paid into the Treasury of the United States as miscellaneous receipts to the provisions of the Act entitled "An Act to regulate and improve the
civil service of the United States," approved January 16 1883 (Vol. 22,
and thereupon the Corporation shall be dissolved.
Sec. 16. That any and all bonds issued by the Corporation shall be U. S. Statutes at Large, page 403), and amendments thereto or any rules
exempt, both as to principal and interest, from all taxation now or here- or regulations made in pursuance thereof. No such officer, attorney, agent
after imposed by the United States, any State or any of the possessions or employee shall receive more compensation than persons performing
of the United States, or by any local taxing authority, except (a) estate or services of like or similar character under the Federal Reserve Board.
Sec. 202. That all the expenses of the Committee,including all necessary
inheritance taxes, and (b) graduated additional income taxes, commonly
known as surtaxes, and excess profits and war profits taxes, now or here- expenses for transportation incurred by' the members or by its officers.
after imposed by the United States, upon the income or profits or indi- attorneys, agents, or employees under its orders in making an investigation
viduals, partnerships, corporations, or associations. The interest on an or upon official business in any other places than at their respective headamount of such bonds the principal of which does not exceed in the aggre- quarters, shall be allowed and paid on the presentation of itemized vouchers
gate $5,000,owned by any individual, partnership, corporation, or asso- therefor approved by the Chairman.
The Committee may rent suitable offices for its use, and purchase such
ciation, shall' be exempt from the taxes referred to in clause (b). The
corporation, including its franchise and the capital and reserve or surplus furniture, equipment and supplies as may be necessary, but shall not
thereof, and the income derived therefrom, shall be exempt from all tax- expend more than $10,000 annually for offices in the District of Columbia.
The principal office of the Committee shall be in the District of Columation now or hereafter imposed by the United States, any State, or any
of the possessions of the United States, or by any local taxing authority, bia, but it may meet and exercise all its powers at any other place. The
except that any real property of the corporation shall be subject to State, Committee may, by one or more of its members, or by such agents as it
county or municipal taxes to the same extent, according to its value, as may designate, prosecute any inquiry necessary to its duties in any part
of the United States.
other real property is taxed.
Sec. 203. That the Committee may, under rules and regulations to be
Sec. 17. That the United States shall not be liable for the payment of
any bond or other obligation or the interest thereon issued or incurred by prescribed by it from time to time, investigate, pass upon and determine




APR. 6 1918.]

THE CHRONICLE

1417
U

lowest
The consequence is that the supply of breadstuffs in Europe is at its
whether it is compatible with the national interest that there should
is but one source of supply, and that is the United States.
for sale or for subscription any issue, or any part of any ebb. There
be sold or offered
Every shipment of grain, every shipment of wheat, that we can send
or
issue, of securities hereafter issued by any person, firm, corporation,
from our ports, is a shipment saved from the Argentine. Every ship can
association, the total or aggregate par or face value of which issue and any
Argentine.
association do double the duty from our ports that it can do from the
other securities issued by the same person, firm, corporation, or
of Every time we save a ship we save building a ship. Every time we save
the passage of this Act is in excess of $100,000. Shares of stock
since
American
for the a ship we save the transport and the supply of one regiment of
any corporation or association without nominal or par value shall,
each. soldrias.
purpose of this section, be deemed to be of the par value of $100
why we wish to ship wheat. No
We are asked why we do not ship corn,
in the
Any securities which, upon the date of the passage of this Act, are
the first of
issuing the corn can be shipped across the Atlantic for two months after
possession or control of the corporation, association, or obligor
it will not stand
of this Act April, because that is the germinating season for corn and
same, shall be deemed to have been issued after the passage
shipment.
within the meaning hereof.
Now in this period of extreme difficulty in Europe, the time when the
to
Nothing in this title shall be construed to authorize such committee
not
association morale of the civil populations of our Allies is at its lowest ebb, it does
upon (1) any borrowing bpr any person,firm, corporation or
pass
corn."
for capital stand for us to say, "You can wait two months and then you can eat
in the ordinary course of business as distinguished from borrowing
that our
at the time It is for us to say,"You shall receive every solitary grain of wheat
purposes; (2) the renewing or refunding of indebtedness existing
•
sale or offer- ports can handle."
of the passage of this Act; (3) the re-sale or any securities the
the naNow, we have founded the Food Adminsitration on voluntary effort.
ing of which the Committee has determined to be compatible with
corporation the We have no desire to depart from this idea, but if we are to accomplish
tional interest; (4) any securities issued by any railroad
President of this problem it must be accomplished by the voluntary effort of the inproperty of which may be in the possession and control of the
people of the community.
(5) any bonds issued by the War Finance Corporation. telligent people, the influential
the United States; or
I, therefore, cannot give you orders, I am going to make an appeal.
construed
Nothing done or omitted by the Committee hereunder shall be
States of the That appeal is this: that you should abolish the use of wheat and wheat
as carrying the approval of the Committee or of the United
products in every first-class hotel and restaurant until the next harvest.
legality, validity, worth or security of any securities.
in the
Now,in these times of social unrest there is one antidote. That antidote
Sec. 204. That there is hereby appropriated out of any money
year was never applied in Russia, and the result has been massacre. That antifiscal
Treasury not otherwise appropriated, for the remainder of the
sum of dote is a willingness for us to sacrifice more than we ask of those who have
ending June 30,1913, and the fiscal year ending June 30,1919, the
t less to give. We must ask sacrifice from those who give from plenty, not
$200,000 for the purpose of defraying the expenses of the establishmen
salaries from those who would have to give from their necessities.
and maintenance of the committee, including the payment of the
ask
Therefore, my message is small and concrete—the service that we
and rents herein authorized.
on the of you, that we ask of every well-to-do, every independent person in the
Sec. 205. That the committee shall make a report to Congress
the use of wheat in any
of receipts United States to-day is, that he shall abstain from
first day of each regular session, including a detailed statement
next harvest. Every message that we receive every hour
and expenditures, and also including the names of all officers and employees form until the
of the day from this country—and it is a great country—shows us that we
and the salary paid to each.
after, the shall have a larger acreage planted in wheat this year than ever before.
See. 206. That this title shall continue in effect until, but not
will solve our difficulties. If the Lord is
of six months after the termination of the war, the date of such The arrival of the next harvest
expiration
of the good to us in the weather our problem will be over by Sept. 1. That is not
termination to be determined by a proclamation of the President
declare a long period of sacrifice.
United States, but the President may at any time by proclamation
I
be in
Most of us can play but a small part in winning this war and you and
that this title is no longer necessary, and thereupon it shall cease to
do not wish to look into the eyes of our children ten years hence and say
effect.
that we failed in our duty. This is a sacrifice that is small in figure, but
TITLE III—MISCELLANEOUS.
this I can assure you there is no message I could send the food controllers of
Sec. 300. That whoever willfully violates any of the provisions of
such weight and encouragement as to be
Act, except where a different penalty is provided in this Act, shall, upon Europe to-day that will carry
hotel in the United States, has, for their
conviction in any court of the United States of competent jurisdiction, be able to say that every first-class
fined not more than $10,000 or imprisoned for not more than one year, sake, abolished the use of wheat.
Food Administrator Hoover's appeal followed an analysis
or both; and whoever knowingly participates in any such violation, except
where a different penalty is provided in this Act, shall be punished by a like of America's and the Allies' wheat needs by Dr. Alonzo
fine or imprisonment, or both.
tion. Dr. Taylor based
Sec. 301. No stamp tax shall be required or imposed upon a promissory E. Taylor, of the Food Administra
note secured by the pledge of bonds or obligations of the United States his address upon three main points—first, that wheat is not
issued since April 24 1917, or secured by the pledge of a promissory note essential to the human diet, that it is merely a cereal among
which itself is secured by the pledge of such bonds or obligations: Provided,
are not contained in other
That in either case the par value of such bonds or obligations shall equal many, with no food elements that
the amount of such note.
grains; second, the positive example that can be set by the
this Act
Sec. 302. That if any clauses, sentence, paragraph or part of
representative hotels and restaurants, a working influence
shall, for any reason, be adjudged by any court of competent jurisdiction
of competent jurisdiction shall adjudge that indirectly controls the smaller establishments; third,
to be invalid, or, in case any court
or classes of securto be invalid any provisions hereof in respect of any class
example that can be set by this same
the remainder the strong negative
ities, such judgment shall not affect, impair, or invalidate
in its operation to the clause, sentence, class of men, making it impossible for those unwilling to
of this Act, but shall be confined
paragraph, part or subject matter of this Act directly involved in the follow the conservation programs that are being observed in
controversy in which such judgment shall have been rendered.
private homes to escape their restrictions by going to public
in
Sec. 303. That the term "securities," as used this Act,includes stocks,
, eating places. Dr. Taylor drew a strong parallel between
shares of stock, bonds, debentures, notes, certificates of indebtedness
the representative hotels of Germany and the leading hotels
and other obligations.
Sec. 304. That the right to amend, alter, or repeal this Act is hereby in the allied countries. It shows, he declared, the two
expressly reserved.
that have been adopted by the
Sec. 306. That the short title of this Act shall be the "War Finance widely different attitudes
Corporation Act."
so-called upper classes of the belligerent countries. In
Sec. 306. That all provisions of any Act or Acts inconsistent with the
Germany those with money may obtain foodstuffs in any
provisions of this Act are hereby repealed.

At a special meeting in Washington 500 leading hotel men from all parts
of the country pledged themselves to abolish absolutely the use of wheat
products in their hotels until the next harvest, in order that through their
savings and example shipments of wheat to the Allies may proceed without
interruption.

quantities; in France, Italy, and England it is the well-to-do
who are bearing the burden of sacrifice. The German
masses are beginning to realize that they are secondary to the
classes; the allied people have already realized that the
classes of wealth and station are absoluely in this war from
beginning to end, are willing to risk and are risking everything and will stand every deprivation that they are asking
of others.
J. McE. Bowman, Chief of the Hotel Restaurant and
Dining Car Division of the U. S. Food Administration, and
proprietor of the Biltmore Hotel in New York, presided at
the Washington meeting, and it was at his request that a
rising vote pledging the adoption of the Food Administrator's request was taken. The hotel men continued their
meeting in New York on March 30 as the guests of Mr.
Bowman. A dinner given by the latter to the visitors on
that day was made notable by reason of the absence of bread
from the menu. Earlier in the day the following resolution
was adopted by the hotel representatives:

Unfortunately, you meet us at probably the most serious day in our
national history since the battle of Gettysburg. The seriousness of the
situation can only emphasize the problem which we wish to put before you.
The Food Administration has not taken the attitude of the General in
command giving orders. Our attitude toward the American people has
been consistent—that we should ask for service, that we should ask for
self-sacrifice, that we should tell in a clear and direct way the why and
wherefore of every request.
Our wheat situation is to-day the most serious situation in the food supply of the whole allied world. We have had a stocktaking in the early days
of March, and we find that our harvest was loss than it was estimated.
There is also another and more bitter difficulty in the delays of shipping.
In the growing scarcity of ships, that has thrown a larger burden upon the
American people in feeding the Allies than we had anticipated.
We had all expected that the Argentine supply would be available in
Europe before this time. Those supplies will not arrive for another two
months in quantity, and even then will be less than we had expected.

NO GENERAL ORDER TO REQUISITION WHEAT HOLDINGS ISSUED BY U. S. FOOD ADMINISTRATION.
A statement to the effect that no general order requisitioning wheat had been sent out by the U. S. Food Administration was issued by the Administration on March 28. The
previous day there had been reports announcing that as a
result of the information that the bread ration of the French
soldiers had been cut because of the shortage of wheat, the

HOTEL MEN PLEDGE THEMSELVES TO USE WHEAT
PRODUCTS UNTIL NEXT HARVEST.
At a meeting on March 29 in Washington of 500 leading
hotel men from all parts of the country pledged themselves
to abolish the use of wheat products in their establishments
until the present emergency and the imperative need for
increased wheat exports has passed. The pledge was given
in response to an appeal from the Federal Food Administrator, Herbert C. Hoover, who briefly outlined the present
world food situation and the urgent need for wheat in
Europe. The following cablegram telling of the pledge
taken at the meeting was sept by Mr. Hoover to Victor
Beret, Signor Crespi, and Lord Rhondda, the French,
Italian and British Ministers of Food:

Mr. Hoover in addressing the gathering said in part:




Whereas, There is a serious shortage of wheat flour in this country, and
Whereas, It is important to ship all available wheat to our Allies and help
win the war, be it
Resolved, That the hotel and restaurant men in session to-day stop the
serving of all wheat products, beginning as soon as possible, but not later
than April 14.

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THE CHRONICLE

Administration planned drastic measures to curb hoarding in
this country; State administrators, it was said, had been reminded that the Food Law authorizes the requisitioning of
grain in the national emergency, and had been asked to be
diligent in their investigation of cases of alleged hoarding.
In announcing that there had been no general order calling
for the seizure of wheat, the Administration said:
No general order requisitioning wheat has been sent out by the Food Administration. Tho various State food administrators in the wheat States
have been instructed—in order to enable the continuous shipment of wheat
to the Allies—to appeal to farmers in the Middle and Southern States,
that they should market their residue of wheat after seed requirements by
May 1, and in the extreme Northern States by May 15.
The attention of the State administrators has been called to the many reports from loyal farmers of German farmers refusing to market any of their
wheat. Administrators have been asked to investigate such cases and to
direct such persons to at once market their wheat. No publicity will be
given to individual cases unless they should refuse this specific direction,
and it should become necessary to requisition such parcels on behalf of the
Government.

NEW YORK STATE FOOD DEPUTIES ORDERED TO
REQUISITION WHEAT HOARDINGS BY PROGERMANS.
The Federal Food Board of the State of New York on
March 29 sent to its deputies the following notice relative to
the hoarding of wheat by pro-German farmers, and asking
them to report as to any knowledge they might have in the
matter, and to use their authority to requisition the grain
where warranted.
If you have any knowledge or should gain any knowledge of such instances, kindly bring the same to the attention of the Federal Food Board
at once. You will then be directed in each instance of this kind to instruct
such farmers to bring their grain to the nearest elevator within the shortest
possible period.
If they fail to respond, you will be authorized to requisition the wheat.
Where requisitioning is done, you will act on price basis of the local elevators, less enough to pay necessary charges for transportation from the
farmer to the elevator. If cases of this character arise where transportation is necessary, from the farmer to the elevator, advise the Federal Food
Board at once and the matter will be arranged through the proper officials
of the Grain Zone in which you are located. Wherever actual requisition
Is necessary, notify the Federal Food Board, which will make the necessary
arrangements for purchase and transportation. Also advise the Federal
Food Board of any instances where you issue direct orders, the results
therefrom and any instances where you actually requisitioned. You
probably will not have to issue very many requisitions as one or two examples will suffice.

CITIZENS OF GRIMES COUNTY, TEXAS, TO USE NO
WHEAT FLOUR UNTIL AFTER NEXT HARVEST.
Announcement that the citizens of Grimes County, Tex.,
have decided to refrain from the use of wheat flour until after
the next harvest, was made as follows by the Federal Food
Administration on March 30:
No wheat flour will be used by the citizens of Grimes County, Tex., until
after the next harvest, according to a telegram received by the United
States Food Administration. These patriots have already turned over to
the Government at cost one car of wheat flour and will deliver others now
in transit. 'These cars are being diverted to an Atlantic port by the Wheat
Export Co. and the Food Administration for immediate shipment to the
Allies:
In appreciation of this act on the part of these Texas citizens, the following wire was sent:
"We compliment the citizens of Grimes County upon their patriotism
and every pound of wheat flour they conserve will go to our associates in
the war.
HOOVER."

[VOL. 106.
•

The very much overnormal run to markets of hogs due to supplies
dammed back during the winter months' car shortage, still continues, and
seems likely to go on for another thirty days. After this period the seasonal
shortage in marketing will set in.
It is a matter of regret that the extent of our domestic storage capacity,
the limited overseas and inland transportation, and port facilities do
not
permit of saving and moving the whole of this temporary and abnormal
surplus to the Allies for use when this heavy killing season has passed.
On the other hand, the larger and cheaper supplies of potatoes and the
larger supplies of milk, together with these further relaxed restrictions on
moat, so that some portion is available each day, should facilitate the enlarged saving of breadstuffs, of which we are so much deficient in
allied
needs.
I am confident that this holiday will not be taken advantage of by the
producers to ask more than a fair price and fair profit, and that the packers
and retailers will have sense enough to realize that this is not to be a holiday
of high prices.
Nor should the consumer take this announcement as in any way a departure from the general principles of conservation of all foods which the
Food Administration preaches. The need of food on the other side is
greater than ever, the need of economy in America greater than ever.

HOOVER'S RECOMMENDATION FOR CONTROL OF
MEAT INDUSTRY.
A recommendation that the U. S. Government appoint
a board to study the entire situation with regard to the meat
industry to determine the policy to be pursued by the Administration as to annual production, and the sale and distribution of meat during the war, is contained in a communication.addressed to President Wilson by Food Administrator
Herbert C. Hoover, on March 26, and made public March 31.
The proposal, it is stated, has the approval of the President.
Mr. Hoover suggests that the commission to which shall be
delegated the determination of this policy shall consist of
the following or their delegates directly responsible to them;
the Secretary of Agriculture, representing the producer; the
Chairman of the Federal Trade Commission, representing
trade conditions; the Chairman of the Federal Tariff Board,
representing economic thought; the Secretary of Labor,
representing the civilian consumer, and the Food Administrator, who has to carry out any policy adopted. In his
letter to the President, Mr. Hoover states that "we have
been struggling as intelligently as possible with the situation in the meat industry with entire inadequacy of definite
national policy," but, he continues, the Food Administration hasibeen "powerless hitherto to properly protect all
branches ()tithe cattle industry with its constantly changing
economic situation or to give intelligent direction or assistance to/cattle production." The Continuance of the present
direction of large purchases "with a mixture of partial
national policy in production and day-to-day dealing with
emergency," says Mr. Hoover, "is an almost intolerable
situation. I recognize fully," he says, "the well rounded
objection to any theory of price fixing, but where the purchases of war necessities . . . have reached such a
volume that the purchase of these commodities trench into
the domestic consumption, the operation of this purchasihg
power becomes a condition of price fixing and to my mind
all theories go by the board." The following is Mr. Hoover's
letter in full:

March 26 1918.
Dear Mr. President: I feel that we have reached a position with regard
APRIL MILK PRICES FIXED BY FEDERAL MILK to the whole meat industry of the country that requires a reconsideration
of policy. The situation is one of the most complex with which the GovCOMMISSION.
ernment has to deal, by virtue of the increasing influence that the GovernUnder the schedule of milk prices for April decided on by ment purchasing has upon prices, by the necessity of providing for increas,
ing supplies for the Allies,
the Federal Milk Commission in session at the Hotel Mc- sumption and, withal, the and the consequent reduction of civilian conduo protection of the producer and the civilian
Alpin, this city, on March 19, the producers are to receive consumer. This change of policy may take the form of more definite and
in the 150-mile zone $2.50 for every 100 pounds of milk systematic direction of the larger packers as to the course that they are
to pursue from month to month, or may
which is 3% butter fat. A slight reduction in the price to the packing house establishments by even take the form of operation of
the Government.
consumers is made in the prices which went into effect on
The general economic forces bearing on the situation appear to me to be:
1. The Allied purchases for both civilian and military purposes in,meats,
April 1, quart bottles of Grade A milk, which sold at 163/i
as in many other
cents last month, being reduced to 16 cents; the price of shipping conditionscommodities, 'Ave been consolidated by necessity of
and by the necessity of the Treasury arrangement
Grade B milk, quarts, bottled and delivered to consumers, for advances to the Allies, until private trading has been of necessity elimiis now 14 cents, against 143 cents last month. The fol- nated.
It is also becoming necessary for the Government to co-ordinate these
lowing are the new prices:
purchases with those of our army and navy, in order to prevent conflict
Grade A, bottled and delivered, 16 cents a quart, 9 cents a pint.
in the execution of orders. This great consolidation of buying has to some
Grade B, bottled and delivered, 14 cents a quart, 8 cents a pint.
extent, and will increasingly, dominate prices.
Prices to stores for Grade B bottled milk, 13% cents a quart and 7%
We have, since last September, recognized that the export purchases of
cents a pint.
pork products would affect prices, and after consultation with important
Grade B.loose milk, to stores, 93i cents a quart; to consumers, 10 cents committees of swine growers we last autumn gave
a rough assurance to
al quart.
:
the swine producers of a minimum price which we felt that we could maintain from the export buying, anti this has been maintained, although with
MEATLESS DAY SUSPENDED FOR 30 DAYS.
considerable difficulties, and has been beneficial in stimulating production
While stating that both the need of food on the other side The indications are that these purchases will now be further increased.
The beef purchases have not, up to the present time, been
and the need of economy in America is greater than ever, volume to more than temporarily affect price, but the presentsufficient in
indications
are that for some time in the future they will be greatly increased and to a
U. S. Food Administrator Herbert C. Hoover has called on
point where they may affect prices materially.
the State Food Administrators to suspend the meatless day
2. The increased quantities required for export must be obtained by
for the next thirty days, in view of the overnormal run to either increased production or by reduction in civilian consumption—
probably both.
market of hogs. Mr. Hoover's statement, issued on March
The reduction in civilian consumption can be obtained much the most
29, said:
equitably by voluntary reduction by the consumer
by moderate
10 I am asking the State Administrators to suspend the meatless day for restraints, such as meatless days, &c., and while it mayand contended byn
,
be
the next thirty days.
some that a reduction in consumption may be obtained by increase in




APR. 6 1918.]

THE CHRONICLE

price, such conservation is obtained by the elimination of that section of
the community with the least purchasing power. In other words, conservation by price becomes conservation for the rich and not for the poor;
whereas an extension of the conservation policy now in force places reduction in consumption where it rightly belongs—on those who can save from
plenty, not upon those who save from nourishment.
It appears to me also of the utmost national importance that we shall
maintain through the country a complete sense in voluntary reduction in
the consumption of all commodities if we are to provide the necessary
surpluses either in money, man power, or material necessary to winning
the war. On the other hand, the adjustment of conservation measures of
this type and the surplus required from time to time is extremely difficult
without these measures themselves affecting prices and developing discontent and criticism in sections of the producing community.
I recognize fully the well-founded objection to any th8Ory of price fixing,
but where the purchases of war neciAsities in a given commodity have
reached such a volume that the purchase of these commodities trench into
the domestic consumption, the operation of this purchasing power becomes
a condition of price fixing and, to my mind, all theories go by the board.
3. The Government is thus faced with three alternatives in the matter
of control of meats:
a. To free the Government from all interest in price by abandoning
direction of war purchases and to abandon conservation measures because
these may also affect price.
,This would be a relief to the Government, but with growing volume of
purchases the price influence will be transferred to uncontrolled agencies
who are themselves price fixing and carries the following dangers:
It will stimulate profiteering and speculation. Prices in the season of
the year of largo production can be manipulated downward and in the
sparse season will ascend to the point where some classes will be eliminated
from consumption. The cost of living thus subjected to abnormal fluctuation will reflect in wage discontent and instability. It will destroy
systematic saving of the commodity by individuals, and this saving in consumption is a vital national policy. The producer will go through erratic
periods of discouragement and of stimulation which must undermine any
systematic policy of national or individual increase in production, for every
period of discouragement cuts off production of animals, which can not
be recovered.
b. To continue as at present the direction of these large purchases
with a mixture of partial national policy in production and day-to-day
dealing with emergency.
This is an almost intolerable situation for any Government official in
criticism from both producer and consumer, and with the growing volume
of purchases this criticism must increase. It permits of no constructive
policy in production.
c. To stabilize prices based upon cost of production at a fair and stimulative profit to the producer and with stabilization to eliminate speculative
risks and wasteful practices and thus some gains for the consumer.
If such a policy is adopted it also follows that it will have a most important bearing on and relation to policies of agricultural production and a
long view can be taken and supported in assuring the producer of fair
returns.
This course is also fraught with dangers. It leads either to a voluntary
agreement with the packers as to prices to be paid producers and charged
to consumers from time to time or to actual operation of the packing plants
by the Government. In either case the Government will need to take some
financial responsibility in speculative business. In such situation the
Government will be under constant pressure from the producers for enhancement of price and from the consumer for reductions. It necessitates
the constant action of a commission to determine such prices. It will
mean that all the complaints of trade fall upon the Government. The
choice of alternatives is one of determination of the maximum contribution
to winning the war and the choice of the lesser economic evil between such
alternatives.
The legal ability of the Government to give authority to such measures
lies in the power to direct contracts for war necessities, to take over and
operate plants, and to make voluntary agreements to carry out a definitive and constructive policy. When purchases are so large as to cut into
civilian consumption it becomes possible to insure manufacturers a complete market, thus eliminating their risk and thereby eliminating some of
the margin that they must take in the conduct of a speculative business,
and it also gives sound reason for directing their policies.
For those very reasons it has been necessary to set up partial or complete
arrangements of this character in iron, steel, copper, explosives, wheat,
sugar, and some other commodities. None of those arrangements have
evolved out of any governmental policy of price fixing, or any desire to
interfere with the operation of natural trade laws, but are simply the result
of the Government being forced into the issue of becoming the dominant
purchaser and thereby, willingly or unwillingly, the price determiner in
particular commodities.
We have boon struggling as intelligently as possible with the situation in
the meat industries with entire inadequacy of definite national policy. Our
purchases hitherto have been sufficient to influence the market at times,
and in the case of pork products have boon sufficient to preserve a minimum
price. We have been, however, powerless hitherto to properly protect
all branches of the cattle industry, with its constantly changing economic
situation, or to give intelligent direction or assistance to cattle production.
As you know, I have never felt that when we arrived at a point to determine the broad policy with respect to a commodity that this should be
determined at the opinion of any single individual, no matter how sincere
and earnest the application of intelligence might be.
I would therefore like to recommend to you to extend the policy which
you have already initiated in the matter of many commodities, by early
appointment of a board to study the entire situation with regard to the
meat industry and the steps that should be taken with regard thereto. I
would suggest that, following the precedent that you have already established, a committee should be sot up embracing, either the following gentlemen or their delegates directly responsible to them—
The Secretary of Agriculture as representing the producer.
The Chairman of the Federal Trade Commission as representing trade
conditions.
The Chairman of the Federal Tariff Board as representing economic
thought.
The Secretary of Labor as representing the civilian consumer.
The Food Administrator as having to carry out any given policy determined upon.
This commission should at once exhaustively consider the entire situation
in all of its aspects and determine a positive national policy in moats.
I apologize for writing at such length but the subject permits of little
brevity.
I am, Your obedient servant,
HERBERT C. HOOVER.
Excellency the President of the United States.
His




1419

RESOLUTION FOR TAKING OVER PACKING HOUSES.
A resolution providing for the taking over and operation
by the Government of packing houses was introduced in
the Senate on April 3 by Senator Thompson of Kansas and
referred to the Agricultural Committee. Senator Thompson
charged that "monopolistic control" by the packers has
greatly increased the cost of foodstuffs to the army and navy
as well as to the people.
CREATION OF PRIORITIES DIVISION FOR WAR
MATERIAL TO ELIMINATE GOVERMENT
COMPETITION.
The priority of delivery in raw and manufactured raw
materials will be established by a Requirements Division,
whose creation was announced on April 2 by the War Industries Board at Washington, of which B. M. Baruch is
Chairman. The new division, it is said,, will eliminate
competition among Government departments in obtaining
supplies. It is also said that a price-fixing program closely
allied with priorities arrangement, soon to be put into effect,
contemplates the organization of committees to pass on
prices, consisting of members of the War Industries Board,
who are directly charged with the study of raw materials
and manufactured products, a labor representative, the
Chairman of the Federal Trade Commission, the Chairman
of the Tariff Commission and the Fuel Administrator.
The new priorities agency will be headed by Alexander
Legge. Other members already named are Judge E. B.
Parker, priorities; George N. Peek, finished products;
J. L. Replogle, steel; Director Gifford, Council of National
Defense; Colonel George H. Estes, War Department; Rear
Admiral Peoples Navy Department; F. A. Brown, of the
Emergency Fleet Corporation, Shipping Board; T. C.
Powell, Railroad Administration; P. B. Noyes, Fuel Adminsitration; C. W. Merrill, Food Administration, and
James A. Carr, Allied Purchases Commission.
NICKEL PRICES AGREED ON.
It was made known in Washington advices on April 1
that an agreement had been entered into between representatives of the International Nickel Company and Bernard
M. Baruch, representing the• Council of National Defense,
fixing the price of nickel at 40 cents per pound for the highest
grade and 38 cents for the lower grade. Practically all
nickel produced by the International Nickel Co. is pledged,
it is stated, to the Allies in advance and only such as the
Allies do not want is sold to the public. No nickel can be
sold by the company except with the consent of the British
Government.
CREATION OF INDUSTRIAL SERVICE SECTION OF
SIGNAL CORPS.
The War Department this week gave out the following
statement with reference to the creation of an industrial
service section of the Signal Corps:
The appointment of Charles P. Neill, of Washingten, D. C., Manager
of the Bureau of Information, Southeastern Railways, and former United
States Commissioner of Labor, as chief of the Industrial Service Section
of the Signal Corps, and of W. Jett Lauck, of Washington, D. C., editor
of the "Labor Gazette," and former mining expert and consulting statistician of the United States Commission on Industrial Relations, as his
assistant, completes the War Department's program of creating in each
important procuring bureau an organization for the development and
maintenance .of satisfactory relations between employers and employees
engaged in production for the Army. The sections organized are:
Industrial Service Section of Ordnance Bureau, in charge of Herman
Schneider; location, Sixth and B Streets; telephone, Main 2570, branch 449.
Industrial Service Section of Quartermaster Department, in charge of
E. M. Hopkins; location, 1800 Virginia Avenue; telephone, Main 2570,
branch 2396.
Industrial Service Section of Signal Corps, in charge of Charles P. Neill;
location, 161 Woodward Building; telephone, Main 3670.
Industrial Service Section of Construction Division, in charge of Col.
J. H. Alexander; location, Seventh and B Streets; telephone, Main 2570.
The work of these sections is being carried on in close co-operation with
the Department of Labor and is being co-ordinated through the office of the
Secretary of War with the Labor Administration.

FEDERAL WAR RISIt INSURANCE RATE AGAIN
LOWERED.
A further reduction in the rates of the War Risk Insurance
Bureau of the Treasury Department on American steamers
and cargoes traversing the war zone was announced by the
Bureau on March 18. The present reduction on hulls and
cargoes is from 4% to 3%; the reduction in insurance rates
on the officers, masters and crews of merchant vessels
through the war zone is from 50 cents to 25 cents per $100 of
pay-roll. Both reductions became effective March 18. The
first reduction of insurance rates by the War Risk Insurance

1420

THE CHRONICLE

Bureau was made last October, when the rate on cargoes was
reduced from 632% to 5%. The second reduction was on
Nov. 23, and was from 5% to 4%. A statement issued on
March 25 by the Treasury Department, Bureau of Publicity
of the Liberty Loan, with reference to the reduction in rates,
said:
One of the most valuable uses of the Liberty Loan is to render possible
this war-risk insurance on the cargoes and men on our merchant ships
voyaging through the war zone. Under the protection of this insurance
hundreds of millions of dollars of American commerce has been enabled to
seek and reach foreign markets.
The reduction in the insurance rate, the rates steadily decreasing as
American preparedness increases, speaks in most convincing tones of American efficiency. There is a not inconsiderable number of well-informed
men, and they are not all Americans by any means, who believe that the
American gunners have not quite their equals in the navies of the world.

ANNUAL MEETING OF UNITEDASTATES CHAMBER
OF COMMERCE.
Business readjustments to war will be the dominant note
of the sixth annual meeting of the United States Chamber of
Commerce, which is to be held in Chicago next week, April
10, 11 and 12. Representatives of more than 1,000 commercial organizations, with a combined membership, it is
stated, in excess of 500,000 business executives, will gather
there to map out the further part business is to play the
second year of the war. There will be four chief objective
points:
(a) Financing,the war.
(b) Railroads and highway transportation.
(c) Ships and shipping.
(d) Organized control of industry.

Prominent among those who will deliver addresses are:
The Earl of Reading, British Ambassador Extraordinary and Plenipotentiary on Special Mission.
Secretary of the Navy Daniels.
Secretary of the Interior Lane.
Edward N. Hurley, Chairman of the Shipping Board.
Alba B. Johnson, President of the Baldwin Locomotive Works.
Edwin Carry, Director of Operations, U. S. Shipping Board.
John F. Wallace, Chairman of the Chicago Terminal Commission.
Roy D. Chapin, President of the Hudson Motor Car Company and
Chairman of the Highway Transport Committee of the Council of National
Defense.
Theodore N. Vail, President of the American Telephone & Telegraph
Company.
Charles A. Hinsch, President of the American Bankers' Association.

On the 4th inst. Charles S. Hamlin, of the Federal Reserve
Board, was designated by W. G. McAdoo to represent him
as Secretary of the Treasury at the meeting. Although
the meeting itself will not open until Wednesday morning,
on Tuesday afternoon at the meeting of the National
Councillors in the Gold Room of the Congress Hotel,
F. A. Seiberling, President of the Goodyear Tire
& Rubber Company, and Chairman of the Chamber's
Committee on War Payrolls, will report on progress in the
matter of the return to industry of soldiers and sailors who
become crippled in the war. A. W. Douglas, Vice-President
(lithe Simmons Hardware Company, St. Louis, will report
for the Committee on Statistics andOtandards. W. F.
Hypes, General Manager, Marshall Field & Co., will report
for the Committee on Immigration on the subject of Americanization during the war. W. L. Clause, President of
the Pittsburgh Plate Glass Company, willfreport for the
Budget and Efficiency Committee the progress made toward a national budget and toward the improvement of
administrative efficiency. A. Lincolnrilene, of the Filene
Stores, Boston, will report the successful efforts of the
Committee on Daylight Saving and the character of the bill
which goes into effect March 31. Harry P. Kendall of the
Plympton Press, will report for the CommitteelonIndustrial
Relations concerning the provision that has been made for
the constitution of a Bureau of Research of Industrial
Problems in the headquarters of the National Chamber in
Washington under the advice of this Committee.
Lucius Teter., President of the Chicago Association of
Commerce, will deliver the address of welcome at the first
session Wednesday morning. R. G. Rhett, President of
the United States Chamber of Commerce, will sound the
keynote of the convention, whichliwill be followed by the
usual routine oficommittee reportp and committee appointments. At the afternoon session ofathe first day leading
Government officials will outlinelthe Government's position
in regard to:
(a) Government organization in relation to war.
(b) Railroads.
(c) Finance.
(d) Shipping.

Thursday there will be discussions °tithe subjects suggested on Wednesday afternoon and evening. Waddill
Catchings, Chairman of therVar Service Committee of the
Chamber of Commerce presiding, will discuss Government
organization in relation to business in war. Following an




[VoL.106.

address by the Chairman, George N. Peek, Industrial
Representative of the War Industries Board, will speak
on "How Shall We Keep Industry Going and Carry on the
War?" followed by William H. Vandervoort, member of
official Council of Employers and Employees. Finance will
be taken up by the group under the leadership of Charles
A. Hinsch. The discussion will be divided between trade
acceptances and the effect of Government financing on industry. Lewis E. Pierson, Chairman of the Board of Directors of the Irving National Bank, and Wallace D. Simmons, President of the Simmons Hardware Company, will
discuss trade acceptances. Thomas N. McCarter, President Public Service Corporation of New Jersey, and David
Forgan, President of the National City Bank, Chicago,
Ill., will be the speakers on the effect of Government financing on industry. The group discussion of railroads and
highway transportation will be under the leadership of
Harry A. Wheeler, Chairman of the Chairman of the National Chamber's Committee on Railroads. Alba B. Johnson, President of the Baldwin Locomotive Works, will
speak on motor power. John F. Wallace, Chairman of the
Chicago Railway Terminal Commission, will discuss terminals. Car supply will be the subject of Edwin Carry,
Director of Operations, U. S. Shipping Board. Roy D.
Chapin, Chairman of the Highway Transport Committee
of the Council of National Defense, and also prominent in
the automobile world, will present the cause of highway
transportation. "How can we get more ships in the next
six months" will be the subject of the shipping groups
under the leadership of E. A. Filene, Chairman of the War
Shipping Committee. Following addresses by the Chairman and Judge George Gray of Delaware, there will be an
explanation of what Rochester, N. Y., is doing by Henry
T. Noyes.
Friday morning, following the election of officers and a
report of the Committee on Resolutions, there will be a
general discussion leading to action upon the resolution
presented.
NEW YORK STATE'S ICE LAW AMENDED.
Sections 3 and 4 of New York State's Ice Law passed by
the Legislature in Feb. 1918 (published in full in these
columns on March 2), providing for the harvesting and storage of ice on the Hudson River, regulating the manufacture
and sale of artificial ice, &c., has been amended so that the
law now reads as follows. We italicize the matter added,
and the parts of the old law that has been eliminated we
place in black face brackets:
AN ACT to provide for the harvesting and storage of ice on the Hudson
River, to regulate the manufacture and sale of artificial ice and to provide for the appointment of an ice comptroller, and making an appropriation therefor.
The People of the State of New York, represented in Senate and Assembly,
do enact the following:
Section 1. Benjamin B. Odell is hereby appointed Ice Comptroller and
shall have the powers and perform the duties hereinafter prescribed. The
said Ice Comtrptroller is hereby authorized, and it shall be his duty, so far
as in his judgment the public interest requires, to contract in behalf of
the State, for the storage during the year 1918 of ice to be harvested during
the present ice season on or near the Hudson River, and at places convenient
for shipment on such river for the benefit of the inhabitants of the State.
for shipment on such river for the benefit of the inhabitants of the State.
The amount so contracted to be stored shall not exceed two million tons
in excess of the amount usually harvested and stored along or near the
said river. Such contracts shall provide that the State shall not in any
case be required or be liable to pay under said contract any loss or damage
suffered by the contractor by reason of such storage, unless his sale of ice
or opportunity to sell at the usual market price prior to Fob. 1 1919 shall
be less than the amount usually harvested and stored by him, and the
amount of any additional ice contracted to be stored pursuant to such Act.
Such contract shall further provide that if any such contractor by reason
of such additional storage shall on Fob. 1 1919 have on hand ice (not exceeding such additional storage) which he has been unable to soli at the
usual market price, the Ice Comptroller shall have the power to settle and
fix the loss or damage suffered by such contractor by reason of such additional storage, including a profit of not to exceed 10% on the cost of harvesting and storing additional ice or such part thereof as has caused him
to have ice on hand which he could not dispose of. and after deducting
therefrom the value of such ice so stored, shall fix and determine the
amount to which the said contractor is entitled to receive from the State by
reason of his additional storage of ice. And such contract shall further
provide that the State shall be required to and be liable to pay to the contractor the amount of such loss or damage. All contracts made by the
Ice Comptroller under this section shall be submitted to the AttorneyGeneral for his inspection and shall not be effective unless approved by the
Attorney-General as to their form and sufficiency.
Sec. 2. The Ice Comptroller shall submit a written report to the Legislature at some time during the session of 1919, which report shall state the
names of the persons, partnerships or corporations with whom contracts
were made as herein provided, and shall state the amount to be paid to each
of such persons, partnerships or corporations with whom such contracts
were made, on account of the liability assumed by the State by virtue of
such contracts. Appropriations shall be made by the Legislature in an
amount sufficient to pay the amounts due under such contracts.
Sec. 3. The Ice Comptroller is hereby given power to regulate and control
the manufacture of artificial ice in the city of New York, on Long Island, or
in the counties bordering on the Hudson River up to and including the counties

APR. 6 1918.1

THE CHRONICLE

the storage and transportation
of Albany and Rensselaer; to regulate and control
and to regulate and control the
of natural and artificial ice in said locality;
and artificial ice in any city having
sale, delivery and distribution of natural
person, partnership or corporation
more than one million inhabitants. A
sale or any other purpose, in the city
shall not manufacture artificial ice, for
counties bordering on the Hudson
of New York, on Long Island or in the
Albany and Rensselaer, nor shall
River up to and including the counties of
in the business of selling and
a person, partnership or corporation engage
.
natural ice in any city having more
delivering or distributing artificial or
1 1918 [and] or before Feb. 1
than 1,000,000 inhabitants after March
g a license to be issued by the Ice
1919, (and] without first obtainin
conditions to be prescribed by
Comptroller in a form and upon terms and
ion engaging in the manuAny such person, partnership or corporat
him.
or in the business orselling [and]
facture of artificial ice in such localities
natural ice in any such city, without
delivering or distributing artificial or
by the Ice Comptroller, shall be
such license, or after the revocation thereof
General upon into a penalty, to be recovered by the Attorney
[subject
ler, in the amount of $50 for each
formation furnished by the Ice Comptrol
such business is so engaged in without
day that such ice is manufactured or
upon conviction shall be liable to a
such license] guilty pf a misdeanor and
year or a fine of not more
of imprisonment for not more than one
sentence
partnership or corporation who has been
than $1,000, or both. Any person,
order, rule or regulation of the
so icensed, who fails to comply with any
or Federal authority as to the
Ice Comptroller or any competent State
distribution of artificial or natural
manufacture, sale, [and] delivery or
ice, shall forfeit such license.
power to appoint, and may fix
Sec. 4. The Ice Comptroller shall have
s and other employees as may be
the compensation of such clerks, assistant
duties imposed upon him by this Act
reuired for the performance of the
in the employ of the State or under
[.J, and may employ and use persons
s of this bill relating to the manufacture
its control to better carry out the provision
on of artificial or natural ice. The
transportation, sale delivery or distributi
receive compensation for expenditures
Ice Comptroller shall be entitled to
performance of his duties under this
necessarily incurred by him in the
assistants and employees appointed by
Act. The compensation of clerks,
necessarily and actually incurred
the Ice Comptroller, and the expenses
duties, shall be paid out of moneys
by them in the performance of their
warrant of the State Comptroller
appropriated for the purpose, upon the
by the Ice Comptroller. The sum
issued upon proper vouchers approved
($25,000), or so much thereof as may be
of twenty-five thousand dollars
of any moneys not otherwise appropnecessary, is hereby appropriated out
into effect the provisions of this Act.
riated, for the purpose of carrying
ely.
Sec. 5. This Act shall take effect immediat

1421

consistent with Federal control, was re-inserted. The only
ed in
other material difference between the bill as publish
as we now give it lies in the clause
our issue of March 9 and
g
embodied in the compensation feature of the bill coverin
of acquisition, consolidation or lease of roads not
the dates
making separate returns; the period of such taking over had
previously been confined to the dates between July 1 1914
d
to June 30 1917; the bill as enacted into law has been change
so as to embrace the time from July 1 1914 to Dec. 31 1917.
The following is the text of the bill as it has been put on the
statute books.

systems while
AN ACT to provide for the operation of transportation
and
under Federal control, for the just compensation of their owners,
for other purposes.
the United
Be it enacted by the Senate and House of Representatives of
t, having in
States of America in Congress assembled, That the Presiden
and operation (called
time of war taken over the possession, use, control
transportation
herein Federal control) of certain railroads and systems of
and to guarantee
(called herein carriers), is hereby authorized to agree with
te Commerce
to any such carrier making operating returns to the Inter-Sta
it shall receive
Commission, that during the period of such Federal control
return,
as just compensation an annual sum (herein called standard
each year and
payable from time to time in reasponable instalments, for
ga
pro rata for any fractional year of such Federal control, not exceedin
g
sum equivalent as nearly as may be to its average annual railway operatin
operating
income for the three years ended June 30 1917, that any railway
just compenscorning during the period of Federal control in excess of such
computation
sation shall remain the property of the United States. In the
arising from the accounts called in the
of such income, debits and credits
ion equipment
monthly reports to the Inter-State Commerce Commiss
credits arising
rents and joint facility rents shall be included, but debts and
r railways, including
from the operation of such street electric passenge
of the agreement
railways commonly called interurbans, as are at the time
were acquired
not under Federal control, shall be excluded. If any lines
between July
by, leased to, or consolidated with such railroad or system
operating returns to
1 1914 and Dec. 31 1917, both inclusive, and separate
such lines after
the Inter-State Commerce Commission were not made for
the average is
such acquisition, lease, or consolidation, there shall (before
g income of such railroad
computed) be added to the total railway operatin
total railway operator system for the three years ending June 30 1917, the
ted, for the period
ing income of the lines so acquired, leased or consolida
P—HEAVY beginning July 1 1914 and ending on the date of such acquisition, lease, or
LENROOT WINS WISCONSIN SENATORSHI
earlier. The average
consolidation, or on Dec. 31 1917. whichever is the
SOCIALIST VOTE.
ed by the Inter-State
annual railway operating income shall be ascertain
Its certificate
Commission and certified by it to the President.
Irvine L. Lenroot, Republican, was elected to the United Commercethe purpose of such agreement, be taken as conclusive of the
special election held in Wisconsin last shall, for such average annual railway operating income.
States Senate at the
amount of
taxes under the
Every such agreement shall provide that any Federal
Tuesday, by a margin of about 12,000 votes over Joseph E.
addition thereto or in amendment thereof,
Democratic opponent. Virtually complete Act of Oct. 3 1917. or Acts inassessed for the period of Federal control
Davies, his
commonly called war taxes,
returns gave the vote as follows: Lenroot, Republican, beginning Jan. 11918,or any part of such period, shall be paid by the carrier
Socialist, out of its own funds, or shall be charged against or deducted from the
148,302; Davies, Democrat, 136,612; Berger,
or any other
just compensation; that other taxes assessed under Federal
102,911.
control or any part.
Governmental authority for the period of Federal
te has been viewed thereof, either on the property used under such Federal control, or on the
The heavy vote for the Socialist candida
voters right to operate as a carrier, or on the revenues or any part thereof derived
with mixed feelings—disappointment that so many
however, assessments for public improvete under indictment for sedition from operation (not including,
ion, and chargeable
should support a candida
ments or taxes assessed on property under construct
platform, and satis- under the classification of the Inter-State Commerce Commission to investand running on an avowedly anti-war
derived from
ment in road and equipment) shall be paid out of revenues
faction that, in a State with such a large German popula- railway operations while under Federal control; that all taxes assessed
should still outnumber the disloyal by under Federal or any other Governmental authority for the period prior
tion, the loyal voters
paid by the carrier
to Jan. 1 1918, whenever levied or payable, shall be
more than three to one.
against or deducted from the just
has announced that he will support the Ad- out of its funds, or shall be charged
Mr. Lenroot
compensation.
and appropriate proministration's war policies, and believes that America must
Every-such agreement shall also contain adequate
and depreciation of the
visions for the maintenance, repair, renewals
the war to victory.
go on with
reserve funds found necessary
property, for the creation of any reserves or
Daniel W. Hoan, Milwaukee's Socialist Mayor, was re- in connection therewith,and for such accounting and adjustments ofcharges
end of
elected by a majority of 2,110 over Percy Braman, non- and adjustments of chargcs and payments, both during and at theof each
that the property
Hoan ran far ahead of his associates on Federal control, as may be requisite in order good repair and in substanpartisan. Mayor
carrier may be returned to it in substantially as
the Socialist city ticket. The non-partisan candidates for tially as complete equipment as it was in at the beginning of Federal conthe just
Treasurer, Controller and Attorney were re-elected by trol, and also that the United States may, by deductions fromed for thecomcost
the Socialist candidates ranging from 10,000 pensation or by other proper means and charges, be reimburs property not
majorities over
repairs, renewals and betterments to such
en-at-large, the Socialists of any additions, to the United States; in making such accounting and adto 7,700. Of the six Alderm
justly chargeable
expended or
to the
elected three and the non-partisans three. Of the twenty- justments, due consideration shall be given repairs,amounts and depremaintenance,
of Milwaukee, nine elected a Socialist reserved by each carrier for ended June 30 1917, torenewals
five wards in the City
the condition of the
ciation during the three years
representative on the Board of Aldermen. This is said to property at the beginning and at the end of Federal control and to any other
be a net gain of one in the Socialist strength on the board. pertinent facts and circumstances. in such agreement to make all other
The President is further authorized
s of this Act or
reasonable provisions, not inconsistent with the provision
DING FOR GOVERNMENT CON- of the Act entitled "An Act making appropriations for the support of the
TEXT OF ACT PROVI
purposes,"
Army for the fiscal year ending June 30 1917, and for other
TROL OF RAILROADS.
proper for such
approved Aug. 29 1916, that he may deem necessary or
rights and obligaAs announced in these columns March 23 (page 1193), Federal control or for the determination of the mutual of such Federal
tions of the parties to the agreement arising from or out

the bill providing for Government control of the railroads
during the war became a law with its approval by President
Wilson on March 21. In our issue of March 9 (page 985)
we published the bill as it had been agreed to in conference
on March 7. It had, however, subsequently been returned
to conference because of the insertion by the conferees of
new matter not carried in the bill as it wont to conference.
This was contained in Section 15 and dealt with the taxing
powers of the States,the conferees having embodied in the bill a
provision to the effect that the States should not tax therailroads in greater ratio than their taxes bore to the total State
taxes during the year prior to Federal control of the railroads.
Men the report was returned to the conferees this provision, objected to by some of the Senators, notably Senator Frelinghuysen of New Jersey, was dropped, and the
original tax section, providing that State taxes and railroad
regulations shall not be interfered with, so far as theylare




control.
was during
If the President shall find that the condition of any carrier
June 30 1917.
all or a substantial portion of the period of three years ended
expenditures for
because of non-operation, receivership, or where recent
fully reflected in the
additions or improvements or equipment were not
al portion thereof,
operating railway income of said three years or a substanti
so exceptional as
or because of any undeveloped or abnormal conditions,
for plainly inequitable
to make the basis of earnings hereinabove provided
the President may make with
as a fair measure of just compensation, then
tion as under
the carriers such agreement for such amount as just compensa
find just.
the circumstances of the particular case he shall
by another
That every railroad not owned, controlled, or operated
d for traffic with a railcarrier company, and which has heretofore compete
n, use and
road or railroads of whicn the President has taken the possessio common
and is engaged as a
control, or which connects with such railroads
ed as within
carrier in general transportation, shall be held and consider
y for the prosecution of
"Federal control," as herein defined, and necessar
benefit of all the provisions of this
the war, and shall be entitled to the
be construed
Act: Provided, however, that nothing in this paragraph shall
has as its prinas including any street or interurban electric railway which
, or interurban
cipal source of operating revenue urban, suburban
light, or both.
passenger traffic, or sale of power, heat and

1422

THE. CHRONICLE

[VOL. 106.

The agreement shall also provide that the owner shall accept all the terms year as
soon as practicable after January first, cause a detailed report
to
and conditions of this Act and any regulation or order made by or through be
submitted to the Congress of all receipts and expenditures made under
the President under authority of this Act or of that portion of the Act this section
and Section 6 during the preceding calendar year.
entitled "An Act making appropritations for the support of the army for
Sec. 8. That the President may execute any of the powers herein
and
the fiscal year ending June 30 1917, and for other purposes," approved
heretofore granted him with relation to Federal control through
such agenAug. 29 1916, which authorizes the President in time of war to take posses- cies as
he may determine, and may fix the reasonable compensation
for the
sion, assume control, and utilize systems of transportation.
performance of services in connection therewith, and may avail
himself of
Sec. 2. That if no such agreement is made, or pending the execution of the
advice, assistance, and co-operation of the Inter-State Commerce
Coman agreement, the President may nevertheless pay to any carrier while mission
and of the members and employees thereof, and may also call upon
under Federal control an annual amount, payable in reasonable install- any
department, commission, or board of the Government for such services
ments, not exceeding ninety per centum of the estimated annual amount as he
may deem expedient. But no such official or employee of the
United
of just compensation, remitting such carrier, in case no agreement is made,
States shall receive any additional compensation for such
services except
to its legal rights for any balance claimed to the remedies provided in Section
as now permitted by law.
three hereof. Any amount thereafter found duo such carrier above the
Sec. 9. That the provisions of the Act, entitled "An Act making
approamount paid shall bear interest at the rate of 6% per annum. The acceppriations for the support of the Army for the fiscal year
ending Juno 30
tance of any benefits under this section shall constitute an acceptance by the
1917 and for other purposes," approved Aug. 29 1916, shall remain
in force
carrier of all the provisions of this Act and shall obligate the carrier to pay and
effect except as expressly modified and restricted by this Act; and
to the United States, with interest at the rate of6% per annum from a date the
President, in addition to the powers conferred by this Act, shall
have
or dates fixed in proceedings under Section three, the amount by which the and
is hereby given such other and further powers necessary or appropriate
sums received under this section exceed the sum found duo in such pro- to
give effect to the powers herein and heretofore conferred. The proviceedings.
sions of this Act shall also apply to any carriers to which Federal control
Sec. 3. That all claims for just compensation not adjusted (as provided may be hereafter
extended.
in Section one) shall, on the application of the President or of any carrier,
Sec. 10. That carriers while under Federal control shall be subject to
all
be submitted to boards, each consisting of three referees to be appointed laws and liabilities
as common carriers, whether arising under State or
by the Inter-State Commerce Commission, members of which and the Federal laws
or at common law, except in so far as may be inconsistent with
official force thereof being eligible for service on such boards without ad- the provisions
of this Act or any other Act applicable to such Federal conditional compensation. Such boards of referees are hereby authorized to trol, or
with any order of the President. Actions at law or suits in equity
summon witnesses, require the production of records, books, correspond- may
be brought by and against such carriers and judgments rendered
as
ence, documents, memoranda, and other papers, view properties, admin- now provided
by law: and in any action at law or suit in equity against the
ister oaths, and may hold hearings in Washington and elsewhere, as their carrier,
no defense shall be made thereto upon the ground that the
carrier
duties and the convenience of the parties may require. In case of dis- is an
instrumentality or agency of the Federal Government. Nor shall
obedience to a subpoena the board may invoke the aid of any District any such
carrier be entitled to have transferred to a Federal Court any
Court of the United States in requiring the attendance and testimony of action
heretofore or hereafter instituted by or against it, which action
was
witnesses and the production of documentary evidence, and such court not so
transferable prior to the Federal control of such carrier; and any
acwithin the jurisdiction of which such inquiry is carried on may, in case tion which
has heretofore been so transferred because of such Federal
of contumacy or refusal to obey a subpoena ssued to any person, cor- control or
of any act of Congress or official order or proclamation relating
poration, partnership, or association, issue an order requiring appearance thereto
shall upon motion of either party be retransferred to the Court
in
before the board, or the production of documentary evidence if so ordered, which it was
originally instituted. But no process, mesne or final, shall be
or the giving of evidence touching the matter in question; and any failure levied against
any property under such Federal control. That during the
to obey such order of the court may be punished by such court as a con- period of
Federal control whenever in his opinion the public interest retempt thereof. Such cases may be beard separately or together or by quires, the
President may initiate rates, fares, charges, classifications,
classes, by such boards as the Inter-State Commerce Commission in the regulations
and practices by filing the same with the Inter-State Commerce
first instance, or any board of referees to which any such cases shall be Commission,
which said rates, fares, charges, classifications, regulations
referred may determine. Sad boards shall give full hearings to such and practices
shall not be suspended by the Commission pending final
carriers and to the United States; shall consider all the facts and circum- determination
. Said rates, fares, charges, classification, regulations
stances, and shall report as soon as practicable .n each case to the President and practices
shall be reasonable and just and shall take effect at such
the just compensation, calculated on an annual basis and otherwise in such time and
upon such notice as he may direct, but the Inter-State Comform, as to be convenient and available for the making of such agreement merce
Commission shall, upon complaint, enter upon a hearing conas is authorized in Section one. The President is authorized to enter into cerning the
justness and reasonableness o" so much of any order of the
an agreement with such carrier for just compensation upon a basis not in President
as estabiLshes or changes any rate, fare, charge, classification,
excess of that reported by such board, and may include therein provisions regulation
or practice of any carrier under Federal control and may consider
slmilar to those authorized under Section one. Failing such agreement. all the facts
and circumstances existing at the time of the making of the same.
either the United States or such carrier may file a petition in the Court
In determining any question concerning any such rates, fares, charges,
of Claims for the purpose of determining the amount of such just com- classifications
, regulations, or practices or changes therein, tho Inter-State
pensation, and in the proceedings in said court the report of said referees Commerce
Commission shall give due consideration to the fact that the
shall be prima fade evidence of the amount of just compensation and of transportatio
n systems are being operated under a unified and co-ordinated
the facts therein stated. Proceedings in the Court of Claims under this national
control and not in competition. After full hearing the Commission
section shall be given precedence and expedited in every practicable way.
may make such findings and orders as are authorized by the Act to reguSec. 4. That the just compensation that may be determined as herein- late
commerce as amended, and said findings and orders shall be enforced
before provided by agreement or that may be adjudicated by the Court of
as provided in said Act.
Claims shall be increased by an amount reckoned at a reasonable rate
Provided, however, that when the President shall find and certify to the
per centum to be fixed by the President upon the cost of any additions and
Inter-State Commerce Commission that in order to defray the expenses of
betterments, less retirements, and upon the cost of road extensions to the
Federal control and operation fairly chargeable to railway operating exproperty of such carrier made by such carrier with the approval of or by
penses, and also to pay railway tax accruals other than war taxes, net rents
order of the President while such property is under Federal control.
for joint facilities and equipment, and compensation to the carriers, operSec. 5. That no carrier while under Federal control shall, without the
ating as a unit, it is necessary to increase the railway operating revenues.
prior_ approval of the President, deelare or pay any dividend in excess of
the Inter-State Commerce Commission in determining the justness and
its regular rate of dividends during the three years ended June 13 1917:
reasonableness of any rate, fare, charge, classification, regulation or pracProvided, however, That such carriers as have paid no regular dividends
tice shall take into consideration said finding and certificate by the Presior no dividends during said period may, with the prior approval of the
dent, together with such recommendations as he may make.
President, pay dividends at such rate as the President may determine.
Sec. 11. That every person or corporation, whether carrier or shipper, or
Sec. 6. That the sum of $500,000,000 is hereby appropriated out of any
any receiver, trustee, lessee, agent, or person acting for or employed by
a
moneys in the Treasury not otherwise appropriated, which, together with
carrier or shipper, or other person, who shall knowingly violate or
fall to
any funds available from any operating income of said carriers, may be
observe any of the provisions of this Act, or shall knowingly interfere with
used by the President as a revolving fund for the purpose of paying the
or impede the possession, use, operation, or control of any railroad property,
expenses of the Federal control, and so far as necessary the amount of
railroad, or transportation system hitherto or hereafter taken over by
the
just compensation, and to provide terminals, motive power, cars and other
President, or shall knowingly violate any of the provisions of any order or
necessary equipment, such terminals, motive power, cars and equipment
regulation made in pursuance of this Act, shall be guilty of a misdemeanor,
to be used and accounted for as the President may direct and to be disposed
and shall, upon conviction, be punished by a fine of not more than $5,000,
of as Congress may hereafter by law provide.
or, if a person, by imprisonment for not more than two years, or both.
The President may also make or order any carrier to make any additions,
independent transaction constituting a violation of, or a failure to
and to provide terminals, motive power, cars, and other equipment neces- Each
sary or desirable for war purposes, or in the public interest on or in connec- observe, any of the provisions of this Act, or any order entered in pursuance
hereof, shall constitute a separate offense. For the taking or conversion
tion with the property of any carrier. He may from said revolving fund
advance to such carrier all or any part of the expense of such addlitons, to his own use or the embezzlement of money or property derived from or
betterments, or road extensions, and to provide terminals, motive power, used in connection with the possession, use or operation of said railroads
cars, and other necessary equipment so ordered and constructed by such or transportation systems, the criminal statutes of the United States, as
well as the criminal statutes of the various States where applicable, shall
carrier or by the President, such advances to be charged against such
carrier and to bear interest at such rate and be payable on such terms as apply to all officers, agents, and employees engaged in said railroad and
transportation service, while the same Is under Federal control, to the same
may be determined by the President, to the end that the United States
extent as to persons employed in the regular service of the United States.
may be fully reimbursed for any sums so advanced.
Prosecutions for violations of this Act or of any order entered hereunder
Any loss claimed by any carrier by reason of any such additions, betterments, or road extensions so ordered and constructed may be determined by shall be in the district court, of the United States, tinder the direction of
agreement between the President and such carrier: Failing such agreement the Attorney-General, in accordance with the procedure for the collection
the amount of such loss shall be ascertained as provided in Section 3 hereof. and imposing of fines and penalties now existing in said courts.
Sec. 12. That moneys and other property derived from the operation
From said revolving und the President may expend such an amount as
he may deem necessary or desirable or the utilization and operation of of the carriers during Federal control are hereby declared to be the property
canals, or for the purchase, construction, or utilization and operation of of the United States. Unless otherwise directed by the President, such
boats, barges, tugs and other transportation facilities on the inland, canal moneys shall not be covered into the Treasury, but such moneys and
and coastwise waterways, and may in the operation and use of such facili- property shall remain in the custody of the same officers, and the accounting
ties create or employ such agencies and enter into such contracts and thereof shall be in the same manner and form as before Federal control.
Disbursements therefrom shall, without further appropriation, be made in
agreements as he shall deem in the public interest.
Sec. 7. That for the purpose of proxiding funds requisite or maturing the same manner as before Federal control and for such purposes as under
the Inter-State Commerce Commission classification of accounts in force
obligations or for other legal and proper expenditures, or for reorganizing
railroads in receiverships, carriers may, during the period of Federal con- on Dec. 27 1917 are chargeable to operating expenses or to railway tax
trol, issue such bonds, notes, equipment trust certificates, stock, and other accruals and for such other purposes in connection with Federal control
forms of securities, secured dr unsecured by mortgage, as the President as the President may direct, except that taxes under Titles I. and H. of
may first approve as consistent with the public interest. The President the Act entitled "An Act to provide revenue to defray war expenses, and
may, out of the revolving fund created by this Act, purchase for the United for other purposes," approved Oct. 3 1917, or any Act in addition thereto
States all or any part of such securities at prices not exceeding par, and or in amendment thereof, shall be paid by the carrier out of its own funds.
may sell such securities whenever in his judgment it is desirable at prices If Federal control begins or ends during the tax year for which any taxes
so chargeable to railway tax accruals are assessed, the taxes for such year
not less than the cost thereof. Any securities so purchased shall be
held
by the Secretary of the Treasury, who shall, under the direction of the shall be apportioned to the date of the beginning or ending of such Federal
President, represent the United States in all matters in connection therewith control, and disbursements shall be made only for that portion of such
taxes as is due for the part of such tax year which falls within the period
in the same manner as a private holder thereof. The President shall
each of Federal control.




APR. 61918.1

THE CHRONICLE

At such periods as the President may direct, the books shall be closed
and the balance of revenues over disbursements shall be covered into the
Treasury of the United States to the credit of the revolving fund created
by this Act. If such revenues are insufficient to meet such disbursements
the deficit shall be paid out of such revolving fund in such manner as the
President may direct.
Sec. 13. That all pending cases in the courts of the United States affecting railroads or other transportation systems brought under the Act to
regulate commerce. approved Feb. 4 1887, as amended and supplemented,
including the commodities clause, so called, or under the Act to protect
trade and commerce against unlawful restraints and monopolies, approved
July 2 1890, and amendments thereto, shall proceed to final determination
as soon as may be, as if the United States had not assumed control of transportation systems; but in any such case the court having jurisdiction may,
upon the application of the United States, stay execution of final judgment
or decree until such time as it shall deem proper.
Sec. 14. That the Federal control of railroads and transportation systems herein and heretofore provided for shall continue for and during the
period of the war and for a reasonable time thereafter, which shall not exceed one year and nine months next following the date of the proclamation
by the President of the exchange of ratifications of the treaty of peace;
Provided, however, That the President may,prior to July 1 1918,relinquish
control of all or any part of any railroad or system of transportation,
further Federal control of which the President shall deem not needful or
desirable; and the President may at any time during the period of Federal
control agree with the owners thereof to relinquish all or any part of any
railroad or system of transportation. The President may relinquish all
railroads and systems of transportation under Federal control at any time
he shall deem such action needful or desirable. No right to compensation
shall accrue to such owners from and after the date of relinquishment for
the property so relinquished.
Sec. 15. That nothing in this Act shall be construed to amend, repeal,
impair or affect the existing laws or powers of the States in relation to
taxation, or the lawful police regulations of the several States, except
wherein such laws, powers or regulations may affect the transportation
of troops, war materials or Government supplies, or the issues of stocks
and bonds.
Sec. 16. That this Act is expressly declared to be emergency legislation
enacted to meet conditions growing out of war; and nothing herein is to
be construed as expressing or prejudicing the future policy of the Federal
Government concerning the ownership, control or regulation of carriers
or the methods or basis of the capitalization thereof.

PRESIDENT WILSON'S PROCLAMATION AUTHORIZING MR. McADOO TO NEGOTIATE AGREEMENTS
WITH .RAILROADS.
A proclamation by President Wilson, bearing date Mar.29,
and made public April 1, delegates to Director-General
McAdoo full authority to negotiate compensation agreements or other contracts with the railroads under Government control. We give the proclamation herewith:

presses the opinion that no salaries or office and traveling
expenses of officers should be paid where the services are
not necessary to the operation of the roads. We give the
order herewith:
U. S. RAILROAD ADMINISTRATION,
Office of Director-General.
Washington, March 30 1918.
Circular No. 17.
is of opinion that the Government ought not to
The Director-General
pay the salaries and office and traveling expenses of officers whose services
are not reasonably required for the operation of the railroads. It is, of
course, evident that in the past the railroad companies, in establishing
and maintaining their staffs of officers, have provided not only for the
actual necessities of operation, but in addition have provided (a) for financial and corporate functions beyond what is necessarily connected with
operation—for example, functions calling for chairmen of boards of directors and of executive committees, &c.; (b) for other activities in which the
company may be lawfully engaged but whose operation is not to be conducted by the Government;(c) for operating functions which were natural
when railroads were operated under the competitive system, but which
are unnecessary under existing conditions—for example, traffic functions
connected with the obtaining of traffic rather than with the giving of adequate and convenient information and assistance to the public; (d) for
officers who have practically retired from service and whose salaries have
been continued because of their past services rather than because of their
need for current operation; (e) for counsel whose services have not been
needed for the conduct of ordinary operating activities of the company,
but who, to a large extent, if not entirely, have devoted themselves to matters of a corporate character; (for example, many of whom are now devoting themselves to the problems in connection with the making of the
contracts with the Government for the use of the railroads).
It will be necessary for the Government to make a careful study to determine the extent to which operatimg expenses under Government control
should be relieved of charges for the salaries and office and traveling expenses of officers not necessary to carry on operating functions, and this
circular is to give notice that this subject is and will be under consideration,
and that in clear cases the Government may charge back against the company any amounts charged into operating expenses on and after April 1
1918 for the salaries and office and traveling expenses of officers who are
not required to conduct railroad operations.
This policy will not affect the positions of any officers whom the company
itself may desire to continue to pay out of its own funds, but who are not

The President of the United States of America.
A PROCLAMATION.
Whereas, By the proclamation dated Dec. 26 1917, taking over each and
every system of transportation and the appurtenances thereof located
wholly or in part within the boundaries of the continental United States, it
was provided "That the possession, control, operation, and utilization of
such transportation systems hereby by me undertaken, shall be exercised
by and through William G. McAdoo, who is hereby appointed and designated Director-General of Railroads," and the said William G. McAdoo
pursuant to said proclamation entered upon and has continued to discharge
the duties of Director-General of Railroads as provided therein; and
Whereas, Since the issuance of said proclamation the Congress of the
United States has passed an Act entitled "An Act to provide for the operation of transportation systems while under Federal control, for the just
compensation of their owners, and for other purposes," which Act was
duly approved by me on the 21st day of March 1918, and is now in full
force and effect; and in terms confers upon the President the powers specfled therein and the authority to carry the same into effect; and
Whereas, It is provided in Section 8 of said Act that the President may
execute any of the powers therein and theretofore granted him with relation to the Federal control of systems of transportation and parts thereof,
including railroads, inland waterways, &c., through such agencies as he
may determine;
Now, Therefore, I, Woodrow Wilson, President of the United States,
under and by virtue of the powers and authority so vested in me by said
Act and of all other powers me hereto enabling, do hereby authorize the
said William G. McAdoo, Director-General of Railroads as aforesaid, either
personally or through such divisions, agencies or persons as he may appoint,
and in his own name or in the name of such divisions, agencies or persons,
or in the name of the President, to agree with the carriers, or any of them,
or with any other person in interest, upon the amount of compensation to
be paid pursuant to law, and to sign, seal, and deliver, in his own name
or in the name of the President or in the name of the United States, such
agreements as may be necessary and expedient with the several carriers
or other persons in interest respecting compensation, or any other matter
concerning which it may be necessary or expedient to deal, and to make
any and all contracts, agreements, or obligations necessary or expedient,
and to issue any and all orders which may in any way be found necessary
and expedient in connection with the Federal control of systems of transportation, railroads, and inland waterways, as fully in all respects as the
President is authorized to do, and generally to do and perform all and
singular all acts and things and to exercise all and singular the powers and
duties which in and by the said Act, or any other Act in relation to the
subject hereof, the President is authorized to do and perform.
Ilk In Witness Whereof, I have hereunto set my hand and caused the seal
of the United States to be affixed.
Done in the District of Columbia this 29th day of March, in the year of
our Lord 1918, and of the independence of the United States of America
the 142d.
WOODROW WILSON.
[Seal.]
By the President:
L,
lb ROBERT LANSING, Secretary of State.

MR.7McADOO DISAPPROVES SALARIES TO OFFICERS
WHERE SERVICES ARE NOT NECESSARY TO
RAILROAD OPERATION.
In an order issued under date of March 30, and made
public April 2, Director-General of Railroads McAdoo ex-




1423

necessary to railroad operations.
It is the purpose of the Government to carry out the above policy in a
operreasonable and considerate way and not to disturb unnecessarily the
ating forces of the railroads. In general, it is anticipated that the rank
company's
and file of railroad officers are needed for the conduct of the
business and that practically all railroad employees, as distinguished from
officers, can be continued in service even though the offices in which they
now work may no longer be continued. It is believed that the readjustment of operating charges above suggested will be called for almost, if not
entirely, with reference to general officers of the character illustrated by
clauses (a) to (e), whose functions are not necessarily connected with operaW. G. McADOO,
tion.
Director-General of Railroads.

RAILROAD PRESIDENTS HELD BY RAILROAD ADMINISTRATION AS EXECUTIVE AUTHORITY.
Announcement that the President of railroads are to be
treated by the Railroad Administration as the principal
executive authority of the roads was made by Secretary of
the Treasury McAdoo in an order issued on March 28,
which states that Chairman of Boards are not to exercise
functions connected w th the operation of the railroads
under Federal control. The following is the order.
U. S. RAILROAD ADMINISTRATION.
Office of the Director-General.
Washington, March 28 1918.
General Order No. 16.
In the organization of the various carriers some doubt appears at times
to exist as to the extent to which, if at all, the executive authority in operating matters is divided between the President of the company and the Chairman of the board of directors or of some committee thereof.
For the purpose of simplification and definiteness it is ordered that the
President of each company shall be treated by the United States Railroad
Administration as the company's principal executive authority (subject to
the Director-General) in all matters of operation under Federal control,
and that Chairmen of boards of directors or of committees thereof shall not
exercise functions connected with the operation of the railroads under
W. G. McADOO,
Federal Control.
Director-General of Railroads.

ORDER CONCERNING RAILROAD PASSES MODIFIED AS TO EXISTING ADVERTISING
CONTRACTS.
A modification of General Order No.6 issued by DirectorGeneral McAdoo on Jan. 28 (and published in our issue of
Feb. 2) was made known by Mr. McAdoo on March 26.
The order, it will be remembered, relates to the dropping of
legislative agents and the observance by railroads of regulation regarding passes and free transportation. Under the
modified order contracts already made for the exchange of
passenger transportation for advertising will be allowed to
continue, but will not be permitted to extend beyond the
present calendar year. 'The announcement of the modification of the order reads as follows:
U. S. RAILROAD ADMINISTRATION.
Office of Director-General.
Washington, March 26 1918.
Supplement to General Order No. 6.
On the 28th day of January 1918, General Order No. 6 was issued
prohibiting the issuance of free transportation except as expressly authorized
by the Act of Congress approved Feb. 4 1887, and amendments thereto.

1424

THE CHRONICLE

The carriers, in obedience to said order, withdrew the passes or mileage
books which had theretofore been issued pursuant to contracts for newspaper advertising, the issuance thereof inter-State having been held unlawful by the Supreme Court of the United States (219 U. S. 486).
Newpaper Contracts.
It later came to may attention that contracts for newspaper advertising
to be paid for in transportation at a fixed rate had been made in various
sections of the country; that mileage books had been issued pursuant to
such contracts; and that the war tax thereon had been paid as required
by law. It seemed to me important, therefore, that the legality of such
contracts shall be passed upon by the Inter-State Commerce Commission.
Accordingly this and a number of other questions growing out of General
Order No. 6 was referred by me to the Inter-State Commerce Commission
for consideration.
I am in receipt of its report dealing only with this question, in which it
Is said:
Modification of Order Advised.
"In view of the circumstances . . . we are inclined to suggest the
advisability of modification of the Director-General's Order No. 6 to the
extent of permitting a continuance of contracts already made for the
exchange of intra-State passenger transportation for advertising to the
termination of such contracts, but in no instance beyond the end of the
current calendar year. We recommend such modification of the order,
but suggest that in connection therewith it be made entirely clear that it
applies only to contracts now in effect and which are not repugnant to
State requirements; that it authorizes only completion of such contracts
Uhich expire prior,to the end of the present calendar year, and a continuance only to the end of the year of any which may by their terms terminate
at a later date. It should also, we think, be made clear that transportation
issued under such contract may not be used in connection with other transportation on any interstate journey."
It is therefore ordered that the said General Order No.6 be and the same
is modified accordingly, and the carriers will be permitted to recognize the
validity of said contracts and honor transportation to the extent recommended by said Commission.
W. G. McADOO, Director-General of Railroads

CREATION BY RAILROAD ADMINISTRATION OF
SECTION TO PROTECT RAILWAY PROPERTY
FROM THEFT.
The creation by the Railroad Administration of a section
to protect railway property from theft and to guard shipments in transit, was made known by Director-General of
Railroads W. G. McAdoo in the following circular, issued
under date of Mar. 26:

•

EVoL. 106.

corporation paid taxes on all its property as at present. This is the most
unjust proposal that has been made in a generation. It means double
taxation of the most indefensible kind. Shares of stock represent the
proportionate interest of the individual holder in the property of the
corporation. When that property is taxed to the corporation, either its
assets, or the amount available for dividends, are reduced by the amount
of the tax paid, which tax therefore comes pro rata from each shareholder.
To put another tax upon the individual shareholder simply means that he
pays twice the tax that an individual owner pays on similar property.
The injustice is most evident by comparing two cases of the ordinary
small business; one a partnership and one a corporation with only a few
stockholders. The property of the firm would be taxed once. The incorporated business would be taxed twice on its property—once to the
corporation and again to the individuals composing it (in addition to the
State franchise tax for the privilege of being a corporation). The principle is the same, and the result is unjust, whether the corporation be small
or large.
The only stockholders who would not be affected by this proposed
change are those who own bank shares. Because of the Federal law,
banks are not taxed as such, but the tax is levied against the shareholders.
But trust companies are now taxed as such, and therefore tho holders of
their shares would be taxed twice, while the owners of bank shares would
be taxed only once.
2. A Listing System for the City of New York.
Senate Int. 996, printed No. 1241, by Mr. Boylan.
This bill amends the New York City Charter to provide that every
person residing in the city and owning personal property which, without
deduction for debt or exemption, is worth $5,000 or over, must file a detailed and sworn list with the Tax Department. This applies also to corporations and to non-residents who have property within the city; also to
all those who have any such property under their control, as trustees,
executors, &c.
Proposals have repeatedly been made for "listing" systems in this State
and they have always aroused a storm of protest and been defeated. The
experience of other States with listing systems has indicated clearly that
even with stringent penalties and premiums to informers they only increase
the inequalities and unfairness of the personal property tax.
Abundant testimony to this effect was presented to the (Mills) Legislative Committee on Taxation at the hearings in 1915. (See report, pages
143-148.) This Committee quotes with approval the criticism of the New
York Legislative Commission of 1872 which referred to the listing system
AS

"A method of procedure which has no parallel except in the records of
the Middle Ages and of the Inquisition, and constitutes, in itself, a satire
of any claim to wholly free and enlightened government."
Also from the report of the New York Special Tax Commission of 1907,
as follows:
"The sole result of increasing the rigor of the law will be here, as it has
always been elsewhere, to augment perjury instead of revenue and to
DIRECTOR-GENERAL OF RAILROADS.
breed more inequality without aiming at greater justice. No law, howInter-State Commerce Building.
ever carefully devised, can enforce a system which is out of harmony with
Washington, March 26 1918.
the economic facts. The personal property tax has become an anachron(Circular No. 14.)
ism and is hence unworkable under any possible administrative method
To All Railroad officials and Employees:
in our modern industrial centres. We, therefore, brush aside as undeA section for the protection of railroad property and property of shippers serving of any serious consideration, the proposition to remedy
the present
in transit has been established in the Division of Law by the Director- evils of personal property taxation, by attempting to make the
law more
General to enforce rigorously the Federal law against theft from cars, rigorous."
stations, sidings, and wharves, and to take all necessary measures in
And in conclusion, the Committee itself says:
co-operation with carriers to prevent loss from this cause, which in past
"But there is no need to continue to dwell on the shortcomings of the
years has been enormous.
listing system. We are of opinion that it cannot be made to succeed; that
Philip J. Doherty is hereby appointed manager of such section.
its adoption would be highly detrimental to the best interests of the State;
Full co-operation with this section is required from all officers and that
it is contrary to all our traditions, and that public opinion would not
employees of the railroads, and special agents or secret service men emsanction its adoption."
ployed by the carriers are especially required to co-operate with this
3. Tangible personal property to be assessed where located.
section, both in preventing and investigating thefts, making arrests, or
prosecuting offenders, and railroad attorneys and all other officials are
Senate Int. No. 995, printed No. 1240, by Mr. Boylan.
required to give all possible aid.
Assembly bill Int. No. 1178, printed No. 1412, by Mr. Wells.
Anyone having knowledge of any such offense should report the same
This bill amends Section 8 of the tax law in relation to the place of taxato the nearest railroad official or to this section in order that indictment of tion of property of residents by inserting the following words:
the guilty parties may be had under the Federal law which carries a max"But the owner or holder of tangible personal property shall be assessed
imum penalty of 10 years' imprisonment.
for such property in the tax district where such property is located, and
Communications should be addressed to Philip J. Doherty, manager such owner or holder shall for the purpose of taxation thereof be deemed
Section for Protection of Railroad Property, U. S. Railroad Administration, to be a resident of such tax district and assessable therein for such propWashington, D. C.
erty."
•
Officers and employees must understand that all property being transSenate bill Int. No. 998, printed No. 1243, by Mr. Boylan.
ported by the railroads is in the custody of the United States and they
Assembly bill Int. No. 1179, printed No. 1413, by Mr. Wells.
owe an especial duty to guard and protect the same and to report promptly
This bill amends Section 11, in relation to tho place of taxation of propany person who tampers therewith; and the United States looks to the erty of Corporations, by inserting the following words:
officers and employees to do their duty in this behalf.
"But the tangible personal property of every such incorporated company
W. G. McADOO,
shall be assessed against such company in the tax district in which such
Director-General of Railroads.
property is located."
Under the present law every resident of the State is assessed for all of
his personal property in the tax district where he reFiles. Every domestic
TAX REFORM ASSOCIATION CONDEMNS LISTING
corporation is assessed for personal property in the district where its prinSYSTEM FOR PERSONAL PROPERTY PROPOSED
cipal office is located. From the taxable personal property assessed, both
individuals and corporations are allowed to deduct indebtedness.
FOR NEW YORK CITY.
The amendments to
no provision for
The New York Tax Reform Association of this city under of indebtedness againstthe tax law make property which isthe deduction
tangible personal
assessed in a
date of March 26 issued the following circular explanatory district other than that in which the owner resides, or has its principal
office. This would create this situation—that the owner of tangible
of six bills introduced in the New York Legislature by
property kept in the district
deduct indebtedness—
Senator Boylan and Assemblyman Wells, relating to the the owner of exactly similarwhere he resides, couldin another tax district
property which was
than the one in which he lives could not deduct indebtedness. The same
taxation of peronal property.
At the request of President Cantor of the Tax Department of the City would apply to corporations.
There is no provision for public service corporations. Railroad cars
of New York six bills relating to the taxation of personal property were
introduced March 20. It is stated that these measures were prepared would be "located" wherever an assessor saw them not in motion in assessment day. Local trains might be assessed in twenty or thirty districts—
by the Corporation Counsel.
They contain the most reactionary and unjust tax proposals that have the Empire State Express would be taxable, if seen, in the six tax districts
appeared in the Legislature for many years. Their enactment would where it stops, and in the two terminals.
result in double taxation In its most indefensible form throughout the
4. To tax buildings under construction.
State, and in a "listing system" for the city such as has been condemned
Senate Int. 994, printed No. 1239, by Mr. Boylan.
by every investigating commission.
This bill repeals Section 889-a of the Now York City Charter, which was
These measures have been introduced in both Senate and Assembly. enacted
in 1913 and provides:
A summary of the bills and their effect follows:
Sec. 889-a. A building in course of construction, commenced since the
1. Owners of stock to be taxed on their shares.
preceding first day of October and not ready for occupancy, shall not be
Senate bill Int. No. 997, printed No. 1242, by Mr. Boylan.
assessed.
Assembly bill Int. No. 1180, printed No. 1414, by Mr. Wells.
Prior to 1913 it was the practice to assess buildings that were only partly
This bill repeals subdivision 16 of Section 4 of the tax law, which now completed on assessment day, at what was their value as they
stood.
provides:
This was a difficult problem. The purpose of the present law was to
"The owner or holder of stock in an incorporated company liable to avoid these difficulties of assessment, and give relief to builders.
Some
taxation on its capital, shall not be taxed as an individual for such stock."
buildings are entirely completed within a tax year and are rented by asThis vicious measure would result in taxing the individual shareholder sessment day, others may be only partly completed and thus pay
a tax
at full local rates on the value of his shares, while at the same time the before they begin to yield an income.UThe exemption
of buildings under




APRI 6 1918.]

THE CHRONICLE

construction had long been the law in Baltimore and has been a custom
in other places.
The carrying charges for interest and taxes on land during the period
required to tear down an old building and finish a new one ready for occupancy are a serious concern in the City of New York. Such charges of
course, must be added to the rentals in the long run. The taxes on an
uncompleted building become part of the construction charge on which a
return must be earned. To refrain from taxing a building until completed
encourages reconstruction and benefits tenants as well as builders.
Owing to the high cost of materials and labor, building construction is
practically at a standstill. This is bringing about a serious condition both
for business and living accommodations. Instead of still further hampering construction by taxing uncompleted buildings, it would be better to
offset to some degree the present handicaps in the way of construction, by
exempting new buildings for a period of years.
5. Senate Int. 993, is the only one of the series to which no serious objection can be made. It amends Section 12 of the taw law (under which
corporations are assessed for personal property taxation) by taking out the
present exemption of so much of the surplus as does not exceed 10% of
to
capital. There is no logical reason for this exemption and it does tend
unequal treatment of corporations of the same class. The bill further
amends the section by repealing the exemption of shares of stock owned
by a corporation in another corporation. This is in line with the unfair
proposal in Senate Int. 997 referred to above, but unless that bill should be
passed, this change in Section 12 would not deprive corporations of the
same exemption for shares of stock that is given to individual holders.
A. C. PLEYDELL, Secretary.
March 26 1918.

A hearing was given at Albany Tuesday by the Senate
committees on the affairs of the City of New York and on
taxation in joint session on the six tax bills, referred to
above, at the request of the New York City Administration.
President Cantor of the City Tax Department, Assistant
Corporation Counsel King, and City Comptroller Craig
advocated the enactment of these bills. The bill which
would tax the owners of shares of stock on the shares as
well as the corporation on its property, was defended by
Mr. King on the ground that many corporations evaded
their taxes and therefore to place another tax upon the
owner of a share would not be entirely double taxation.
Comptroller Craig advocated very strongly the measure
for a listing system, with an amendment limiting the rate
on such personal property as was assessed to 11 mills ($1 10
per $100). Finally he stated that while the Administration
desired the enactment of all the bills they would be satisfied
for this year if the listing bill was passed. He admitted
that the increase in revenue might not be very large but said
that the reason the Administration desired that measure
was that they might have information as to the holdings of
personal property both taxable and exempt in order to devise legislation that would get more taxes out of personal
property.
The bills were opposed by A. C. Pleydell on behalf of the
New York Tax Reform Association. Protests against the
bill taxing shares in the hands of individuals was made on
behalf of the Association of Manufacturers.

1425

Referring to the western offensive, Count Czernin declared
that "we have tried everything possible to avoid a new offensive, but the Entente would not have it." He virtually
accused France of having blocked the road to peace by her
insistence upon Alsace-Lorraine, saying:
Some time before the western offensive began, M.Clemenceau addressed
to me an inquiry whether and upon what basis I was prepared to negotiate. In agreement with Berlin, I immediately replied that I was prepared to negotiate and that as far as France was concerned the only obstacle I could see in the way of peace was the French desire for AlsaceLorraine.
The reply from Paris was that it was impossible to negotiate on this
basis. Thereupon there was no choice left.

When shown the above statement by Count Czernin,
Premier Clemeneeau replied simply, "Czernin lied!" In
other quarters the allegation that France's desire for AlsaceLorraine is the stumbling block to peace is interpreted as an
attempt on Count Czernin's part to create bad feeling between Prance and her allies, especially the English labor
element.
Count Czernin defended the Russian and Rumanian peace
treaties, denying that they were imperialistic. "It is a distortion of fact," he said, "to say that Germany has made
conquests in the east. Lenine's anarchy drove the border
peoples into the arms of Germany."
Count Czernin's address, as reported by the New York
"Times" in a copyrighted cablegram, is as follows:
I am quite ready to reply to the questions put by the Burgomaster,
and thereby to give both you and the wider public a full view of political
conditions as I see them at the moment. I had hoped to speak before the
competent forum, but the fact that one of our commissions cannot meet at
present makes this impossible, so I take this opportunity of affording in
brief a review of the international situation.
With the signature of peace with Rumania the war in the East is ended.
Three treaties of peace have been signed—with Petrograd, Ukraine and Rumania. One principal section of the war is thus ended.
Before discussing the separate peaces which have been signed and going
into details, I wish to return to the statements of the President of the
United States wherein he replied to the speech I made before the delegations
on Jan. 24. In many parts of the•world Mr. Wilson's speech was regarded
as an attempt to drive a wedge between Vienna and Berlin. I do not beHove that, because I have much too high an opinion of Mr. Wilson's statesmanship to suspect him of such a train of thought.
According to my impressions, Mr. Wilson does not want to separate
Vienna from Berlin. He does not desire that, and knows that it is impos-

sible.
Ile perhaps thinks, however, that Vienna presents more favorable soil
for sowing the seeds of a general peace. He has perhaps said to himself
that the Austro-Hungarian Monarchy has the good fortune to have a monarch who genuinely and honorably desires a general peace, but that this
monarch will never be guilty of a breach of faith; that he will never make a
shameful peace, and that behind this monarch stand 55,000,000 souls.
I imagine that Mr. Wilson says to himself that this closely knit mass of
people represents a force which is not to be disregarded and that his honorable and firm will to peace with which the monarch is imbued and which
binds him to the peoples of both States is capable of carrying a great idea,
in the service of which Mr. Wilson has also placed himself.
Before I discuss Mr. Wilson's last utterances, I would like to clear up
one misunderstanding. In my last speech, which I delivered before the
Austrian delegations, I replied to an inquiry in this connection that probably
Mr. Wilson was already in possession of my utterances. Later Mr.
Wilson corrected this, and pointed out that there must be some mistake.
I had prepared my speech beforehand, so as to avoid any possibility of its
MASSACHUSETTS LEGISLATURE RATIFIES NATION- being incorrectly or incompletely transmitted, and at the moment I made
,
ins speech I supposed that it had already reached Washington. ApAL PROHIBITION AMENDMENT.
parently, however, it only arrived there some days later.
The Massachusetts State Senate on April 2 ratified the
This does not affect the matter itself. My object was to assure that
my speech,
National Prohibition Amendment by a vote of 27 to 12. the President of the United States should get the exact text of days was a
and this object was attained and the trifling delay of a few
The House on Mar. 26 indorsed the amendment, 145 to 91.
matter of indifference.
By this action Massachusetts becomes the first of the
With regard to Mr. Wilson's reply, I can only say that I consider it very
ratify the amendment and the eleventh important that the German Chancellor in his admirable speech of Feb. 25
northeastern States to
took the answer out of my mouth and declared that the four points developed
in the entire country. The other ten States are: Mississippi, by Mr. Wilson in his speech of Feb. 11 are the basis upon which a general
Virginia, Kentucky, South Carolina, North Dakota, Mary- peace can be discussed. I entirely agree with him in this.
President Wilson's four points are a suitable basis upon which to begin
and, Montana, Texas, Delaware and South Dakota.
negotiating about a general peace. The question is whether or not Mr.
Wilson will succeed in uniting his allies upon this basis.
God is my witness that we have tried everything possible to avoid a new
EQUAL SUFFRAGE LAW APPROVED BY GOVERNOR
offensive, but that the Entente would not have it. A short time before the
OF TEXAS.
beginning of the offensive in the west M. Clemoncoau inquired of me
The bill passed by both branches of the special session of whether and upon what basis I was preparad to negotiate. I immediately
Berlin, that I was ready to negotiate, and that as
the Texas Legislature, which adjourned on Mar. 26, giving replied, in agreement withother obstacle for peace than France's desire for
regards France I saw no
vote in primary elections and to partici- Alsace-Lorraine.
women the right to
The reply from Paris was that it was impossible to negotiate on this
pate in nominating conventions and referred to in these
then no choice left.
There
columms two weeks ago, was signed by Governor Hobby on basis. giganticwas
The
struggle in the west has already begun. Austro-Hungarian
Mar, 26.
and German troops are fighting shoulder to shoulder as they did in Russia,
Serbia, Rumania and Italy. We are fighting united for the defense of
Austria-Hungary and Germany. Our armies will show the Entente that
COUNT CZERNIN DEFENDS EASTERN TREATIES— French and Italian aspirations to portions of our territory are Utopias
ENFORCE PEACE BY "PHYSICAL STRENGTH." which will be terribly avenged.
WILL
The explanation of this attitude of the Entente Powers, which verges on
In an address to a delegation from the Vienna City Coun- lunacy, is to a great extent to be sought in certain domestic events here,
Czernin, the Austro-Hungarian For- to which I shall return later. Whatever may happen, we shall not sacrifice
cils on April 2, Count
Germany will desert us. Loyalty on the
eign Minister, made a belated reply to President Wilson's German interests any more thanloyalty. We are not fighting for imperial'
Danube is not less than German
peace speech and set forth in detail the results ist or annexationist ends, either for ourselves or for Germany, but we shalmost recent
Austria-Hungary expects to realize from the Russian, Ru- act together to the end for our defense, for our political existence andffor
manian and Ukrainian peace treaties. In regard to the four our future. breach in the determination of our enemies to war hasTbeen
The first
peace principles laid down by President Wilson, Count driven by the peace negotiations with Russia. That was a break-through
Czernin declared he agreed with the German Chancellor by the idea of peace.
childish dilletantLsm to overlook the close'relaIt is
that they furnish a suitable basis upon which to negotiate tionship a symptom of peace signatures with each other. The constellaof the various
he continued, "whether or not tion of enemy Powers in the East was like a net. When one mesh was_cut
peace. "The question is,"
Mr. Wilson willisucceedlin:unitinglhis:allies:upon that basis." through the remaining meshes loosened of their own accord..4gs




1426

THE CHRONICLE

[Vol,. 106.

We first gave international recognition to the separation of Ukraine
We do not desire to influence the future relations between the monarchy
from Russia, which had to be accomplished as an internal affair of Russia. and
Serbia and Montenegro by motives conflicting with friendly, neighborly
Profiting from resultant circumstances, which were favorable to our aims, relations.
The best state of egoism is to come to terms with a beaten neighwe concluded with the Ukraine the peace sought by that country.
bor, which leads us to this My egoism regarding Austria-Hungary is that
This gave the lead to peace with Petrograd, whereby Rumania was left after being conquered
militarily, our enemies must be conquered morally.
standing alone, so that she also had to conclude peace. So one peace Only then is
victory complete, and in this respect diplomacy must finish the
brought another, and the desired success, namely, the end of the war in the work of the
armies.
east, Was achieved.
Since I came into office I have striven only after one aim, namely to
The peace concluded with Rumania, it is calculated, will be the starting secure an honorable
peace for the monarchy and to create a situation which
point of friendly relations. The slight frontier rectifications which we re- will secure
to Austria-Hungary future free development, and, moreover,
ceive are not annexations. Wholly uninhabited regions, they servo solely to do
everything possible to insure that this terrible war shall be the last
for military protection. To those who insist that these rectifications fall one
for time out of mind. I have never spoken differently. I do not inunder the category of annexations and accuse me of inconsistency, I reply tend
to go begging for peace, or to obtain it by entreaties or lamentations,
that I have publicly protested against holding out a license to our enemies but to enforce
it by our moral right and physical strength. Any other
which would assure them against the dangers of further adventures.
tactics, I consider, would contribute to the prolongation of the war.
From Russia I did not demand a single meter, but Rumania neglected the
I must say, to my regret, that during the last few weeks and months
favorable moment. The protection of mercantile shipping in the lower
much has been spoken and done in Austria that prolongs the war. Those
Danuve and the guarding of the Iron Gate are guaranteed by the extension
who are prolonging the war are divided into various groups, according to
of the frontier to the heights of Turdu-Severin, by leasing for thirty years a
their motives and tactics. There are, first, those who continuously beg
valuable wharf near this town, together with a strip along the river bank,
for peace. They are despicable and foolish. To endeavor to conclude
an annual rental of 1,000 lei, and,finally, by obtaining the leasing rights to
peace at any price is despicable, for it is unmanly, and it is foolish because it
the islands of Ostrovo. Marecorbu and Simearu, and the transfer of the
continuously feeds the already aggressive spirit of the enemy. The desire
frontier several kilometers southward in the region of the Petroseny coal
for peace of the great masses is natural as well as comprehensible, but the
mine, which better safeguards our possessions in the Szurdok Pass coal basin.
leaders of the people must consider that certain utterances produce abroad
Nagy-Szeben and Fogaras will receive a new security frontier of an just the
opposite effect from what they desire.
average width of from 15 to 18 kilometers at all passes of importance, as,
Firmly relying on our strength and the justice of our cause, I have already
for instance, Predeal, Bodz, Gyimes, Bekas and Tolgyes. The new fronconcluded three moderate, but honorable peace treaties. The rest of OW
tier has been so far removed to Rumanian ground as military reasons reenemies also begin to understand that we have no other desire than to sequire.
cure the future of the monarchy and of our allies, and that we intend to inThe rectification east of Czernowitz has protected that city against fuforce this and can and will inforce it. I shall unswervingly prosecute this
ture attacks.
course, and join issue with any one who opposes me.
At the moment when we are successfully endeavoring to renew friendly
The second group of war prolongers are the annexationists. It is tt disand neighborly relations with Rumania, it is unlikely that we would open
tortion of fact to assert that Germany has made conquests in the East.
old wounds, but every one knows the history of Rumania's entrance into
Lenine's anarchy drove the border people into the arms of Germany. Is
the war and will admit that it was my duty to protect the monarchy
Germany to refuse this involuntary choice of foreign border States?
against future surprises of a similar kind.
The German Government has as little desire for opporessions as we, and
I consider the safest guarantee for the future, international agreements to I am perfectly
convinced that neither annexationists nor weaklings can preprevent war. In such agreements, if they are framed in binding form, I vent
forever a moderate and honorable peace. They delay it, but they canshould see much stronger guarantees against surprise attacks by neighbors
not prevent it.
than in frontier rectifications, but thus far, except in the case of President
The hopes of our enemies of final victory are not merely based on military
Wilson, I have been unable to discover among any of our enemies serious expectations
and the blockade. They are based to a great extent on our
inclination to accept this idea. However, despite the small degree of apinterior political conditions and on certain political leaders not forgetting
proval this idea receives, I consider that it will be realized.
the Czechs. Recently we were almost on the point of entering into negoCalculating the burdens with which the States of the world will emerge
tiations with the Western Powers, when the wind suddenly veered round
from the war, I vainly ask myself how they will cover military expenditures
if competition in armaments remains unrestricted. I do not believe that it and, as we know with certainty, the Entente decided it had better wait,
will be possible for the States after this war adequately to meet the increased as parliamentary and political events in our country justified the hope that
the monarchy would soon be defenseless.
requirements due to the war. I think, rather, that financial conditions
will compel the States to enter into a compromise regarding the limitation
450,000 TONS OF JAPANESE SHIPS FOR THE U. S.
of armaments.
This calculation of mine is neither idealistic nor fantastic, but is based
AND ALLIES.
upon reality in politics in the most literal sense of the word. I,for my part,
A total of 450,000 tons of shipping is to be supplied by
would consider it a great disaster if in the end there should be failure to
Japan for the use of the Allies, according to Associated Press
achieve general agreements regarding the diminution of armaments.
It is obvious that in the peace with Rumania we shall take precautions to reports from Tokio this week.
Of this total 150,000 tons
have our interests in the questions of grain, food supply and petroleum fully
protected. We shall further take precautions that the Catholic Church will be supplied immediately, in return for no consideration
and our schools receive the state of protection they need, and we shall solve except the chartering rates of the Allies. The -Japanese
the Jewish question. The Jew shall henceforth be a citizen with equal Government
will make up the difference between this payrights in Rumania.
The Irredentist propaganda, which has produced so much evil in Hungary, ment and the Far Eastern rate, involving, it is said, an exwill be restrained, and,finally, precautions will be taken to obtain indemni- penditure of 18,000,000 yen. Another 100,000 tons of new
fication for the injustice innocently suffered by many of our countrymen
ships will be delivered between May and September in exowing to the war.
We shall strive by means of a new commercial treaty and appropriate change for an equal tonnage of steel. The remaining
settlement of the railway and shipping questions to protect our economic 200,000 tons will be turned over as constructed later, upon
interests in Rumania.
terms which are mutually regarded as most satisfactory.
Rumania's future lies in the east. Large portions of Bessarabia are inhabited by Rumanians,and there are many indications that the Rumanian The plan was arranged by the American Ambassador to
population there desires close union with Rumania. If Rumania will adopt Japan, Roland S. Morris, with the fullest co-operation
on
a frank, cordial, friendly attitude toward us, we will have no objections to
meeting those tendencies in Bessarabia. Rumania can gain much more the part of the Japanese Government and shipbuilders.
in Bessarabia than she lost in the war.
On March 28 the War Trade Board announced that the
In concluding peace with Rumania it has been my first thought to furnish Japanese Government had agreed
to sell to the United States
the monarchy with foodstuffs and raw materials. Russia did not come into
twelve large steamers, aggregating 100,000 tons capacity,
consideration in this connection owing to the disorganization there.
We agreed with Ukraine that the quantity of grain to be delivered to the and that in return the War Trade Board had agreed to deCentral Powers should be at least 1,000,000 tons. Thirty cars of grain and liver to Japanese
shipbuilders, ton for ton, a corresponding
peas are now en route, 600 cars are ready to be transported, and these
transports will be continued until the imports are organized and can begin amount of steel for shipbuilding. It was also announced
regularly. Larger transports are rendered possible by the peace with Ru- that negotiations were pending for an additional
200,000
mania, which enables goods to be sent from Odessa to Danube ports.
tons of new construction on the same terms. The official
We hope during May to undertake the first large transport from Ukraine.
While I admit that the imports from Ukraine are still small and must be statement of the War Trade Board was as follows:
Arrangements have now been made as a result of the negotiations between
increased, nevertheless our food situation would have been considerably
the United States and Japanese shipbuilders for the purchase of twelve
worse had this agreement not been concluded.
From Rumania we will obtain a considerable surplus of last year's har- Japanese ships of approximately 100,000 tons deadweight capacity, which
vest. Moreover, about 400,000 tons of grain, peas, beans and fodder must will be added to the fleet of the United States Shipping Board within the be transported via the Danube. Rumania must also immediately provide next few months. All of the vessels are large, modern steamers of 6,000
us with 800,000 sheep and pigs, which will improve our meat supply slightly. tons or over, with one exception, and none over two years old. Some, inIt is clear from this that everything will be done to obtain from the ex- deed, are still awaiting completion. Deliveries of the ships at American
ploitation of the regions which peace has opened for us in the East what- ports are to begin not later than May, and to be finished in September, a
ever is obtainable. The difficulties of obtaining these supplies from progressively higher price per ton to be paid according to the month of
Ukraine are still considerable, as no state of order exists there. But with delivery as a premium on early deliveries.
the good-will of the Ukrainian Government and our organization, we will
In return for the sale of the ships the War Trade Board has agreed to
deliver to the Japanese shipbuilders a corresponding amount of steel for
succeed in overcoming the difficulties.
An immediate general peace would not give us further advantages, as all shipbuilding, ton for ton against delivery of the ships.
Europe to-day is suffering from lack of foodstuffs. While the lack of cargo
Further negotiations are in progress to secure from Japanese shipbuilders
space prevents other nations from .supplying themselves, the granaries of 200.000 additional tons of new construction, the ships to be built in return
Ukraine and Rumania roinain open to the Central Powers.
for new steel placed at the disposal of the builders by the War Trade Board.
Recent editorials in such papers as the Jul "Shimpo" of Tokio show an
Replying to the annexationists, Count Czernin said:
encouraging disposition to regard the furnishing of tonnage for Allied war
The forcible annexation of foreign peoples would place difficulties in the
way of a general peace, and such an extension of territories would not needs in the light of a patriotic contribution to Allied war purposes, and
strengthen the Empire. On the contrary, considering the grouping of the with this spirit prevailing a quick and reasonably satisfactory result from
monarchy, they would weaken us. What we require are not territorial these negotiations is hoped for.
As to the chartering of 150,000 tons in addition to the
annexations, but economic safeguards for the future.
We wish to do everything to create in the Balkans a situation of lasting above, there has as yet been no official announcement, but
calm. Not until the collapse of Russia did there cease to exist the factor
a Washington dispatch to the "Journal of Commerce" on
which hitherto made it impossible for us to bring about a definite state of
April 2 reported as follows:
internal peace in the Balkans.
We know that the desire for peace is very great in Serbia, but Serbia has
The best information available here as to the vessels obtained under,
been prevented by the Entente Powers from concluding it. Bulgaria must charter is that the rate paid will be considerably higher than that
estabreceive from Serbia certain districts inhabited by Bulgarians. We, how- lished by the Shipping Board for the requisitioned American ships.
The
ever, have no desire to destroy Serbia. We will enable Serbia to develop, procedure by which these were secured, it is understood,
was that the
and we would welcome closer economic relations with her.
Japanese Government chartered them from the private owners and agreed




APR. 6 1918.]
^,

THE CHRONICLE

to re-charter them to the United States. The 100,000 tons acquired by
purchase, on the other hand, are secured directly from the shipbuilders,
the transaction being sanctioned and facilitated by Japan, Some of these
latter vessels are stated to be still under construction, the ships to be delivered in August, for example, being scheduled for completion during that
month. Thus this country will receive practically new tonnage under this
arrangement.
How many vessels the 150,000 tons to be chartered comprise is not known
here. It is believed, however, that they Average about 5,000 or 6,000
tons, which would mean We addition to the American merchant fleet of
25 or 30 vessels, which can be employed to good advantage in the trans
Atlantic trade.

PROTEST OF THE DUTCH GOVERNMENT AGAINST
SHIP SEIZURE.
That the seizure of Dutch ships in American ports was
unjustified, and constituted "an act of violence which it will
oppose with all the energy of its conviction and its wounded
national feeling," was declared in a statement issued by the
Dutch Government and published in the "Official Gazette"
at The Hague. The document was subsequently handed
to American Minister Garrett at The Hague, not, it is stated,
as a formal protest, but simply as an expression of the
Dutch Government's views. The statement denies that
Holland had acted under German duress, and maintains
that President Wilson was "incorrectly advised" as to several statements contained in his proclamations, which contained assertions "contrary to the true facts."
The statement of the Dutch Government, as forwarded
from The Hague on March 30, was as follows:
With painful surprise, the Government and the whole Dutch nation have
taken notice of the Presidential proclamation and the statement of March
20 relative to the seizure of part of the Dutch merchant fleet. The seizure
en bloc of a neutral mercantile fleet, if only for the duration of the war, is an
act indefensible from the viewpoint of international law and unjustifiable
toward a friendly nation, apart from considerations of legality. But the
manner, also, in which the Presidential statement defends this act of violence does not contribute toward lessening the sting thereof, for this defense
has plainly been drawn up under the influence of a completely incorrect
representation of affairs.
The manner in which the Dutch merchant fleet has been treated in past
months in the United States, the incessant difficulties placed in the way of
our sailings from American ports, repeated refusals of bunkering facilities,
and forced unloading of cargoes already bought—all this may be within the
rights of the United States (save one case, that of the Zeelandia,which with
her own bunker coal entered an American port and has been unlawfully detained there since) but it surely was against the traditional friendship between the two countries, although on this point the Presidential statement
keeps silence.
According to President Wilson's proclamation, the Netherlands, owing
entirely to German pressure,failed to observe the preliminary arrangement
which was proposed for the purpose of leaving no longer idle the Dutch tonnage in American ports and furnishing an opportunity for making voyages
within a period of ninety days, pending a definite agreement on Dutch tonnage and rationing. This is distinctly incorrect. It is equally as incorrect
as the allegation that Germany had threatened to sink two ships which were
to sail from Holland in exchange for two from America which were to sail
to Holland with America's approval, and that Germany had made 'increasing threats to prevent both the observance of such a preliminary
arrangement and the conclusion of a permanent one. The real facts of
the case are as follows:
After the (American) War Trade Board had insisted that Dutch ships in
American ports make trips pending a definite arrangement, the Netherlands Government proposed that some of the ships should make voyages
for the Commission for Relief in Belgium, which Holland has always fostered sedulously for the benefit of distressed Belgium and Northen France.
When information was received that Germany objected to America's demand that a Dutch ship sail from Holland each time in exchange for a relief ship sailing from America, the Netherlands Government deemed it a
duty imposed by good faith to inform the American authorities thereof immediately, so that a ship which was then on the way toward Argentina
could be given a different destination. The direct consequence was that
those ships were kept moving, which was exactly in consonnance with the
provisional agreement.
Respecting sailings to Cette (France), a Swiss interest with which Holland sympathized warmly, the shipowners agreed thereto completely as
soon as France gave assurances that the ships would not be detained at
Cette. Accordingly, several ships were chartered for this service. The
charterings and Killings of all these ships were not sensibly delayed by the
aforementioned objections, neither did Germany attempt to influence the
execution of the provisional agreement, which affected traffic between transatlantic ports. What did seriously interfere with its execution was the
fact that cablegrams to and from shipowners were extremely slow in transmission, and sometimes never wore delivered. The cause of this remains
unexplained.
The fact is that a majority of the ships had been chartered under the provisional agreement through the War Trade Board, and part were already
sailing to South America, but were stopped en route by the American authorities, while in the Pacific ships plying between the western coast of the
United States and the Dutch East Indies made regular voyages without any
impediment, direct or indirect, by the Netherlands Government. The
ships now in British ports in and outside Europe and in the Portuguese port
of St. Vincent were prevented from sailing by the British and Portuguese
themselves.
As shown by the foregoing, the allegation that the Netherlands, owing to
German pressure, was powerless to observe the provisional agreement is
contrary to fact. That the President was incorrectly advised is proved conclusively on a point of greater importance, namely, where the statement
mentions the new demand that Dutch ships would have to enter the war
zone, and the seizure which followed Holland's reply.
After the incorrect allegation that Holland was unable to observe the
provisional agreement,the statement continues: "Great Britain on March 7
made Holland a final proposal, whereupon Holland came forward with a
counterproposal which was unacceptable. Even had the arrangement been
concluded Holland would have been unable to keep it in actual practice, for
which reason the seizure was determined upon. This reasoning, steange
as it may seem, lacks one important link which is indispensable to place the
matter in a proper light. What were the facts?




1427
4

On Feb. 22 the Netherlands, in view of the food shortage threatened in
the coming summer, asked America to advance 100,000 tons of wheat on
account of 400,000 to be definitely arranged for. It is true that the associated Governments on March 6 replied affirmatively regarding the
100,000 tons, without giving a definite reply about the 400,000, but to that
apparent acquiescence they attached the onerous condition that they were
to obtain immediately the disposal of all of that part of the Dutch merchant
fleet to which, according to the projected London plan, they would eventually become entitled.
The Netherlands Government, under the stress of circumstances, prepared to accept this condition as soon as the certainty could be had that the
fullest reliance could be placed not only on the 100,00) tons, but also on
the full 400,000 as the basis of definitive regulation. The Government
was in a position to accept because at the deliberations in London and afterward it was understood strictly that Dutch ships would be employed
only outside the danger zone and that therefore they would in no cases
undertake services for a belligerent which would be an infringement of
neutrality.
Suddenly the aforesaid London engagement was broken on March 7.
when the cardinal point, that ships given in exchange for the advance of
100,000 tons of grain—ships with tonnage amounting to about 500,000—
were to be used in the danger zone, was revoked. The onerous character
of this change lay not in the fact that the Dutch ships were to be sent into
the danger zone—for this has nothing to do with neutrality—but because
It was evident that to enter that zone, situated as it is around the associated
countries in Europe, would amount to a large extent to the transportation
of troops and war materials from America to the European co-belligerents.
Moreover, the Dutch ships, if armed, would run the risk of armed conflict
with German warships. Holland, as a neutral country, could not, therefore, consent to the use of its ships in the danger zone unless the associated
Governments could guarantee that the ships would not be armed and would
not transport troops or war materials.
In the light of the foregoing, the reasoning of the Presidential statement,
in accordance with which the seizure was held to be necessary because Holland would be unable to observe the contract, cannot be sustained. It is
contrary to the true facts. The only true representation is this:
The Powers in question, owing to the loss of ships, felt constrained to
replace the tonnage by obtaining the disposal of a very large number of
ships which belonged not to them but to the Netherlands. They became
aware that the Netherlands Government Could not permit the ships to sail
in the interest of the associated Governments except on the conditions imposed by neutrality, but which were in the judgments of the Governments
not sufficiently in accordance with their interests. Therefore they decided
to seize the Dutch merchant fleet in so far as it lay within their power.
The Netherlands Government deems it its duty, especially in serious
times such as the present, to speak with complete candor. It voices the
sentiments of the entire Dutch nation, which sees in the seizure an act of
violence which it will oppose with all the energy of its conviction and its
wounded national feeling.
According to the Presidential statement, this procedure offers Holland
ample opportunity to obtain bread grain. This is so only apparently; for
would it not be an irresponsible act, after the experiences of•Dutch ships In
American and British ports, to permit other ships to sail to these ports
without adequate guarantees that these experiences shall not occur?
The American Government has always appealed to right and justice.
has always come forward as the champion of small nations. That it now
co-operates in an act diametrically opposed to those principles is a proceeding which can find no counterweight in the manifestations of friendship or assurances of lenient application of the wrong committed.

A formal answer to Holland's protest is expected to be
issued by the State Department within a few days. An
Associated Press dispatch from Washington on March 31
commented on the Dutch protest as follows:
In the view of the American Government, requisitioning of the Dutch
ships in American ports was done in full accord with recognized principles
of international law and most generous guarantees were given for the protection of Holland's commerce and the rights of the shipowners. It would
have been within the rights of the United States to take the vessels permanently, paying for them a just price, but recognizing that Holland would
be handicapped after the war by such action, it was announced that only
the use of the ships would be required. After the war they will be returned
to the Dutch flag in as good condition as when taken, and if sunk will be
replaced.

Robert Otis Hayward, representative of the War Trade
Board at the London conferences with the Dutch, was quoted
in press dispatches on the 2nd inst. as stating that in his
presence the Chairman of the Dutch Commission declared
that German pressure prevented Holland's carrying out the
terms of the proposed agreement. It was only after this
admission, according to Mr. Hayward, that the United
States and England notified Holland that they would set
to close the agreement by requisitioning the ships within one
week. This time was extended to two weeks on a request
from the Dutch Government.
Holland's resentment over the requisitioning of Dutch
ships of the United States and Great Britain will subside if
the United States carries out scrupulously her promise to
supply the Dutch people with food, in the opinion of Hayward. More than 200,000 tons of Dutch river and canal
shipping is being used by Germany, Mr. Hayward said.
DUTCH SHIPS ENROUTE TO AMERICA NOT TO BE
SEIZED.
The American Government has decided that Dutch ships
enroute to the United States from Holland at the time the
Dutch shipping in American ports was requisitioned shall not
be taken over on arrival here. The War Trade Board, in
making this announcement on the 2d inst., declared that inasmuch as the requisitioning had been done, according to
President Wilson's proclamation, to restore the ships laid
up in American harbors to their normal activity, it was not
intended to take the use of those whieb, were in service from
Holland when the proclamation was issued.

I48

THE CHRONICLE

S.

[VOL. 106
..axt

questions arising under the new committee's work will be
handled by Arthur A. Ballantine, Boston, solicitor for the
Revenue Bureau; Fred. T. Field, Boston; Hugh Satterlee of
Rochester, N. Y.; Robert N. Miller of Louisville, and other
special attorneys of the Bureau. There will be in addition
four advisory members: Representative Cordell Hull, member of the House Ways and Means Committee and Chairman of the Excess Profits Advisers; Wallace D. Simmons,
President of the Simmons' Hardware Co., St. Louis; Henry
Walters, Chairman of the Atlantic Coast Line and the Louisville & Nashville RR., Baltimore, and John Burke, Treasurer of the United States.
It is stated that in anticipation of the creation of this reCollectors have been directed to permit delinquent taxpayers to submit, viewing body, many taxpayers with doubts as to the proper
with late returns, if filed immediately, statements showing causes of de- method of reporting filed their returns, together with statelinquency. These statements will be given full consideration in the de- ments of the attitude assumed in calculating profits a certian
termination of penalties and amount of taxes to be assessed.
way, and have asked a review. These will be sorted out
The following notice has also been sent out by Collector immediately by collectors and referred to the reviewers.
Edwards for the Second District of New York regarding Other taxpayers who failed to submit
their returns in this
special extensions of time granted:
form, however, are privileged to ask review of their cases.
OFFICE OF THE COLLECTOR OF INTERNAL REVENUE,
To assist in the review work the committee will have an
Second District of New York.
expert named by each of the 64 district revenue collectors.
Custom House, New York, N. Y.
Sir: Relative to the extension of time granted by me to you to file your This staff will not be permanent, different men being apIncome Tax Return, I have just received a telegram from the Commis- pointed from time to time.
sioner of Internal Revenue at Washington, reading:
It is reported that there is to be advanced to each collector
"Taxpayers granted extension to include May 1 provided they pay tax
when returns are filed. Reference to this telegram should be attached to at the beginning of each quarter of the fiscal year out of the
returns when filed."
appropriation for the refundment of internal revenue taxes
Under the circumstances you will be required to pay your tax at the
time you file your return, otherwise you will have to consider the extension a sum estimated to be sufficient for the repayment to taxabrogated.
payers of excessive collections, as follows:
EXTENSION GRANTED FOR FILING INCOME TAX
RETURNS PROVIDED TAX IS NOW PAID.
A rush in the filing of income tax returns was witnessed
in the few days before the time for their filing expired. On
Monday last, April 1, the final day for handing in reports,
the Internal Revenue Collectors, acting under instructions
from Commissioner Roper, kept their offices open until
midnight for those who had delayed or been unable to make
their returns earlier. That those who failed to make returns by midnight of the 1st will not necessarily have to
pay the heavy penalty required by law, was indicated in an
announcement by Commissioner Roper on the 2nd inst.,
which said:

Will you also kindly, by return mail, per the enclosed envelope which needs
no stamp, give me approximately the amount of tax which will be disclosed by your return when filed. It is very important that I get this information immediately by return mail.

BILL FOR PAYMENT OF INCOME TAX IN
INSTALLMENTS.
Under a bill introduced by Representative McCormick
on April 2, the payment of income and excess profits taxes
in two installments, one-half on or before June 15 and the
other half on or before Oct. 15, is provided for. Representative McCormick is quoted as saying:
It is estimated that the income and excess profits taxes will bring from
$2,500,000,000 to $4,000,000,000. Under the present law these must
be paid before July 1 next. In order to facilitate their payment the Treasury issues short-time tax certificates, of which approximately $1,310,000,000 have been taken up. If the lowest estimate of the total of the
income and excess profits taxes is correct then business men of the country
will have to pay under present conditions approximately $1,200,000,000
into the Treasury between now and July 1.
In the same period they will be called upon to subscribe another $3,000,000,000 in Liberty bonds and to give $100,000,000 to the Red Cross as
well as to finance their regular business enterprises.
It is my understanding that the best banking opinion in the country
favors relief by the Government to the taxpayers in the nature of an authorization of deferred payments, so that the banks will not be called upon
to find money for taxes, Liberty bonds, additional Treasury certificates
and ordinary business credits all in a brief period of time.
The Treasury. I am told, does not need the money so urgently that it is
necessary to strain the credit of the country. If the Government should
run short, the banks would better make advances on Treasury certificates
between June 15 and Oct. 15, than to thousands of taxpayers who must
borrow to pay taxes. The interest on the certificates would be covered
by the interest for which provision is made in my bill.

INCOME TAX—APPOINTMENT OF FEDERAL BOARD
OF TAX REVIEWERS.
Announcement was made on April 2 of the appointment
of a Board of Tax Reviewers, composed of fourteen members,
which will be charged with the duty of adjusting assessments to accord with the individual problems of each business. Only returns appealed by collectors or taxpayers will
be considered by the. Board, the personnel of which, as announced by Internal Revenue Commissioner Roper, is as
follows:
T. S. Adams, economist, of Yale University, Chairman.
J. E. Sterrett, accountant, New York City.
Stuart W. Cramer, of the National Council of Cotton Manufacturers,
Charlotte, N. C.
E. T. Meredith, agricultural publisher, Des Moines, Iowa.
William N. Davis, engineer and oil expert, Bartlesville, Okla.
Thomas E. Lyons, member.of Wisconsin State Tax Conuni.ssion, Madison, Wis.
R. C. Allen, State Geologist, tnnsing, Mich.
Ralph Arnold, geologist and petroleum engineer, Los Angeles, Cal.
John Marks, lawyer and sugar planter, Napoleonville, La.
A.P. Ramstedt, mining, smelting and refining expert, Wallace,Idaho.
George M. Cornwall, lumber expert and editor of "The Timberman."
Portland, Ore.
Carl H. Nau. accountant, Cleveland, Ohio.
H. H. Bond, Massachusetts Income Tax Deputy, Boston, Mass.
L. F. Speer, Deputy Commissioner of Internal Revenue.

J. C. Peacock, a tax expert connected with the Revenue
Bureau, will be Secretary of the tax reviewers. Mr. Adams,
Mr. Sterrett, Mr. Cramer and Mr. Meredith have been
members of the Board of Excess Profits Advisers. Legal




1. Collections exceeding the tax shown by the return of the taxpayer
to be due.
2. Collections exceeding the amount of tax shown by the assessment
list to be due.
3. Duplicate payments where (a) both are made before assessment; (b)
both are made after assessment; (c) one is made before and one after
assessment.

ENTRY OF PROFITS IN INCOME TAX RETURNS.
Advices as to how to make proper entries of profits on
income tax returns in exceptional cases are contained in
a letter from the Bureau of Internal Revenue to Lee, Higginson & Co., published as follows in the "Wall Street
Journal" of yesterday:
Reference is made to your letter of Feb. 7 1918, in which you state that
the Collector's office, Third Massachusetts District, is requiring individuals
who fill out income tax returns,form 1049, to submit a list of all securities,
together with the information called for 0 on page 3, and you ask if it is
necessary to submit a list detailing each sale.
In reply you are advised that if the profits or losses on sales made through
any one broker aggregated $800 or more, you should report tho transactions on a separate line with the name and address of the broker. The
total of other transactions should be reported, Ind it is not necessary to
give details. If, however, this office should ask for further information,
the taxpayer should be able to furnish all the details requested.

The same paper also publishes the following from a letter
to the Corporation Trust Co., signed by Con'imissioner
Daniel C. Roper, and dated March 22 1918:
Reference is made to your letter dated Feb. 15 1918, in regard to the
execution of income tax return form 1040. You inquire if a taxpayer, in
filling in Block G, interest on "tax-free" covenant bonds, is required to
Itemize the payment of or only show the total amount of interest received
during the calendar year.
In reply, you are advised that it is not necessary to enter in Block G
the separate payments of interest on "tax-free" covenant bonds, but the
total amount of interest received during the calendar year from each debtor
corporation should be shown.
You also inquire if the name and address of each tenant must be listed
separately under Block D,income from rents and royalties, and you state
that in the case where a large office building is owned by a taxpayer it
would be difficult for him to furnish the names and addresses of all the
tenants and it would also be difficult to apportion repairs and property
losses.
In reply to this inquiry, you are advised that in cases where a large office
building is owned by an individual, the amount reCeived from each tenant
should be reported separately under Block D in cases where the amount
of rent received from the tenant equals $800 or more, but only the total
amount of income received from the tenants paying less than $800 is required to be shown. It will not be necessary to apportion the repairs and
property losses with respect to each tenant in the building, but the total
thereof must be shown.

WALL STREET MEN KILLED IN FRANCE.
News of the first fatalities of Wall Street young men in
France was made public this week when the names of Lieut.
John B. Graham, of Potter, Choate & Prentice, and Lieut.
William Baillie Fraser-Campbell, of Brown Brothers, of
this city, appeared in the death lists. John B. Graham went
to France as a Second Lieutenant with the Pershing expeditionary forces and was wounded in action on March 5
and died last Monday. Potter, Choate & Prentice before
America's participation in the war encouraged many of
their men to take the Plattsburgh military training,and Mr.
Graham was one of the first men to get his commission.
The firm has twenty-three men in the service. Lieut.
Fraser-Campbell had been a member of the firm of Brown

APR. 6 1918.]

TIIE CHRONICLE

Brothers for one year before he left for service in the Argyle
and Sutherland Highlanders, in January 1916. Lieut.
Fraser-Campbell was at the front continuously with the
British forces for eight months and took part with the
British forces around Ypres. His death occurred while in
action on March 23. He graduated from Harvard in 1911.
His father, the late Evan J. Fraser-Campbell of this city and
Dunmore, Scotland, was a British subject and it was the
father's desire that his sons should retain the same allegiance.

1429

of the credit department, and George M. Bromler has been
made manager of the foreign exchange department. Mr.
Bromler was formerly connected with Kountze Brothers.

On April 2 T. Coleman du Pont was elected President of
the Industrial Finance Corporation, succeeding Clark Williams, who resigns to undertake war work abroad. The Industrial Finance Corporation is the parent company and chief
stockholder of the Morris Plan Banks; there are now 104
banks in the system throughout the United States. The
total capital of Morris Plan banks has been increased durBANKING AND FINANCIAL NEWS.
ing the last four years to $12,000,000. The total resources
to
No sales of bank or trugt company stocks were made at amount,to $40,000,000. Mr. du Pont before his election
stockthe Stock Exchange or at auction this week. Extensive the Presidency this week had been a director and
tables reporting bid and asked quotations, deposits, surplus, holder in the corporation.
&c., of banks and trust companies in all important cities in
The directors of the German-American Bank of this city
the United States are published monthly in the "Bank and
Quotation" Section, the April Issue of which accompanies at a meeting on April 3 resolved to change the name to the
to-day's "Chronicle." Bid and asked quotations for all Continental Bank of New York, and counsel was instructed
New York City bank and trust company stocks are also to take the necessary legal steps. Preliminary to this
published weekly in another department of this paper, and week's action, the directors on March 4 adopted a resolution authorizing the appointment of a committee to select
will be found to-day on page —.
a new name and to adopt the necessary measures to effect
The Central Trust Co. of this city, which plans to merge the change.
with the Union Trust Co., has purchased the Century BuildOver 300 New York bankers were present at the fifth
ing, a twenty-one story office structure, at 74 Broadway,
which adjoins that of the Union Trust. The newly acquired annual dinner of the Forum of New York Chapter, American
property extends through to 9 and 11 New Street; it occupies Institute of Banking, which was held at the Hotel Ma&lpin
a plot with a frontage of 45.6 feet on Broadway and 44.7 Wednesday evening, April 3. Romaine A. Philpot of
feet on New Street. The Century Building was bought Lazard Freres, Chairman of the Forum, presided. The
about a month ago from the Century Building Co. by address of the evening was made by former Senator Theodore
Franklin Pettit. The property is assessed at $1,250,000.
E. Burton, President of the Merchants' National Bank of
The stockholders' meeting to act on the proposed merger New York, who in the course of his remarks made the preof the Central and Union Trust companies will be held next diction that a double result of the war in which the United
week, April 11. It was stated this week that holders of States is now engaged will be a complete victory over Germore than 83% of the capital of the Central Trust had many and a solidifying of the American people into a unified
already sent in proxies approving the plans.
and thoroughly democratic nation. H. R. Kinsey, President of the New York Chapter, and J. A. Neilson, ViceCarroll C. Rawlings, Vice-President and Trust Officer President of Mercantile Bank of the Americas, urged the
of the Union Trust Co. of this city, died suddenly at East audience to co-operate to make the banking support of the
Orange, N. J., on April 4. Mr. Rawlings, who was 65 nation effective in the war.
years of age, was born in Du Pont, Ind. In 1880 he entered
the service of the Union Trust Co. as private secretary to
Because of expanding business, the'National Bank of
Edward King, who was the President at that time, and rose
Mr. Commerce in New York has found it necessary to take over
through successive stages to the Vice-Presidency.
additional space in its building at 31 Nassau Street. Only
Rawlings was also Vice-President of the Bound Brook
recently it was announced that more room was being acBrook, N. J.
Trust Co. of Bound
quired at 35 Nassau Street, to provide new and larger quar2 elected ters for the President and to allow more space for the senior
The directors of the National City Bank on April
to use the remainder of the fourth and
James A. Stillman Chairman of the Board, to succeed his officers. The bank is
Stillman. The latter's death occurred sixth floors and the entire eighteenth floor of the bank buildfather, the late James
the force of clerks, it is stated, increased
on Mar. 15. The motion to install the younger Mr. Stillman ing. During 1917
t facilities for
left vacant through his father's death was made nearly 40%. To provide adequate restauran
in the post
of the bank. At the same this increase, the entire eighteenth floor is being remodeled.
by Frank A. Vanderlip, President
dining-room there will be wellmeeting Charles V. Rich was elected General Executive In addition to the clerks'
g James A. Stillman; the latter has been appointed private rooms for officers and guests. The nineManager, succeedin
the restaurant, will be given
made ex-officio member of the Board of Executive Managers. teenth floor, now occupied by
over to a club-room for the bank employees, and will accomHarry Lawton, formerly head of the foreign exchange de- modate the other welfare activities maintained by the bank
partment of the Fort Dearborn National Bank of Chicago, for its corps of clerks. This expansion is further evidence
was on April 3 appointed an Assistant Treasurer of the Guar- of the growth of the National Bank of Commerce since
anty Trust Co. of New York. Mr. Lawton was born in Eng- James S. Alexander was elected President in 1911. The
4 shows
land in 1873 and at the age of 21 entered the employ of Thomas statement of condition of the bank as of March
whom he represented in several of the Conti- total resources of over $484,000,000. At the time of Mr.
Cook & Son,
of the
nental cities. He was sent to their New York offices in Alexander's accession to the presidency, the resources
1896. The following year he went to Chicago, where he be- bank were somewhat over $207,000,000. The comparison
has
came associated with the Illinois Trust & Savings i3ank. He shows an increase of more than 100%. This growth
was also connected with the old Commercial National Bank taken place practically within the last four years.
prior to its consolidation with the Continental National.
Mr. Lawton left the Commercial in 1911 to take charge of
The Mechanics & Metals National Bank of New York
the foregin exchange department of the Fort Dearborn has changed its fiscal year to conform with the calendar year,
National Bank. He was also President of the Export Man- and in computing its earnings accordingly has declared a
agers' Association of Chicago, later known as the Foreign regular quarterly dividend of 4% for the two months period
Traders' Association.
ending March 31, this dividend being payable April 15.
—«-The last dividend was paid Feb. 13.
Minor C. Keith, First Vice-President of the United Fruit
Co., has been elected a director of the Merchants' National
At the regular monthly meeting of the directors of the
Bank of this city.
United States Mortgage & Trust Co., on March 29, a quarcapital stock of the company was
The opening of branches of the Farmers' Loan & Trust terly dividend of 6% on the
payable March 30, to stockholders of record
Co. in France has been authorized by the New York State declared,
March 29. All of the existing officers of the company were
Superintendent of Banks.
re-elected and Eugene W. Dutton, Manager of the Madison
an Assistant Treasurer.
John H. Brennen, credit manager of the Atlantic National Avenue Branch was elected
made Assistant Cashier in charge
Bank of this city, has been




1430

THE CHRONICLE
[VOL. 106.
Felice Bava, of 66 Broadway, representative of the New
Ellery Holbrook was elected an Assistant Secretary of the
York agency of the Credito Italiano (headoffice, Milan),
Industrial Trust Co., of Providence, R. I., on March 26;
announces on March 30 the receipt of the following cable
from the head office:
At a meeting of the directors of the Merchants National
". . . At the annual meeting of the Credito Italiano, shareholders
approved the Board's report for year 1917 showing net profits of 13,930,
000 Bank of Providence on April 1; Edward P. Jastram was
lire, of which 6,000,000 lire go to surplus fund, 1,000,000 lire to fighter's
elected a director.
national assistance fund, and the
7%. . . ."

rest to dividend, viz.: 35 lire per share, or

The tank has a capital and reserve of 115 million lire.

The Citizens Trust Co. of Schenectady, N. Y., has increased its capital $50,000, raising it from $150,000 to $200,Beginning in June, the national organization of the Ameri- 000. The enlarged capital, which,became effective April 2,
can Institute of Banking will start the publication of a is made up of 2,000 shares of $100 each.
quarterly magazine to be known as the "Bulletin." Devoted
to the interests of the 22,000 Institute members throughout
Edward S. Lewis, hitherto Cashier of the Farmers' &
the United States, the first issue of the "Bulletin" will con- Mechanics' National Bank of Philadelphia, has
been aptain approximately 100 pages, of a small enough size to be pointed Assistant Cashier of the Philadelphia National
carried in the pocket and of typographical arrangement that Bank.
will make it unusually attractive to its readers. Heretofore
The "Journal-Bulletin" of the American Bankers' AssociaHenry G. Brengle, hitherto a Vice-President of the Philation, of which the American Institute of Banking is the delphia Trust Co.,
of Philadelphia, was on April 1 elected
educational section, was the Institute publicity organ. With President to succeed
Thomas S. Gates, whose resignation
the "Bulletin" hereafter issued separately from the "Journal," in order to become a
partner in the firm of Drexel & Co.,
the latter will nevertheless continue to carry news of the we referred to in our issue
of March 23. Mr. Brengle, who
more important Institute activities, and its value to members has been closely associat
ed with Mr. Gates in the building
as an educational medium will not be lost. The new "Bul- up of the business of the
company since he entered its service
letin" will be written in a more intimate and personal vein six years ago,
was the recipient of numerous congratulathan the "Journal," and its articles will be made to appeal tions.
particularly to the younger banking element of America.
Its principal aim will be to provide a clearing house of InWilliam B. Kessler was elected a director of the Mutual
stitute activities, conducted by members for members, inTrust Co. of Philadelphia on April 2 to take the place of a
spired by the spirit to promote Institute unity and loyalty,
deceased member of the board.
and to elevate banking ideals throughout the country. The
proposed subscription price of the "Bulletin," 50 cents per
The Comptroller of the Currency reports the liquidation
annum, will be included in the membership dues of all
of the Sussex National Bank of Seaford, Delaware. The
Chapters.
insitution has been consolidated with the Delaware Trust
Co. of Wilmington.
The Irving National Bank of this city has reprinted the
address, "The Relation of Industrial Chemistry to BankA new banking institution, the Titusville Trust Co., oj
ing," delivered by G. A. O'Reilly, its foreign trade repreTitusville, Pa., was opened for business on March 18 with a
sentative, before the Philadelphia Section of the American
capital of $350,000 and surplus of the same amount. The
Chemical Society. The pamphlet will be mailed by the
new trust company is at present occupying temporary quarbank to inquirers.
ters, pending the completion of its own bank building, work
on which has already been begun. J. C. McKinney is
Theodore Walter Myers, well-known banker and ex- President of the new institution, and D. H. Thomas, SecreComptroller of New York, died suddenly of heart disease at tary. Mr. Thomas resigned as Secretary of the Commonhis home in this city on March 19, in his seventy-fifth year. wealth Trust Co., of Pittsburgh, in order to accept the
Mr. Myers was born in New York City on Jan. 11 1844. Secretaryship of the new Titusville Trust. He had been
His business career began in 1864, when he entered the bank- with the former company eighteen years.
ing firm of Camblas & Myers as Cashier. Later he became
a partner in the Stock Exchange house of M. E. De Rivas
G. Harry Barnes, Cashier of the National Bank of Com& Co. In 1884 he organized the firm of Theodore W.Myers merce, of Baltimore,
was on Marchf26 elected Vice-Presi& Co.,from which he later retired to become a special partner dent of the institution.
He will retainfthe office of Cashier,
in the firm of Arthur Lipper & Co. He was elected Comp- to which post he was appointe
d in 1914 when the National
troller in 1888, serving the city four years and gaining the Bank of Commerce absorbed
the Maryland National Bank,
epithet of "the honest Comptroller." During the Civil War and of which he had at the
time of thelmerger been Cashier.
Mr. Myers fought in the Union Army as a Captain of the Mr. Barnes is a member
of the executive committee of the
Third New York Infantry.
Baltimore Clearing House Association. Eugene Levering
is
President of the National Bank of Commerce, and
J. W.
Oster, Assistant to President.
Vincent Loeser, President of the East River National
Bank of this city, died on April 1 after a few days' illness,
Walter W. Beers, formerly AssistantICashier of the Naaged 60 years. Mr. Loeser was a native of Brooklyn. He
was senior partner in the firm of Loeser, Robinson & Arm- tional Union Bank of Maryland of Baltimore, has been
strong and for many years a member of the New York elected Cashier to succeed S. Sterrett McKim, who some
Produce Exchange. He had been President of the East time ago became Vice-President of the Savings Bank of
Baltimorep but retained the Cashiership of the National
River National Bank since.1905.
Union Bank of Maryland pending the appointment of his
successor. The changes became effective March 1.
Aaron Adams, President of the Essex County Trust Co.,
East Orange, N. J., died at Atlantic City on April 2, aged
W.R. Neel has been elected Assistant Cashier of the Schiff
seventy-eight years. Mr. Adams was for many years a
& Co. State Bank of Chicago.
member of the wholesale grocery irm of Fleming, Adams &
Howe (later changed to Adams & Howe) of this city,
A new banking instituion, the Crawford State Savings
which was dissolved in 1900.- He was a director of the
Fidelity Trust Co. and the City Trust Co. of Newark, N. J. Bank of Chicago, was recently opened for business at 4015
West 12th St. The new bank has a capital of $200,000 and
surplus of $20,000. Howard H. Hanks is President and
The Bridgeport Savings Bank of Bridgeport, Conn., Arthur E. M. Hanke, Vice-President;
H. M. Ellinwood,
recently opened its new bank building at the corner of Cashier; Albert Sedlacek, Assistan
t Cashier.
Main and State Streets, that city. The building is devoted
entirely to the needs of the institution. The Bridgeport
At a meeting of the directors of the Mercantile Trust So
Savings Bank was incorporated in 1842. Arthur W. Bur- Savings Bank of
Chicago on March 19, the quarterly diviritt is President, Edgar W. Bassick and John S. Pullman dend was increased
from 1% to 13/2%, putting the stock on
are Vice-Presidents, and Samuel M. Hawley is Treasurer.
a 6% basis. The dividend was made payable March 30.




APR. 6 1918.1

1431

THE CHRONICLE

..111

on the new building
An increase of $150,000 in the capital of the National Bank ment for labor and materials, work
$250,- will not begin until a later date." The capital of the Third
of Athens, at Athens, Ga., raising it from $100,000 to
and surplus and profits, $2,184,537.
000, has been approved by the Comptroller of the Currency. National is $2,000,000
The First and Old Detroit National Bank has placed
each of its 256 officers and employees under a group insurance
plan, additional to its pension system. Those in the bank's
service for five years or less are insured for $500, five to ten
years $1,000 and those more than ten years for one year's
salary not less than $1,000 oil more than $3,000. The
insurance is made payable to the widow or family of the
insured and automatically terminates in case the employee
leaves the service. The insurance was written by George
W. Brooks, of the Prudential Insurance Co. The bank's
pension fund, started Jan. 1 1913 with $25,000, now amounts
to $90,356.
Judging from the architect's drawing which has just been
hung in the lobby of the Citizens National Bank of Alton,
Ill., that institution is to have a fine new business home.
Louis A. Schlafly, Vice-President, announces that contract
for new building has been let to Hoggson Brothers, builders,
of Chicago and New York. L. Pfeiffenberger and Son of
Alton are the architects. The new home of the Citizens
National Bank will be an individual bank building occupied
exclusively by the bank. Architecturally it will follow the
lines of the French Renaissance type of design, and wil
present a dignified and handsome appearance. A lightl
colored face brick, with grey granite base and terra cotta
cornice and trimmings will be the materials used. The
building has been planned with an eye to the future, and the
enlarged quarters should afford ample accommodations for
the constantly increasing business of the Citizens National
Bank.

E.F. O'Connor,formerly 1st Vice-President of the Peoples'
Bank of Savannah, was on March 19 elected President to
succeed E. M. O'Brien, deceased. At the same time
T. J. McEllinn, Jr., hitherto an Assistant Cashier, was
appointed First Vice-President to take the place of Mr.
O'Connor; A. E. Pierce, formerly an Assistant Cashier,
was elected 2nd Vice-President and Cashier and J. R.
Lovett was made Assistant Cashier. Mr. McEllinn and
Mr. Pierce were also elected directors. The Peoples Bank
was organized in 1910 by E. F. O'Connor and E. M. O'Brien
at which time Mr. O'Brien became President (a position he
held until his death) and Mr. O'Connor First Vice-President.
The bank has a capital of $60,100 and surplus and profits
of $41,000.

The first consolidated statement of the United Commerce
National Bank of Cleveland and the affiliated Citizens
Savings & Trust Co., issued on March 4, depicts the commanding size of this large financial unit under one owner's
hip. The merger of the Union National Bank of Cleveland
and the Bank of Commerce National Association took
place on Feb. 2. The united institution on March 4 reported deposits of $52,686,387 and total assets of $73,345,471.
It has a capital of $4,000,000 and surplus and undivided
profits of $3,229,781. The Citizens Savings & Trust Co.,
with which the Union Commerce National operates in
affiliated ownership, in its March 4 statement showed
deposits of $61,473,913, while its assets aggregated $70,733,
503. It has capital and surplus of $4,000,000 each and
undivided profits of $939,590. The. Union Commerce
National is under the direction of the following: Warren S.
Hayden, Chairman; George A. Coulton, President; George
S. Russell, William E. Ward, Elmer E. Creswell and
William C. Caine, Vice-Presidents; Walter C. Saunders,
Cashier; Harry E. Hills, Carl R. Lee, Frank A. White and
Fred W. Cook, Assistant Cashiers. The officers in charge
of the affairs of the Citizens Savings and Trust Co. are:
J. H. Wade, Chairman; J. R. Nutt, President; E. V. Hale,
First Vice-President; W.M.Baldwin, Second Vice-President;
J. P. Harris, Third Vice-President; D. Z. Norton, Wm. G.
Mather, D. Leuty and H. B. Corner, Vice-Presidents;
H. D. Messick, Trust Officer; G. P. Koellicker, Secretary;
F. D. Williams, Treasurer; W. J. O'Neill, Assistant Trust
Officer; 0. C. Nelson, W. H. Kinsey, R. R. Lee, H. and L.
Brown, Assistant Secretaries; W. H. Fowler, Van R. Purdy,
P. T. Harrold, J. H. Clark and L. R. Miller, Assistant
Treasurers; and H. J. McGinness, Auditor.

The opening for business of the new Marine Bank & Trust
Co. of New Orleans of which L. M.Pool is President (mention of which was made in our issue of Feb. 23) occurred on
March 18. The occasion was marked by the receipt of
floral tributes from all the other New Orleans banks as well
as banks in other cities. Deposits on the first day exceeded
$2,000,000. At present the new institution is located in
temporary quarters at 732-34 Gravier Street, pending the
remodeling of the Denegre Building on Carondelet St., which,
it was announced on March 26, has been purchased by the
bank for a permanent home. W. T. Marfield is Cashier
and W. J. Pillow, Assistant Cashier. The directors are:
J. A. Bandi,,Horace Brownell, Vernon L.. Caldwell, A. F.
Dantzler, W.K.De Pass, M.P. Doullut, W.J. Fitzgibbons,
A. D. Geoghegan, Raymond F. Harriss, W. Irving Moss,
Furman B. Pearce, L. M. Pool, Hampton Reynolds, F. W.
Salmen, W. H. Sullivan, George H. Terriberry, W. H.
Weil, and R. 0. Young. The Marine Bank & Trust Co.
is a member of the New Orleans Clearing House Association
and the Federal Reserve system. There were two sales of
stock of the Marine Bank & Trust Co. on March 18 in the
unlisted department of the Stock Exchange. Five shares
were sold at $151 and later five more at $154 per share.
The stock was subscribed for at $125 per share.
D. F. Garrettson, Chairman of the board of directors of
the First National Bank of San Diego, Cal., has been elected
President of the institution to take the place of C.L. Williams
who has resigned on account of failing health. This is the
second time Mr. Garrettson has held the Presidency of the
First National. For many years he served in that capacity,
but withdrew from the office a short time ago to assume
the less arduous duties of Chairman of the board. He will
now hold both offices.

The annual report of the Bank of Hamilton of Hamilton,
Ont., recently issued (and which this year covers a period
of fifteen months, the close of the fiscal year of the bank
having been changed from Nov. 29 to Feb. 28), shows net
earnings (including war taxes on circulation, patriotio
contributions and pension assessments) of $598,522, or
19.95% of the $3,000,000 paid-up capital of the bank, or
on the basis of twelve months, at the rate of 15.96% as
compared with 14.75% for 1916. Deposits increased
during the fifteen months from $45,398,174 to $53,359,000;
quick assets, including $6,024,000 of Dominion notes, $901,000 of current coin and $2,500,000 in central gold reserves,
total 829,616,000; almost 50% of liabilities to public; general
discounts amounted to $33,134,000 and total assets reached
the large sum of $66,541,000, being an increase of $9,378,000.
Sir John Hendrie is President of the Bank of Hamilton; C. A.
Officials of the Third National Bank of St. Louis announced
-President; and J. P. Bell, General Manager.
on March 20 that, in view of trade expansion in St. Louis Birge, Vice
territory, the bank would erect a large
and the surrounding
new building at 213-15 North Broadway. The Third
ENGLISH FINANCIAL MARKETS—PER CABLE.
National recently purchased this property, which is adjacent
The daily closing quotations for securities, &c., at London,
to its present quarters. The building now occupying the as reported by cable, have been as follows the past week:
Mar. 30. April 1. April 2. April 3. April 4. April 5.
site will be torn down. The new structure will be of the
London,
Fri.
Tues.
Wed. Thurs.
Mon.
Sat.
Week ending April 5.
same style of architecture as the present bank building and
6
45%
45%
45%
d. Holiday Holiday 45%
per oz
will be connected with it by means of arched doorways. Silver, 2% per cents
54%
54%
"
54%
54%
Consols,
94%
94%
94%
In it will be located the Trust, the Savings and the New British, 5 per cents
the bank. The New Business British, 4% per cents
Business Departments of
57.25
57.50
57.24
Paris)._fr.
Department, organized recently, will be in charge of Noble French Rentes (in (in
French War Loan
88.35. 88.35
88.35
fr.
of St. Louis, who was formerly connected with
R. Jones
Paris)
The price of silver in New York on the same days has been:
R. G. Dun & Co. and the Commercial Credit Co. It is also
announced that "in order not to compete with the Govern- Sliver in N. Y., per oz__cts. 9234 9234 9234 9234 9134 914




•6

"

94%

68

100%

100%

100%

100%

1432

THE CHRONICLE

Canadian Bank Clearings.
-The clearings of the Canadian banks for the month of March 1918 show an increase
over the same month of 1917 of 2.1%, and for the three
months the gain reaches 6.0%.
March.

Three Months.

Clearings at
,
1918.

Inc. or
Dec.

1917.

1918.

$
$
%
Montreal
305,158,929328,025,610 -7.0
Toronto
246,559,204231.728,865 +6.4
Winnipeg
182,505,002 175,164,866 +4.2
Vancouver...... 37,632,399 29,080,730 +29.4
Ottawa
23,677,409 21,569,296 +9.8
Quebec
15,929,450 17,046,983 -6.8
Halifax
14,457,473 10,543,126 +37.1
Hamilton
19,799,662 18,672,519 +6.0
St. John
9,169,416 8,929,619 +2.7
London
9,179,200 9,231,757 -0.6
Calgary
26,689,701 24,580,616 +8.6
Victoria
7,267,730 6,205,324 +17.1
Edmonton
13,091,114 10,988,507 +19.1
Regina
12,212,186 11,660,716 +4.7
Brandon
2,471,144 1,993,247 +24.0
Lethbridge
3,253,970 2,967,697 +9.6
Saskatoon
6,660,506 7,661,203 -13.1
Brantford
3,500,000 3,217,375 +8.8
Moose Jaw_ _ 4,711,094 4,398,083 +7.1
Fort William
2,000,000 1,960,005 +2.0
New Westm'er 1,576,375 1,107,323 +42.4
Medicine Hat_ 1,927,924 3,297,092 -41.5
Peterborough. 2,715,629 2,492,826 +8.9
Sherbrooke
3,355,468 3,254,748 +2.5
Kitchener
2,431,909 2,530,566 -3.9
Total Canada 957.913.044938,308,699

1917.

Inc. or
Dec.

8

$
%
927,772,042 939,266,018 -1.2
713,282,391 683,438,558 +4.4
513,046,510 464,911,610 +10.4
110,036,089
82,466,008 +33.4
68,776,331
61,983,333 +11.0
48,255,787
47,790,768 +1.0
42,845,551
33,534,267 +27.8
58,135,692
54,542,692 +6.8
26,481,242
25,236,333 +4.9
27,163,630
26,614,213 +2.1
81,423,360
61,913,040 +31.5
21,504,204
17,936,380 +19.9
39,874,413
30,788,910 +29.5
36,668,467
32,172,243 +14.0
7,121,915
5,780,205 +23.3
8,500,552
8,138,317 +4.4
19,670,599
19,179,230 +2.6
10,252,276
9,459,068 +8.4
14,148,264
13,270,853 +6.6
7,820,166
6,403,749 + 22.1
4,742,471
3,312,625 +43.2
6.058,179
7,123,711 -14.9
8,118,666
6,985,086 +16.7
8,997,084
8,151,495 +10.4
0,781,843
6,828,456 -0.7
+2.1 2,817.455,72412,657,205,170 +6.0

The clearings for the week ending March 28 at Canadian
cities, in comparison with the same week of 1917, show an
increase in the aggregate of 11.5%.
Week ending March 28.

Clearings at
1918.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William.... _
New Westm'er
Medicine Hat_
.
Peterborough __ _
Sherbrooke
Kitchener
Total Canada

$
68,328,775
61,881,479
40,000,000
9,123,385
4,835,864
3,593,815
2,997,637
4,917.030
2,030,678
2,035,770
6,039,307
1,697,118
3,101,872
2,962.825
500,000
977,532
1,688,994
1,020,543
1,100,706
375,000
300,000
400,000
475,000
842,762
475,000
221.701.902

1917.

3

Inc. or
Dec.

1916.

1915.

8

%
+2.0
+26.0
+1.1
+46.2
+11.9
-2.0
+56.3
+23.7
+1.8
+12.3
+10.5
+19.5
+36.6
+13.4
+13.4
+40.0
+2.9
+52.9
-0.05
-5.9
+ 27.4
-24.6
+1.3
-5.5
-4.0

$
55,474,197
37,162,673
23,776,741
4,478,663
3,656474
2,555,608
1,556,784
3,594,916
1,284,982
1,699,957
3,299,793
1,045,857
1,940,379
1,548,528
436,257
395,931
867,346
530,648
710,110
351,348
178,032
294,717
433,603
523,633

38,911,525
28,081,735
20,387,805
4,948,582
4,176,391
2,304,997
1,614,569
2,263,641
1,383,350
1,299,691
3,116,916
1,670,455
1,975,235
1,278,860
366,095
244,007
646,928
431,492
827,506
342,852
231,307
236,403
335,050

108.092.254 4-11.5

147.707.877

117.055.R00

67,001,825
49,102,167
39,552,308
6,241.856
4,319,258
3,667,333
1,918,199
3,976,577
1,995,898
1,812,655
5,463,782
1,420,490
2,270,194
2,612,847
441,035
698,101
1,640,484
667,713
1,101,300
398,510
235,521
528,946
488.790
891,835
494,610

Other Western and Southern Clearings brought forward from the first page:
Week ending March 30.

Clearings at

Tot.otherWest
St. Louis
New Orleans......
Louisville
Houston
Galveston
Richmond
Fort Worth
Memphis
Atlanta
Savannah
Nashville
Norfolk
Birmingham
Augusta
Jacksonville __ _
Mobile
Knoxville
Little Rock
Chattanooga_ _ _
Charleston
Oklahoma
Macon
Austin
Vicksburg
Jackson
Dallas
Tulsa
Muskogee
7Intal 12Innthearn

March.

Three Months.

Clearings at
1918.

1917.

Inc. or
Dec.

1918.

1917.

Inc. or
Dec.

3
Kansas City._ 918,667,804551,778,896 +66.52,505,169,767 1,600,862,487 +56.5
Minneapolis _ _ 141,324,320 126,503,475 +11.7 398,676,302 348,162,149 +14.5
Omaha
293,574,000 164,058,918 +78.9 681,751,287 430,262,158 +58.4
St. Paul
64.951,333 63,068,379 +3.0 180,089,689 170,080,488 +5.9
Denver.
94,388,879 65.740,506 +43.6 256,669,585 180,372,424 +42.3
St. Joseph.... 100,369,310 76,922,326 +30.5 249,540,411 193,119,288 +29.2
Des Moines... 60,334,569 48,114,139 +25.4 129,335,925 108,726,401 +1943
Sioux City_ _ _ _ 48,729,696 28,989,156 +68.1 114,983,304
74,986,183 +53.3
Wichita
40,352,488 23,274,190 +73.4 106,618,109
72,835,711 +46.4
Lincoln
24,259,369 20,293,761 +19.5
59,663,653 48,100,783 +24.0
Davenport_ _ _ _ 12,904,169 12,913,786 -0.07
32,960,097
32,256,102 +2.2
Topeka
15,592,288 10,958,555 +42.3 43,446,133
31,994,494 +35.8
Cedar Rapids_ 10,914,998 14,544,731 -25.0
26,548,04
31,438,169 -15.6
Colorado Spgs_ 3,575,504 3,510,163 +1.8
10,283,571
11,211,985 -8.3
Pueblo
2,989,727 2,774,369 +7.7
8,747,620
7,689,038 +13.8
Fargo
9,222,632 7,138,538 +29.2
23,691,234
19,022,383 +24.5
Sioux Falls__ _ 10,762,707 7,770,256 +38.5
26,023,777
19,337,054 +34.6
Duluth
18,256,242 19,846,238 -8.0 54,442,925
57,704,364 -5.6
Waterloo
11,594,198 10,384,685 +11.6
29,023,677
27,050,323 +7.3
Helena
8,009,517 7,145,020 +12.1
23,363,546
21.925,722 +6.6
Fremont
5,289,289 3,324,222 +59.1
12,157,121
8,787,366 +38.4
Hastings
3,298,539 2,612,000 +26.3
7,644,074
6,286,301 +21.6
Billings
4,305,342 3,957,912 +8.7
12,746,443
11,046,291 +15.4
Aberdeen
4,611,064 3,097,724 +48.9
12,660,920
8,730,791 +45.0
Joplin
8,763,881 8,112,580 +8.0
23,413,514
22,303,857 +5.0
Grand Forks.. 4,8.93,000 4,307,000 +13.6
13,637,000
12,338,000 +10.5
Lawrence
1,839,245 1,149,206 +80.1
4,825,315
3,679,050 +31.2
Iowa City_ __ _ 2,724,592 2,486,312 +9.8
5,694,088
5,026,984 +13.3
Oshkosh
2,469.749 2,141,846 +15.3
6,577,233
6,027,684 +9.1
Springf'd, Mo.
Kan.City, Kan 2,240,158 1,910,817 + 17.3
6,575,996
6,721,363 --2.2
Lewistown_ _ _ _ 1,830,968 2,852,000 -35.8
5,588,863
7,399,265 --24.5
Tot.Oth.West 1938039577 1301681756 +48.55,072,548,545 3,585,484,638 +41.5
St. Louis
683,206,570566,670,732 +20.6 1,876,276,292 1,620,565,248 +15.1
New Orlean.s_ _ 221,903,519139,360,641 +59.2 664,962,594 423,647,617 +56.9
Louisville
111,626,519 87,827,398 +27.1 293,323,903 280,103,950 +4.7
Houston
61,080,675 47,857,635 +27.6 193,434,324 155,681,070 +24.2
Galveston _
22,511,316 19,908,260 +13.1
70,128,953 61,739,038 +13.6.
Richmond. _ _ _ 172,051,492 98,083,626 +75.4 481,147,756 287,021,773
Fort Worth_ _ _ 81,898,979 50,016,781 +23.7 190,539,247 139,037,288 +67.8
+37.0
Memphis
58,168,247 45,607,741 +27.5 182,781,787 138,520,023 +31.9
Atlanta
196,914,670 101,610,451 +93.8 582,221,774 299,889,251 +94.2
Savannah ._ _ _ 32,848,323 23,400,347 +40.7 94,325,582
64,122,364 +47.1
Nashville
59,175,217 41,795,648 +41.3 168,550,685 118,504,650 +42.2
Norfolk
35,368,180 23,141,459 +52.8
98,480,568
87,658,254 +45.6
Birmingham.. 19,089.870 15,729,174 +21.4
54,295,731
45,100,621 +20.4
Augusta
18,947,660 8,524,282 + 122.3
48,409,301
24,772,006 +95.4
Jacksonville _ 20,433,116 18,152,625 +12.6
59,013,082
50,004,920 +18.0
Mobile
6,731,702 5,767,801 +10.5
18,814,101
17,176,242 +9.5
Knoxville
11,305,304 11,442,223 -1.2 33,346,016
29,891,840 +14.9
Little Rock... 23,577,691 14,369,716 +64.1
64,371,105
39,914,063 +61.3
Chattanooga
20,442,567 14,669,741 +39.4
57,501,785
44,877,068 +28.1
Charleston_ __ _ 13,256,295 10,556,456 +25.6
44,699,810
31,481,375 +42.0
Oklahoma
38,602,386 26,999,500 +43.0 114,478.366
73,277,771 +56.2
Macon
8,851,568 5,567,453 +58.9
29,382,152
16,727,513 +75.5
Beaumont _ _ _ _
5,876,575 5,180,754 +13.9
16,473,389
14,653,112 +12.4
Austin
25,999,008 25,995,575 +0.01
78,365,245
64,202,254 +22.1
Wilm'n, N. C. 3,800,937 2,149,063 +76.8
11,248,376
6,572,652 +71.2
Vicksburg _
1,939,410 1,025,723 +89.1
6,145,597
3,450,054 +78.1
Columbia
8,504,259 4,660,987 +80.3 24,986,982
14,491,579 +72.4
Columbus, Ga. 3,440,521 1.585,989 +117.0
9,894,955
4,581,016 +116.0
Jackson
3,000,000 2,307,887 +30.0
8,596,115
7,516,984 +14.4
Meridian
2,000,000 1,714,206 +16.7
6,315,275
4,767,800 +32.5
Tulsa
35,522,348 28,897,834 +22.9 100,659,110
76,763,458 +29.8
Muskogee _
11,704,955 7,262,287 +61.2
33,440,387
19,635,457 +70.3
El Paso
17,342.899 18,345,910 -5.5 50,248,55
52,268,067 -3.9
Dallas
'76,637,231 60,421,335 +26.8 247,135,833 163,771,902 +50.9
Newport News 3,784.164 2,4535,475 + 52.3
9,811,582
7,164,132 +38.9
Montgomery_
7,000,000 3,707,000 +88.8
20,868,996
12,307,142 +69.8
Tampa
6,088,844 5,622,453 +8.3
18,447,02
15,210,200 +21.3
Texarkana,Ark 2,738,355 1,910,562 +43.3
8,848,874
5,708,356 +52.6
Raleigh
4,086,265 2,035,466 +39.2
11,607,236
8,720,272 +33.1
Shreveport
_ ]10.601.6l5 6,793,514 +56.1
32,727,218
20.981,665 +58.0
Total Southern 2127789252 1560050710 +38.46.116,313,719 4,541,550,053 +34.7
*Returns no longer obtainable.

1918.
kansas City__
Minneapolis ____
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Wichita
Lincoln
Davenport
Topeka
Cedar Rapids_ _ _
Colorado Springs
Pueblo
Fargo
Duluth
Waterloo
Helena
Fremont
Hastings
Billings
Aberdeen

[VOL. 106.

1917.

Inc. or
Dec.

1016.

$
187,319,609
26,725,900
59,368,047
12,758,774
21,730,507
20,480,474
10,000,000
9,897,082
9,468,650
4,802,411
2,100,000
3,300,000
1,870,787
505,000
598,892
1,688,548
3,988,335
2,400,000
1,592,194
862,570
573,583
978,968
909,820

$
117,304,106
28,150,316
33,607,439
12,088,517
14,666,112
15,424,097
7,979,812
5,582,839
5,131,693
3,587,251
2,069,742
2,190,385
2,040,602
500,000
526,290
1,458,198
4,344,324
2,377,304
1,554,832
506,196
492,749
684,367
643,501

%
+59.7
-5.1
+46.9
+5.7
+48.2
+32.8
+25.3
+77.3
+84.5
+28.3
+1.5
+50.7
-8.3
+ 1.0
+13.7
+15.8
8.2
+1.0
+2.4
+70.4
+16.4
+43.0
+41.4

$
77,467,956
22,413,694
22,000,000
14,682,488
10,186,923
9,380,343
8,190,353
4,500,000
4,289,258
2,783,360
1,683,728
1,432,239
1,807,873
525,000
405,726
1,674,008
3,751,894
2,258,119
1,035,075
308,130
237,340
514,856
694,686

383,718,151

262,890,V2 +46.7

190,223,137

149,532,216 112,242,424 +33.2
42,805,333
28,051,117 +52.6
21,494,934
17,162,704 +25.2
12,500,000
10,000,000 +25.0
4,900,000
3,787,811 +29.4
38,897,121
21,895,148 +77.6
13,246,233
9,959,789 +33.0
10,541,617
9,533,742 +10.6
39,719,988
20,382,877 +94.9
6,911,843
5,967,416 +15.8
11,091,751
7,976,580 +39.1
7,069,605
4,173,295 +89.4
3,793,442
3,483,813 +9.2
3,500,000
1,660,997 +110.7
4,242,471
3,471,098 +22.2
1,328,710
1,210,090 +9.8
2,300,000
2,400,000 -4.2
4,505,322
2,845,789 +58.3
4,626,544
3,039,411 +52.2
2,600,000
2,279,679 +14.0
8,558,711 -• 6,180,714 +38.4
1,800,000
1,212,698 +48.5
4,100,000
4,000,000 +2.5
367,576
218,657 +68.1
500,000
350,289 +42.9
11,901,913
9,563,100 +24.4
8,428,775
6,110,283 +37.9
2,376,635
1,509,311 +57.4

87,153,133
22,569,978
17,041,560
10,326,923
3,557,445
14,877,609
6,988,548
6,893,449
14,417,745
4,355,919
6,437,875
4,334,983
2,728,440
1,195,989
3,267,760
1,003,593
2,000,000
2,090,483
2,588,581
1,849,207
3,245,985
2,938,313
3,000,000
196,755
346,614
6,192,782
2,721,408
861,663

422 1549 740




80015155 1502 -1-49 9

28151159 749

1915.

Clearings by Telegraph-Sales of Stocks, Bonds, 84c.

$
-The subjoined table, covering clearings for the current
67,428,643
17,497,196 week, usually appears on the first page of each issue, but on
17,525,213
8,518,518 account of the length of the other tables is crowded out
8,036,913 once a month.
The figures are received by telegraph from
6,192,587
8,108,840 other leading cities. Good Friday (a partial holiday)
3,200,000
3,207,234 occurred in the week last year:
2,261,030
1,861,242
-Returns by Telegraph.
Clearings
Per
1,063,703
Week ending April 8.
1918.
1917.
Cent.
1,749,004
500,000
New York
$2,895,726,365 $3,059,570,810
-5.4
400,458
438,383,841
419,345,945
+4.5
1,048,485 Chicago
336,011,639
235,588,441
+42.6
3,154,855 Philadelphia
254,414,371
243,799,868
+4.4
1,760,590 Boston
123,965,618
102,919,198 +20.5
1,242,932 St. Louts
.185,000,000
112,472,909 +64.5
331,238 Kansas City
78,105,137
71,704,105
257,067 San Francisco
+8.9
71,512,905
52,787,603
461,985 Pittsburgh
+35.5
45,230,018
42,361,982
519,722 Detroit
+6.8
Baltimore
54,064,818
38,250,644 +41.3
48,086,007
41,353,881
154,327.455 New Orleans
+18.3
Eleven cities, five days
$4,530,500,779 $4,420,155,388
80,747,027
+2.5
Other cities, five days
821,067,493
654,289,693 +25.5
17,635,107
10,341,272
Total all cities, five days
$5,351,568,272 35,074,445,079
7,500,000
+5.5
925,267,461'
'
737,549,352
4,673,369 All cities, one day
+25.5
8,891,764
Tntal all eltlea for week
SR 2711.R:15.7R:1 9.5 $211 004 421
-I-R n
6,417,575
6,849,016
* Partly estimated.
12,090,634
5,003,944
Our usual monthly detailed statement of transactions on
4,771,844
3,744,915 the New York Stock Exchange
is appended. The results
2,588,747
1,575,481 for the three months of 1918 and 1917 are given below.
2,795,599
1,177,746
Three Months 1918.
Three Months 1917.
1,600,000
Descrip1,955,245
Lion.
Par Value
Aver. Par Value
Actual
2,125,712
Actual
river.
or Quantity.
Price. or Quantity.
Value.
2,190,437
Value.
Price.
2,145,200
33,453,913
49,186,172
2,311,995 Stock iShs.
1VaL $3,135,433,559 $2,882,557,388 01.9 $4,411,449,530 34,224,894,541 95.8
3,106,448
76,490,500
66,100,567 86.4
184,103,500 165,982,745 96.1
230,780 RR. bonds
178,549,500
173,234,803 97.0
200,032 183.4
380,977 U.S.bonds
193,500
State &city
58,680,500
bonds..
53,048,425 93.6
91,709,000
88,284,125 08.3
1,041,217
12,400
21,392 172.5
15,200
37,565 247.1
602,395 Bank stks.
104 2154 4415

Total.... _ - 33,447,168,450 33,174,962,575 92.1 $4,687,560,73084,479,179,008 95.6

The volume of transactions in share properties on the New
York Stock Exchange each month since Jan. 1 in 1918 and
1917 is indicated in the following:
EXCHANGE.
SALES OF STOCKS AT THE NEW YORK STOCK
1917.

1918.
M 'th
Number
of
Shares.

1433

THE CHRONICLE

APR. 6 1918.1

Values.
Par.

Actual.

Number
of
Shares.

Values.
Par.

IR

By Messrs. R.L. Day & Co., Boston:
$ per sh.
Shares. Stocks.
2645
7 Merchants' Nat. Bank
395
6 First Nat. Bank, Boston
190
10 Nat. Shawmut Bank
pref., $50 each_ 38%
1 Boston Belting,
Salmon Falls Mfg., common_ _ _ 30
1293.4
10 Ludlow Mfg. Associates
1034
10 Waltham Watch, common
111%
3 Lawrence Gas

$ per sh.
Shares. Stocks.
13634
1 Amer. Glue, pref
15 Scranton Life Ins., 310 each_ 6
15
Mass. Bonding & Insur
97
9 Hood Rubber, pref
_ _200
Plymouth Cordage, div.
18
Per cent.
on_Bonds.
32.000 Brockton, Mass., Hunting984
loan 4s
ton School

By Messrs. Barnes & Lofland, Philadelphia:

Actual.

$ per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
3
800 Pacific Mg.dr Reduc.,$10 each $2 lot
$
30 People's Nat. F. Ins., $25 each 16
61 Santa Lucia Mg. tic Mill., com.,1
0 1,175,427,682 16,939,44 1,537.971,930 1,465.687,290 11 Phil. Ger. & Norris. RR., $50
Jan 13,616,357 1,279,740,70
I $1
$10 each
3,588,465 1,219,280,130 1,170,569,988
125X
each
Feb 11,418,079 1,083,216,900 996,548,2891
1,654,197,470 1,588,437,263 25 Kensington Nat. Bk., $50 each_101
5 Santa Lucia Mg. & Mill., non-} lot
Mar_ 8,419,477 772,475,950 710,581,417 18,658,267
accum., $10 each
525
Trust
10 Land Title &
$2 lot
70 Amer. Product Co
9,186,172 4,411,440,530 4,224,694,541
150
5 Logan Trust
lstqu 33,453,913 3,135,433,550 2,882,557,388
$1 lot
25 Gibraltar Mining
825
Trust
k 11
months 1 Philadelphia Phil., $50 each _ _300 5 Pa.Bldg. dr Loan Assoc
1 Fire Assoc. of
The following compilation covers the clearings by
f lot
1 Star Newspaper Assoc
1234 United Firemen's Ins., $10
1.30
12
500 Daly Mining
since Jan. 1 1918 and 1917:
each
10 United Gas & El., 1st pref._ _ 40
MONTHLY CLEARINGS.
Per cent.
353.4 Bonds.
20 People's Trust
$1 lot $1,000 Camden & Suburban Ry.
5 Green River Oil, $1 each
9131
1st 5s, 1946
Clearings Outside New York.
$1 lot
18 Barney Durnping Boat
Clearings. Total AU.
500 Gibraltar Mining deben. 6s $1 lot
1 Alaskan Ruby Mg. dr Dev.,1
Month.
1917.
500 Burlington Gas Lt. 1st 5s,
1918.
) Si
1917.
$10 each
1918.
1921
953j
lot
200 N.J.& Pa.Telephone
2,000 Montrose Cemetery 1st 5s,
$
32
5 National Butter, pref
50
88 10,515,139,790 +12.6
1916
11,821,506,4
lot
7 National Butter, common
Jan___ 26,540,574,018 25,642,505,405 +3.6 10,000,002,811 8,836,386,145 +13.2
Feb _ 22,259.358,866 21,630.473.389 +2.8 12,245,669,704 10,565,287,306 +15.9
66 +5.2
Mar_ 26,085,951,085 24,794,414,5
-CHANGES IN TOTALS OF, AND IN
03 29,916,813,241 +13.9
BANK NOTES
1st qu. 74,885,883,969 72,067,393,360 +3.9 34,067,179.0
which

-We give below tables
TED BONDS, &c.
country DEPOSI
The corse of bank clearings at leading cities of the the last show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
for the month of March and since Jan. 1 in each of
four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
Jan. 1 to March 31
March
1917. 1916.
1)18. 1917. 1916. 1915. 1918.
(000,0005
$
$
$
$
$
$
S
omitted.)
12,548 7,565 40,819 42,151 35,981
11,840 14,229
New York
6,044 4,695
2,345 2,218 1,731 1.386 6,154
Chicago
2,601
2,909
653 3,222
932
972
1,110
Boston
659 4,173 4,116 2,989
1,427 1,467 1,013
Philadelphia
1,194
1,630
1,876
336
408
567
683
Louis
St.
778
987
881
203
269
352
301
Pittsburgh
746
1,052
1,217
220
270
368
423
San Francisco
413
501
597
113
150
174
237
Cincinnati
549
535
556
155
182
183
216
Baltimore
1,047
1,601
2,505
306
372
552
919
City
Kansas
486
775
905
120
166
267
303
Cleveland
309
424
665
83
102
139
222
New Orleans
337
348
399
125
112
127
141
Minneapolis
245
280
293
54
80
88
112
'
Louisville
462
664
616.
107
166
231
217
Detroit
242
305
346
69
85
110
130
Milwaukee
293
388
363
88
109
138
121
Los Angeles
122
132
143
31
39
44
49
Providence
299
430
682
86
114
164
294
Omaha
176
225
250
43
59
73
83
Buffalo
191
170
180
57
64
63
65
St. Paul
126
163
180
34
42
56
63
Indianapolis
136
180
257
37
49
66
94
Denver!
201
287
481
41
68
98
172
Richmond
108
139
183
34
34
46
58
Memphis
160
232
358
56
65
87
128
Seattle
97
109
96
29
35
40
32
Hartford
109
158
157
25
38
51
50
Salt Lake City_23,835 22,970 19,302 62,715 68,554 66,935 55,092
Total
4,084
6,332 6,132
2,251 1,824 1,442 1,133
Other cities

Circulation Afloat Under-

Bonds and Legal Tenders
go Deposit for

1915.
$
21,335
3,850
1,855
1,898
988
587
622
319
452
920
321
248
363
166
292
220
250
93
231
137
148
102
110
115
100
146
81
74

1917-18.
Bonds.

Legal
Tenders.

Bonds.

$
$
Mar.30 1918_ _ 688,060,510 36,252,360
Feb. 28 1918__ 685,349,410 37,047,275
Jan. 31 1918_ 684,508,260 36,311,670
Dee.31 1917__ 683,581,260 37,397,649
Nov .30 1917_ 681,565.810 38,103,287
Oat. 31 1917__ 679,440,210 39,573,272
Sept.29 1917_ 678.134,370 41,396,305
Aug. 311017.. 677,818,430 43,223,059 •
July 81 1917__ 673,121,730 45,416,747
June 30 1917__ 671,333,060 47,749,577
669,392,710 50,241.202
May 31 1917__
Apr. 30 1917_ 667.587,120 53,245,374
Mar./31 1917_ 664.526.370 56.191.132

$
684,667,147
680,992,730
681,521,545
681,814,981
678,948,778
676,703,103
675.182,077
674,514,656
670,367,175
667,670,433
666,344.773
664,245,448
661.371.468

Legal
Tenders.
$
36,252,360
37,047,275
36,311,670
37,397,649
38,103,287
39,573,272
41,396,305
43;223,059
45,410,747
47,749,577
50,241,202
53,245,374
56.191.132

Total.
$
720,919,507
718,040,005
717,833,215
719,212,630
717.052,061
716.276,375
716,578,382
717,737,715
715,783,922
715,420,010
716.585,971
717,490.822
717.562.600

$11,662,045 Federal Reserve bank notes outstanding April 1,of which $10,614,000
covered by bonds and $1,048,045 by lawful money.

The following show the amount'of each class of U. S.
bonds held against national bank circulation and to secure
:
public moneys held in national bank depositaries on Mar.30
U. S. Bonds Held Mar. 30 to Secure
Bonds on DeposU
Mar. 30 1918.

36,032
3,212

26,086 24,704 20,744 13,848 74,886 72,067 59,176 30,244
Total all
8,196 6,283V34,067 29,916 23,195 17,909
Outside New York_12,246 10,565

gourntercial tndAtiscainueousgem

On deposit to On deposit to
secure
secure Federal
Reserve Bank National Bank
Notes.
Notes.

Total
Reid.

Total

825,000
146,500
155,000

556,793,100
18,316,320
41,081,650
47,047,820
24,821,620

566,399,000
18,316,320
41,906,650
47,194,320
24.976,620

10,732,400

2% U.S. Consols 01 1930
Loan of 1908-1918
3% U
4% U. S. Loan 01 1825
2% U. S. Panama of 1936
2% U. S. Panama of 1938

688,060,510

698,792,910

9,605,900

-The following information regarding
Th.() following shows the amount of national bank notes
National Banks.
Mar. 1 and
er
national banks is from the office of the Comptroller of the afloat and the amount of legal-tend deposits March.
Apr.1 and their inc. or dec. during the month of
, Treasury Department:
Currency
-Total Afloat
National Bank Notes
APPLICATIONS FOR CHARTER.
banks:
For organization of national
National Bank of Stuart, Okla. Capital
The Farmers
of Stratton, Colo. Capital
The First National Bank of Montpelier, N. Dak. Capital
30,000
The First National Bank
banks:
For conversion of State
Bank of Faith, S. Dak. Capital_
The Stockmen's National
Conversion of The Stockmen's State Bank, Faith.
Total
INCREASES OF CAPITAL APPROVED.
Stuttgart, Ark. Capital increased
The First National Bank
to $50,000. Amount
from
Bank of Athens, Ga. Capital increased from
The National
150,000
$100,000 to $250,000. Amount

$25,000
25,000

25,000
$105,000

of

Amount afloat March 1 1918
Net amount issued during March

$718,040,005
2,879,502

Amount of bank notes afloat April 1 1918
Legal Tender Notes
Amount on deposit to redeem national bank notes March 1 1918
Not amount of bank notes retired in March

$720,919,507
$37,047,275
794,915

Amount on deposit to redeem national bank notes April 1 1918._ _ $36,252.360

$25,000

DIVIDENDS.
shows all the dividends announced for the
The following
or important corporations.
---------$175,000' future by large
Total ---------------------------------------Dividends announced this week are printed in italics.
VOLUNTARY LIQUIDATIONS.

$25,000

national banks:
For consolidation with other National Bank of Idaho Springs,
Miners
The Merchants
$50,000
-----------------------Colo. Capital Roberts, Idaho Springs.
Liquidating Agent, Wm. A. National Bank of
Idaho Springs.
Consolidated with The First
Other liquidations:
50,000
of Seaford, Dela. Capital
The Sussex National BankNixon, Wilmington.
Liquidating agent, J II.
Consolidated with the Delaware Trust Co. of Wilmington.

Name of Company.

When
Per
Cent. Payable.

Railroads (Steam).
Atch. Topeka & Santa Fe, corn. (guar.). _ _
Belt RR. de Stk. Yds., Indianp., corn. (qu.)
Preferred (guar.)
Delaware Lackawanna dr Western (quar.)
Georgia RR.& Banking (guar.)
Great Northern (guar.)
Illinois Central (guar.)(No. 130)
-Among other securities, the following Kansas City Southern, preferred (quar.)_
Auction Sales.
S. M.,corn. & prefMinn. St.
dealt in at the Stock Exchange, were recently sold Norfolk & Paul & S.adj. pref.(quar.)..
Western,
not usually
Northern Pacific (guar.)
Boston and Philadelphia:
at auction in New York,
Pere Marquette Ry. prior preference (Guar.)
common (guar.)._ _
By Messrs. Adrian H. Muller & Sons, New York: Per cent. Reading Company, second prof. (Qum.).
Reading Company,
Per cent. Shares. Stocks.
Shares. Stocks.
600 Schieffelln & Co., com__31 per sh. Southern Railway, preferred
$1 each,
3,900 Crude 011 producing,
Wabash Ry., preferred A (guar.)
$50 lot
Per cent. Warren RR
Bonds.
200 Knicker.-Wyo. Oil, corn., lot $5,000 Remington Arms
-Union
$125
$10 each
Street & Electric Railways
Met. Cartridge 5% notes, 1919_ _ 81
New
10 Solebury Nat. Bank,
Bangor fly. & Elec., pref. (qu.)(No. 26)
$50 per sh. 3,000 2d Ave. RR.6% Receiver's
Hope,Pa
Brooklyn City RR.(quar.)
38
certificates
10 Fourteen John St. Realty,per sh. 1,000 Cosden & Co. 1st 6s, 1926_ 75
Power & Light, cont. (quar.)
Carolina
$70
Central Illinois Pub. Service, pf. (qu.)Cin. Newp.dr Coy. L.& Tr.,corn,(quar.)
Boston:
By Messrs. Millett, Roe & Hagen,Stocks.
Preferred (quay.)
$ per 3 .
per sh. Shares.
15
Shares. Stocks.
Cities Service, common & pref.(monthly)
i Slimon Falls Mfg., corn
30
55
Common (payable in common stock).20 Pub. Service Invest., prof
Per cent.
10% Bonds.
Dayton & Troy Elec. Ry pref. (qu.)
4 Waltham Watch, common
$1,000 Quincy Mkt. Realty Trust
90
5 Wis. & Minn. Lt. dr Pow., pref.19/J X
Duquesne Light, pref. (quar.)(No. 13)04%
5s, 1964
10 Plymouth Cordage




Books Closed.
Days Inclusive.

13.4 June 1 Holders of rec. May 3
April 1
5
13.4 April 1
$2 50 April 20 Holders of rec. April 5a
April 15 April 2 to April 14
3
134 May 1 Holders of rec. April 5a
134 June 1 Holders of rec. May 3
April 15 Holders of rec. Mar.30a
1
334 Apr. 15 Holders of rec. Mar.22a
May 18 Holders of rec. April 30
1
14 May 1 Holders of rec. April 12a
134 May 1 Holders of rec. April 15a
May 9 Holders of rec. April 180
$1
60o. Apr. 11 Holders of rec. Mar.26a
234 Apr1130 Holders of rec. April 2a
1
April 30 Holders of rec. April 10
$1 75 April 15 Holders of rec. April 6a
April 1 Holders of rec. Mar. 26
April 15 April 4 to April 15
May 1 Holders of rec. April 15
April 15 Mar. 31 to Apr. 15
April 15 Mar.31 to April 15
April 15 Mar. 31 to April 15
34 May 1 Holders of rec. April 15a
May 1 Holders of rec. April 15a
134 Mar.30 Mar.27 to Mar.31
134 May 1 Holders of res. April 1

134
23.4
,
34
134
134
134

1434

THE CHRONICLE

[VOL. 106.

Per
When
Books Closed.
Name of Company.
Cent. Payable.
Per
When
Days Inclusive.
Books Closed.
Name of Company.
Cent. Payable
Days Inclusive.
Street and Electric Railways.(Con)
Georgia Ry.& Power 1st pref. (quar.)_ _ _
Miscellaneous (Concluded)
1% April 20 Holders of rec. April 10a Kayser
Green & Coates Sts. Pass., Phila.(quar.)_
(Julius) & Co., 1st SG 2d pref.(qu.) 154
May I Holders of reo. Apr. 19a
April 7
Kelly-Springfield Tire, corn. (guar.)
Kentucky Securities Corp., pref.(par.)_ _ _ 31. 50 April 6 Mar. 24 to
1% April 15 Holders of rec. April 8
May 1 Holders of rec. April 15
$1
Manchester Tract. L. & Pow.(guar.)
La Rose Mines. Ltd
2
April 15 Holders of rec. April la
20. April 20 Holders of reo. Mar.
Lindsay Light, common (guar.)
Monongahela Valley Trac., corn. (quar.) 31%c.
30
5
April 15 Holders of rec. Mar. 30a
May 31 Holders of rec. May I
Common (extra)
Preferred (guar.)
375c. April 6 Holders of rec. Mar. 30a
5
May 31 Holders of rec. May 1
Preferred (guar.)
Ottumwa Ry. & Light, pref. (guar.)
1% April 15 Holders of rec. Mar. 30
134 May 31 Holders of rec. May
1
Philadelphia Co. 6% cum. pref. (quar.) _
Lorillard (P.) Co., com. (in corn. stock)
$1 50
120
April 10 Holders of reo. April ba
Lukens Steel, 1st and 2d pref. (guar.)
Phila. & Western Ry., pref. (quar.)_ _ _ d62 -c May 1 Holders of rec. April la
._
) April 15 Holders of rec. Mar. 30a
Republic Ry. dy Light, com.(qu.)(No.6) 1
MacAndrews dc Forbes, common (quay.) 134 Apr. 15 Mar. 31 to Apr. 14
April 15 Holders of rec. Mar.30
234 April 15 Holders of rec. Mar. 300
Preferred (quar.) (No. 27)
Common (extra)
April 15 Holders of rec. Mar.30
134 April 15 Holders of rec. Mar.303
Texas Electric Ry., 1st pref. (guar.)
Preferred (quar.)
1% April 1 Mar. 22 to
134 April 15 Holders of rec. Mar.30a
Mar. 31
Manufacturers Light & Heat (quar.).United Rys. .S6 Elec., Bait., corn.(quar.)
_
50c. April 15 Holders of rec. Mar.273 Maple
$1
Apr. 15 Holders of rec. Apr. la
Wash. Bait. & Annap., common
Leaf Milling, common (guar.). -$1
((mar.)
April 15 Holders of rec. Mar. 30a
234 Apr. 18 Holders of rec. Apr. 3
West Penn. Power, preferred (quar.)___ Common (extra)
1% May 1 11ofders of rec. April
_
1
Apr. 18 Ilolders of rec. Apr. 3
20
York Railways, preferred (guar.)
Preferred (guar.)
6230. April 30 Holders of rec. April 200
Massachusetts Gas Cos., common (guar.) 1% Apr. 18 Holders of rec. Apr. 3
Massachusetts Lighting Cos., com. (qu.) 134 May 1 Holders of rec. April 15
Banks.
25c. April 15 Holders of rec. Mar.25
Mechanics & Metals National (quar.). _
Preferred (quar.)
4
Apr. 15 Holders of rec. Apr. 6a
$1.50 April 15 Holders of reo. Mar. 25
Produce Exchange, New York (guar.)
Mexica
3
Apr. 15 Holders of rec. Apr. 10a Mexica n Petroleum,common (auar.)
12
Apr. 10 Holders of rec. Mar. 150
n Telegraph (attar.)
234 Apr. 17 Holders of rec. Apr. 10a
Miami Copper Co. (guar.)(No. 23)
Miscellaneous.
May 15 Holders of rec. May la
$1
Ahmeek Mining (quar.)
Michigan Limestone Sr Chem. ord. (qu.)
52
Apr. 10 Holders of rec. Mar. 29
April 15 lIolders of rec. Mar.
Air Reduction,common (guar.)(No.4)
April 15 Holders of rec. Mar. 303 Midvale Steel & Ord. (guar.)(No.6)
51
$1.50 May 1 Holders of rec. April 16a
Preferred (quar.)
15a
13% April 15 Holders of reo. Mar. 30a Midwest Oil, preferred (guar.)
2o. April 20 Holders of roe. April
Alabama Company, 1st & 2d pref.(quar.) 13% April
Midwes
1
10 Holders of rec. Mar. 30a Montret Refining (guar.)
$1
May 1 Holders of rec. Apr. 15
Alliance Really (guar.)
al Telegraph (quar.)
134 April 16 Holders of rec. April 10
Apr. 15 Holders of rec. Mar.30
Allis-Chalmers Mfg., pref. (quar.)
Mountain States Telep. & Teleg. (guar.) 2
13% April 15 Holders of reo. Mar. 30a
1% Apr. 15 Holders of rec. Mar. 30a
Extra (on acct. accumulated dividends) h% April
National Biscuit, corn. (guar.)(No.
79). 134 April 15 Holders of rec. Mar. 300
15 Holders of rec. Mar.30a
Amer. Agric. Chem.,com.(qu.)(No.
Nat. Cloak Ar Suit, corn.(qu.)(No.5)
26) 134 April 15 Holders of rec. Mar. 25a Nationa
1% April 15 Holders of rec. April
Preferred (guar.)(No. 51)
80
l Fuel Gas (quar.)
134 April 15 Holders of rec. Mar. 253
234 April 15 Holders of rec. Mar. 30a
Amer. Bank Note, common (quar.)
National Grocer, common (guar.)
75e. May 15 Holders of rec. May
2
Juno 30 June 20 to
Amer. Beet Sugar, common (quar.)
1
June 30
Preferred
k2
April 30 Holders of roe. April 13a
-3
June 30 June 20 to
American Cigar, common (guar.)
Juno 30
134 May 1 Holders of rec. April 15a National Paper & Type, common (guar.) 2
Apr. 15 Holders of rec. Mar. 300
Amer. Cyanamid, pref. (No. 10)
Preferred (guar.)
3
May 1 April 21 to
134 Apr. 15 'folders of rec. Mar.30a
May 1
Amer. Gas & Elec. pref. (guar.)(No. 45)
Nevada-California Elec. Corp., pref. (qty.)
750. May 1 Holders of rec. April 18
April 30 Holders of rec. Mar. 300
American Glue, common
New England Power, pref. (guar.)
5
May 1 April 14 to May 2
134 April 15 Holders of rec. April
Common (extra, pay. in Liberty Loan bds) 15
New Jersey Zinc (quar.)
la
May 1 April 14 to May 2
May 10 Holders of rec. Apr. 30
American Ice, preferred (guar.)
13% April 25 Holders of rec. April 15a New York Transit (guar.)
4
Apr. 15 [folders of roe. Mar. 23
Amer. Light & Tract., corn. (guar.)
Extra
234 May 1 April 12 to
4
Apr. 15 Holders of rec. Mar. 23
April 25
Common (payable in common stock). _
Niagara Falls Power (guar.)
f234 May 1 April 12 to
2
Apr. 15 Holders of reo. Mar.300
April 25
Preferred (guar.)
Nipissing Mines (quar.)
May 1 April 12 to
25e. April 20 Mar. 31 to
Apri125
American Locomotive. preferred (quar.)_
North Butte Mining (guar.)(No. 46)
April
25c. April 29 Hol'ers of rec. April 17
13% Apr. 22 Holders of reo. Apr. ba Norther
Amer. Malting, let and 2d pref.(quar.)._
12a
1.34 May 1 Holders of rec. April 16a Nova n States Power, preferred (quar.) 1% April 20 Holders of rec. Mar.
American Seeding Machine, com.(guar.) 1
30
Scotia Steel dr Coal, com.(guar.).April 15 Holders of rec. Mar 30a
134 Apr. 15 Holders of reo.
Preferred (quar.)
Mar.30
Preferred (guar.)
April 1' Holders of rec. Mar. 30a
Apr. 15 Holders of reo. Mar. 30a
American Shipbuilding, common (quar.)..
Ohio Fuel Supply (guar.)
13% May 1 Holders of rec. April 15a
62340. April 15 Holders of rec. Mar. 30a
Common (extra)
234 May 1 Holders of rec. April 15a Oklahoma Natural Gas (guar.)
50c. Apr. 20 lIolders of rec. Apr.
Preferred (quar.)
Osceola Consolidated Mining (quar.)
9
1% May 1 Holders of rec. April 15a Otis
$2 Apr. 30 Holders of reo. Mar.300
Amer. Telep. & Teleg. (quar.)
Elevator, common (quar.)
2
Apr. 15 Mar. 16 to Mar. 26
134 April 15 Holders of rec. Mar.
Amer. Type Founders, common (guar.). 1
Preferred (quar.)
30
April 15 holders of reo. April 10a
134 April 15 Holders of reo. Mar.30
Preferred (guar.)
April 15 Holders of rec. April 10a Pacific Coast Co., common (quar.)
1
May I Holders of rec. Apr. 24
Amer. Woolen, common (guar.)
First preferred (quar.)
134 Apr. 15 Mar. 17 to
May 1 !folders of rec. Apr. 24
Apr. 1
Preferred (guar.)
Second preferred (quar.)
13% Apr. 15 Mar. 17 to
May 1 Holders of rec. Apr. 24
Apr. 1
Anaconda Copper Mining (guar.)
Pacific Teleph. & Teleg., prof.(auar.)
$2
May 27 April 21 to
April 15 Mar. 31 to
May 15
Associated 011 (guar.)
Pan-Amer. Petrol. & Trans., com.(guar.)
April
13% Apr. 15 Holders of reo. Mar. 22a
Apr. 10 Holders of reo. Mar. 15
Atlas Powder, pref. (guar.)
Penmans, Ltd.,common (guar.)
May 1 April 21 to
May 15 Holders of roe. May 150
April 30
BarnhartBros.&Spindler,lst&2dpf.(qu.)
Common (extra)
6
13% May 1 Holders of reo. April 263
May 15 Holders of reo. May 6
Barrett Co., preferred (guar.)
Preferr
13% April 15 Holders of rec. April la Pennsyl ed (guar.)
May 1 Holders of reo. April 22
Bell Telephone of Canada (quar.)
vania Lighting, pref. (quar.)
2
April 15 Holders of rec. Mar. 31
Apr. 15 holders of rec. Apr. 8
Bell Telephone of Pennsylvania (guar.)_
134 April 15 holders of rec. April 5a Pennsylvania Salt Manufacturing (guar.)
April 15 Holders of reo. Mar.30
Bonbright & Co.,(Inc.) preferred (guar.)_
Pierce-Arrow Motor Car, common (guar.)
1% April 10 Holders of rec. Mar.30
May 1 'folders of rect. April 15
British Columbia Packers' Association _
Pittsburgh Coal (of Pa.), com. (guar.)
5
May 21 May 10 to
April 25 Holders of reo. April 10a
May 20
British Columbia Fishing dv Packing
Preferred (quar.)
234 May 21 May 10 to May 20
April 25 Holders of reo. April 10a
Brown Shoe, pref. (guar.)
Pittsburgh Coal (of N. J.), pref.
13% May 1 Holders of rec. April 20
April 10 Holders of reo. April 10a
Canada Cement, common (quar.)
Oil & Gas (guar.)
April 16 Holders of reo. Mar. 31
(guar.)Pie
Apr. 30 Ilolders of reo. Mar.30
Carbon Steel, common (quar.)
Extra
2
April 15 Holders of rec. April 10
Apr. 30 Holders of rec. Mar.30
Common (extra)
Prairie Pipe Line (quar.)
2
April 15 holders of rec. April 10
Apr. 30 Holders of reo. Mar. 300
Second preferred (annual)
Extra
July 80 Holders of rec. July 260
Apr. 30 Holders of reo. Mar. 30a
Central Coal & Coke,common (quar.)
Procter & Gamble, preferred (quar.)._ _ _
April 15 Holders of rec. Mar. 30a Public
April 15 Holders of reo. Mar. 25a
Preferred (guar.)
Serv. Corp. of Nor.I11.,com.(quar.)
April 15 Holders of rec. Mar. 303
May 1 Holders of rec. April 15
Central Foundry, 1st pref. (quar.)
Preferred (guar.)
2
Apr1115 Holders of reo. Mar. 30a
May 1 Holders of rec. April 15
Ordinary preferred ((luar.)
April 15 Holders of roe. Mar. 30a Quaker Oats, common (guar.)
April 15 Holders of reo. April 1
Central Leather, common (guar.)
Common (extra)
May 1 Holders of rec. April 10a
April 15 Holders of reo. April 1
Central & South Amer.Telegraph (quar.)
Preferred (guar.)
April 10 Holders of rec. April 6a
May 31 Holders of reo. May
Central Sugar Corp., pref. (guar.)
1
14 May 1 holders of rec. April 15a Reece Button Holo Machine (guar.)._ -April 15 Holders of rec. April 1
Chevrolet Motor (guar.)
Reece Folding Machine (guar.)
3
May 1 Holders of rec. April 15
April 15 [holders of rec. April 1
Chicago Pneumatic Tool (attar.)
Republlo Iron & Steel, oom.(go.)(No.
April 25 April 16 to
6)
May 1 Ilolders of reo. April 23a
April 25
Cleve. Elec. Ilium., corn. (quar.)
2
April 15 Holders of rec. April la St. Louis Rocky Nit.&Pac.Co., com.(qu.) 1
April 10 Mar. 31 to
Preferred (quar.)
April
May I Holders of rec. April 25a Shattuck-Arizona Copper (guar.)
250. April 20 Holders of reo. Mar. 9
Clued, Peabody & Co., Inc., com. (qu.)
Extra
May 1 Holders of rec. April 20
250. April 20 Holders of rec. Mar. 300
Colorado Fuel de Iron, corn. (guar.)
300
% April 25 !folders of rec. April 10a Shawinigan Water & Power (guar.)
134 April 10 Holders of rec. Mar. 28
Preferred (guar.)
2
(No.35) 1% April 15 Holders of
April 25 Holders of rec. April 10a Southern Cal. Edison let pf.(qu.)
roe. Mar.
Colorado Power,common (quar.)
Southern N. E. Telephone (quar.)
April 15 Holders of rec. Mar. 30
1% April 15 Holders of rec. Mar.310
Commonwealth Edison (guar.)
2
May 1 Holders of rec. April 15a Standard Motor Construction (guar.).
- $2 May 1 [folders of rec. Mar.300
Commonwealth Gas & Elec. Co., pi.(qu.)
4
April 15 Holders of rec. April la Steel Co. of Canada, common (quar.)_
134 May 1 Holders of reo. April 10
Computing-Tabulating-Recording (quar.) 1
Preferr
Apr. 10 Holders of rec. Mar. 25a Superio ed (guar.)
1% May 1 !folders of rec. April
Consolidation Coal (quar.)
r Steel, common (guar.)
10
Apr.d30 Holders of rec. April 25a
134 May 1 Holders of rec. April 15
Extra (payable in stock)
First and second preferred (quar.). _
14
Apr. 20 Holders of rec. Mar. 30a
2
May 15 Holders of rec. May
Continental Motors Corp., pref. (quar.)_
Swan dr Finch (guar.)
134 April 15 April 6 to
2% May I Holders of reo. Apr. 1
April 15
Continental Refining, common (monthly)
Tennessee Copper & Chemical
1
10c. April 10 Holders of rec. Mar.
81
May 15 Holders of rec. April 300
303 Tonopah Mining of Nevada (quar.)
Corn Products Refining, pref. (quar.)
14
._ _ _ 7 Ac. April 20 Mar. 31 to
..
Cosden & Co., com.(pay. in corn. stock)_ _ _ /25e April 15 Holders of rec. April la Transue & Williams Steel Forg.
April 7
May 1 April 11 to
(guar.). $1.25 April 15 [folders of
Apri130
Creamery Package Mfg., corn. & pf. (qu.)
rec.Mar. 300
Tucketto Tobacco, preferre
134
1% April 15
to April 10 Union Natural Gas Corpora d (guar.). _ _ _
Cresson Con. Gold Min.& Mill. (monthly) 10c April 10 April 1
tion (goat.).. 234 April 15
April 10 Holders of rec. Mar. 30
Mar. 31 to
Crocker-Wheeler, common (guar.)
Union Oil of Calif. (guar.)
Apr1115
2
April 15 Holders of rec. April 5
b34 Apr. 20
Preferred (guar.)
Extra
13(
1
Apr. 20
Delaware Lackawanna & West. Coal (qu.) $1.25 April 15 Holders of ro . April 15
Apr. 15 Holders of reo. Apr. la United Alloy Steel Corporation (goat.).. $1
April 20 Holders of reo. April 50
Detroit Edison (quar.)
United Cigar Stores, corn. (qu.)(No. 22)_ _
2
April 15 Holders of reo. April la
2
May 15 Holders of rec. April 260
Detroit Iron & Steel, common (quar.)_
United Drug, 1st pref. (qu.) (No. 9).
234 April 15 April 6 to
_
1% May 1 Holders of reo. April 15
April 16
Common (extra)
United Electric Securities, pref
234 April 15 April 6 to
33.4 May 1 Holders of rec. Apr. ha
April 16
Preferred (guar.)
United Fruit (guar.) (No. 75)
13% April 15 April 6 to
2
April 15 Holders of tee. Mar. 2Ca
April 16
Distillers Securities Corp. (guar.)
A Apr. 18 Holders of reo. Apr. 20 United Gas Improvement (guar.)
$1
Apr. 15 Holders of rec. Mar.300
Extra
Apr. 18 Holders of rec. Apr. 2a United Paperboard, preferred (goat.).._
134 Apr. 15 Holders of rec. Apr. la
Dominion Steel Corp., pref. (guar.)
UnitedVerdeExtensionMlning(qu.)(No.
134 May I Apr. 16 to
8) 500. May
!folders of rec. April 5a
May 1
Dominion Textile, preferred (quar.)
Extra
194 Apr. 15 Holders of rot). Mar. 30
duPont (E. I.) de Nemours & Co.
U. S. Industrial Alcohol, pref. (quar.)__, 25c. May I Holders of roc: April 5a
..
154 April 15 Holders of reo. Mar. 30a
Debenture stock (quar.)
U. S. Rubber, 1st pref. (guar.)
Apr. 25 Holders of reo. Apr. 10
2
Apr. 30 Holders of rec. Apr. 15
duPont(E.I.) de Nem.Powd.,corn.(qu.)
U. S. Smelt., Refg. & Min., corn. (guar.)
134 May 1 Holders of roe. Apr. 25
51 25 April 15 Holders of rec. April 5a
Preferred (quar.)
Preferred (guar.)
May I Holders of rec. Apr. 25
87340. April 15 Holders of rec. April 5a
Eastern Steel, common (quar.)
U. S. Steamship (hi
-monthly)
April 15 Holders of reo. April 1
10c. May I Holders of roc, April 10
Eastman Kodak, common (guar.)
Extra
July 1 Holders of reo. May 310
May 1 Holders of rec. April 10
Common (txtra)
734 June 1 Holders of roe. Apr. 303 Utah Gas cre Coke, pref. (guar.)
nl 34 April 1 Holders of rec. Mar. 20a
Preferred (attar.)
July 1 Holders of rec. May 31a Victor Talking Machine, common (guar.) 5
Apr. 15 Mar. 31 to
Electrical Secur. Corp., preferred (quar.)
April 5
Preferred (oust.)
May 1 Holders of rec. April 22a
131 Apr. 15 Mar. 31 to
Electrical Utilities, pref. (qu.) (No. 32)
April 5
Virginia-Caro. Chem.,com.(an.)
54 May 1 Holders
April 15 Holders of rec. April 6
(NO-42)
of rec. April 15a
Elgin National Watch (guar.)
Preferred (attar.) (No. 90)
2
May 1 Holders of rec. Apr. 24
April 15 Holders of rec. April 80
Eureka Pipe Line (quar.)
Wells Fargo & Co. (guar.)
$6 May 1 Holders of reo. Apr. 15
134 Apr. 20 Holders of rec. Apr. 8a
Fajardo Sugar (guar.)
Western Grocer, common
2 • May 1 Holders of rec. April 20
June 30 lone 20 to June 30
Firestone Tire & Rubber, pref.
Preferred
(quar.)Apr. 15 Holders of reo. Apr. la
3
June 30 Tune 20 to
General Eleotrlo (quay.)
April 15 Holders of rec. Mar. 93 Western Power Company, preferred (qu.) 51 20 April 15 Holders of rec. Juno 30
General Motors Corp., common (quar.). 3
Mar.30a
May 1 Holders of reo. April 150 'Western Power Corp., preferred
1
April 15 Holders of rec. Mar. 300
Preferred (guar.)
1Vestern States Gas & Elec., pref. (quar.)_ _
May 1 Holders of reo. April 153
_
134 April 15 Holders of too. Mar. 30
Gillette Safety Razor (quar.)
Western Union Telegraph (qu.)(No.
51 75 June 1 Holders of reo. May
196) 154 April 15 Mar 21 to
1
Extra
Apr11
1Vestinghouse Air Brake (guar.)
$1
Juno 1 Holders of reo. May25
$1.75 April 22 Holders of reo. April 10
Globe 011
8
Westinghouse Elec. dc Mfg., com.(guar.)
April 10 Holders of reo. Mar.31
87%0. April 30 Holders, of reo. April 4a
Globe-Wernicke, pref.(guar.)
Preferred (attar.)
I
April 15 Holders of rec. Mar. 30
87340. April 15 Holders of reo. April ha
Goodrich (B.F.) Co..common (guar.).
Weyman-Bruton Co.. common
1
May 15 Holders of reo. May 3a
../20
Oot. I Holders of tee. Sept. 160
Granby Cons. Min., Smelt. Sr Pow.
Wheeling Mould & Fdy., corn. (extra)
(au.)
3
May 1 Holders of rec. April 19a
May 1 Mar. 21 to
April 1
Harbison-Walker Refract., pref. (guar.)
Preferred (guar.)
Apr. 20 Holders of too. Apr. 100
2
April 1 Mar. 22 to
Holly Sugar Corporation, pref. (guar.) .
Mar.
Willys-Overland Co., common (guar.)
._
154 May 1 !folders of reo. Apr. 15
250. May I Holders of rec. Apr. 31
Illinois Brick (quar.)
15
Apr. 15 Apr. 5 to Apr. 15
Indiana Pipe Line (quar.)
$2 May 15 Holders of rec. Apr. 24
a Transfer books not(dosed for this dividend. b Less
Extra
British Income tax. d Cot
$1
rection. e Payable In stook. f Payable In common
May 15 Holders of reo. Apr. 24
Inspiration Consolidated Copper (quar.)_
32
Apr. 29 Holders of roe. Apr. 123 h On account of accumulated dividends. f Payable in stock. g Payable In scrip
Int. Buttonhole Sewing Machine (guar.)_
Liberty Loan bonds. ,k De
1
dared 8%, payable In quarterly instalments, as follows:
Apr. 15 Holders of reo. Apr. 1
Interntat Harvester of N.J.. corn.(qu.)
2% as above; 2% July 31
.
151 April 15 Holders of reo. Mar. 250 to holders of record July 13; 2% Oct. 31 to holders
_
International Nickel, pref. (guar.)
134 May 1 Holders of rec. April 16
1919 to holders of record Jan. 11 1919. 1 Payableof record Oct. 11: 2% Jan. 31
International Paper. preferred (quar.)__ _
as nearly as possible one-half
134 Apr. 15 Holders of reo. Apr.
9a In cash and one-half in 2d Liberty Loan 4% bonds (under $100 all cash). m De
Isle Royale Copper Co.(guar.)
500. Apr. 30 Holders of rec. Apr. 12
dared 8%, payable in quarterly instalments of
Jones Bros. Tea. Ino. (quar.)
134
500. April 15 Holders of reo. April 2
1918 and Jan. 25 1919 to holders of record of the % on April 25, July 25, Oct. 25,
tenth
date of payment. n Payable In five-yea 0% scrip, day of the month preceding
r




1A

134

134

1X

134

134

134
134
134
134
134

134
134
134

A
134
134

134

134
134
23.4
234
134
134
134

134
2
134
13.4

234
134
134

1435

THE CHRONICLE

APR. 6 1918.]

-Following is the weekly statement issued by the Federal Reserve Board
The Federal Reserve Banks.
on March 30:
millions in circulagold reserves, 38.3 millions in earning assets, 29.6 millions in net deposits and 23.3
Increases of 12.9 millions in combined
The banks at Philadelphia
Board's weekly bank statement as at close of business on March 28-29 1918.
tion are shown in the Federal Reserve
weekly statements are
at Baltimore and Now Orleans obersved last Friday as a legal holiday and their
and Minneapolis as well as the branches
business the day before.
given as at close of
of 9.4 millions in ne$
in reserves, accompanied by decreases of 35.7 millions in earning assets, and
Now York reportk a gain of 34.2 millions
may be traced
Gains in reserves reported by the Boston and Philadelphia banks
deposits and a gain of 7.9 millions in outstanding circulation.
largely as the result of innote issues. All other banks, except at Atlanta, show reduced reserves
largely to increased deposits and additional
operations.
of funds to Eastern centres in connection with Government financing
creased investments and tho transfer
301.4 millions,
show a decrease of 24.8 millions. Of tho total discounts held,
Discounts on hand increased 40.1 millions, while acceptances
certificates of indebtednesi
is represented by war loan paper. Most of the short-term securities held are
as against 283 millions the week before,
show a decrease of about 3.5
on of member banks. Other earning assets, including Government bonds,
taken for the temporary accommodati
millions.
for an increase
banks, largely in the Chicago and San Francisco districts, accounts
Admission to membership of trust companies and State
deposits. Federal Reserve
Gains of 12.6 and 19.4 millions arc shown for Government and members' reserve
of $212,000 in paid-in capital.
millions of notes
the total of 1,564
week of 5.3 millions to the total of Federal Reserve notes issued. Against
Agents report an addition for the
Reserve note circulation of
of gold and 863 millions of paper. The banks show a total Federal
outstanding they hold at present 852.2 millions
figures than the week before.
and Dallas reporting larger circulation
1,452.8 millions, all the banks except Atlanta

given in the following table, and in addition
The figures of the consolidated statement for the system as a whole are
week of last year, thus
the results for each of the seven preceding weeks, together with those of the corresponding
we present
n. The earlier figures have been revised in order to conform with new form adopted by the
furnishing a useful compariso
and liabilities separately for each of the
Federal Reserve Board as of June 22. In the second table we show the resources
banks. The statement of Federal Reserve Agents' Accounts (the third table following) gives details
twelve Federal Reserve
the Reserve Agents and between the latter
regarding the transactions in Federal Reserve notes between the Comptroller and
banks.
and the Federal Reserve
COMBINED RESOURCES AND LIABILITIES

1'11
Or 'run 1 1DER AL

RESERVE BANKS AT THE CLOSE OF BUSINESS MARCH 28-29 1918.

March 28 and
15 1918. Feb. 8 1918. Mar. 30 1917.
29 1918.
Mar. 22 1918. Mar. 15 1918. Mar. 8 1918. Mar. 1 1913. Feb. 21 1918. Feb,
--RESOURCES.
coin and certificates in vault__ 489,948,000
Gold
Gold settlement fund-F. R. Hoard... 399,568,000
52,500,000
Gold with foreign agendas

470,529,000
379,866,000
52,500,000

477,521,00'
372,508,000
52,500,000

464,144,000
354,585,000
52,500 000

461,615,000
357,299,000
52,500,000

447,508.000
375,273,000
52,500,000

$
446,378,000
386,966,000
52,500,000

439,007,000
404,042,000
52,500,000

374,903,000
200,061,000

942,016,000
852,192,000
21,496,000

902,895,000
878,305,000
21,114,000

902,529,000
869,628,000
21,086,000

871,229.000
896,702,000
20,267,000

871,414,000
885,346,000
20,569,000

875,281,000
877,023,000
20,091,000

885,344,000
852,375,000
20,32:3,000

396,449,000
838,259,000
19.960.000

574,964,000
360,668,000
2,414,000

1,753,542,000 1,754,668.000
1,815,704,000 1,802,814,000 1,793,243,000 1,788,193,000 1,777,329,000 1,772,395,000
58,426,000
60,194,000
60,129,000
60,444,000
59,685,000
58,950,000
58,359,000
59,558,000
1,818,736,000 1,813,094,000
1,874,063,000 1,862,372,000 1,852,193,000 1,847,883,000 1,337,773,000 1,832,524,000 501,916.000 525,121,000
583,228,000 543,119,000 517,484,000 520,340,000 502,525,000 509,534,000 287,263,000 280,705,000
304,035,000 323,880,000 323,248,000 317,952,000 299,213,000 296,170,000

938,046,000
9,282,000

805,704,000
52,950.000
169,707,000
3,436,000

789.179,000 805,820,000
52,343.000 t55 782.0(10
105,981,000 t170,100.000
4,423,000
4,486,000

104,579,000
29,275,000
18,425,000
15,840,000

1,031,797,000
1,201,535,000 1,163,314,000 1,107,135,000 1,097,332,000 1,040,605,000
Total earning assets
11,463,000
11,882,000
6,113,0(10
11,609,000
8,801,000
26,945,000
Due from other F. R. banks-net...
339,130,000 367,821,000 357,147,000 337,283.000 309.135,000 299,402,000
items
Uncollected
310,865,000
366,075,000 376,622,000 368,756,000 343,396,000 331,067,000
Total der:Wens from gross deposits
537,01)0
537,000
537,000
537,000
537,000
537,000
0% redeum.fund eget. F. R. bank notes
731,000
796,000
761,000
)
1,452,00
550,000
3,724,000
All other resources

951,989,000 1,036,131,000
12.458,000
17,258,000
357,069.000 272,506,000

168,119,000
2,275,000
132,759,000

284,964.000
537,000
551,000

135,034,000
400,000
5,268,000

Total gold held by banks
Gold with Federal Reserve Mont.__
Gold redemption fund
'rotal gold reserves
Legal tender notes. silver. (te
Total reserves
Bills discounted-members.
Bills bought in open market
Total bills on hand
U.S. Government long-term securities.
U. S. Government short-term securities
All other earning assets

Total resources

887,293,000
58,190,000
252,579,000
3,523,000

371,999,000
61,039,000
226,036,000
4,240,000

840,732,000
08,383.000
193,980,000
4,040,000

838,292,000
72,154,000
182,822,000
4,064,000

801,738,000
77,705,000
157,482,000
3,680,000

3,445,984,000 3,403,395,000 :3,330,073,000 3,289,909,000 3,260,778,000 3,176,454,000

374,327,000
537,000
582,000

947,328,000
20,106,000
84,473,000

3,146,171,000 3,135,277,000 1,256,149,000

3
$
56,075,000
72,829.000
73,229,000
73,305,000
73,401,000
73,624,000
74,223,000
73,886,000
74,011,000
1,134,000
1.134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
20,567,000
59,488,0 (
87,643,000
56,165,000
56,203,000 150,781,000
72,023,000
104,086,000
91,505,000
1.409,714,000 1,501.301,000 720,411,000
1,499,400,000 1,480,025,000 1,447,997,000 1,405,504,000 1,388,020,000 1,459,720.000 228,289,000 167,154.090 100,961,000
216,897,000 229,115,000 232,207,000 216,98(5,000 218,031,000 199,278,000
59,874.000
52;315.000
58,329,000
64,122,000
77,137,000
81,048,000
81,059,000
81,751,000
841,939,000
1,815,835,000 1,820,954,000 1,773,492,000 1,777,9131,000 1,787,817,000 357,610,000
1,901,442,000 1,882,396,000 1,833,275,000
Total gross deposits
1,281,045,000 1,261,219,000
1,452,838,000 1,429,509,000 1,406,228,000 1,383,090,000 1,351,091,000 1,314,531,000
F. R. notes In actual circulation
8,000,000
7,909,000
7,999,000
7,999.000
8,000,000
8,000,000
7,978,000
In circulation, net Bab_
7,978,000
525,000
F. R. bank notes
4,278,000
4,803,000
5,943,000
6,199,000
7,326,000
7,550,000
8,369,000
8,367,000
All other liabilities
1,256,149,000
3,289,909,000 3,260,773,000 3.176,454,000 3,146,171,000 3,135,277,000
3,445,081,000 3,403,395,000 3,330,073,000
Total liabilities
81.3%
59.6%
60%
63.1%
60.5%
59.2%
61.4%
61.6%
59.6%
Gold reserve against net deposit 'lab_ _ _
101.5%
68.0%
67.5%
68.1%
66.6%
66.3%
60.1%
63.3%
63%
Gold res. agst. F. It. notes In act. elre'n_
and
Ratio of gold reserves to net deposit
88.1%
63.5%
63.8%
65.5%
63.7%
62.6%
60.8%
62.5%
61.4%
Fed. Res, note liabilities combined_ _ _
89.0%
Ratio of total reserves to net deposit and
65.6%
67.7%
66.0%
65.8%
64.7%
64.5%
63.4%
62.7%
Fed. 11O9 note liabilities combined

LIABILITIES.
Capital paid in
Surplus__ _
Government deposits
-reserve account
Due to members
Collection items
Other deposits, incl. for. Gov't credits

Mar. 28 and
1918. Feb. 15 1918 Feb. 8 1918 Mar. 30 1917.
291918.
mar.22 1918. Mar. 151918. Mar. 8 1913. Mar. 1 1918. Feb. 21
--5
$
$
$
s
$
$
$
3
31,061,000
Distribution by Maturities331,978,000 307,246.000 338,543,000 343,930,000 372,107.000;
744,000
1-16 days hills discounted and bought_ 359,987,000 345,123,000 331,103,000
634,000
513,0001
133,000
10.000
warrants
217,61:3,000 186,681,000 151,392,000
1-15 days municipal
46,150,000
49,000 140,837.000 106,603,000
31,000
55,000
30,320,000
1-15 days U. S. Govt. short-term sees.
93,985,000 123,853.000
93,655,000 104,830,000
88,304,000
87,477,000
345,000
134,00(1 ,
16-30 days bills discounted and bought_ 127,065,000 126,263,000
10.000
55,000
7,614,000
2,221,000
2,787,000
10-30 days municipal warrants
81,765.000
2,000,000
7,702,000
19,000
13,000
30,636,000
16-30 days U. S. Govt. short-term secs185,542,000 172,953,000
183,752,000 174,460,000
1140 days bins discounted and bought_ 267,267,000 249,549,000 267,591.000 226,633,000
437,000
7.000
7,000
7,000
7.000
3,000
4,255,000
3,781,000
6,271,000
11-60 days municipal warrants
6,884,000
9.546,000
4,036,000
3,000
7,00()
3,000
11,735,000
11-60 days U. S. Govt. short-term sees.
127.165,000
182,096,000 207.55.1.000 178,480,000 150.567.000
11,977,000
11410 days bills discounted and bought_ 123,498,000 142,660,000 145,904,000
1,000
1,000
2,000
3.000
13.000
2,132,000
9,122,000
2,901,000
11-90 days municipal warrants._.___
6.296,000
2.925,000
1,771,000
13,000
437,000
460,000
827,000
11-90 flays U. S. Govt. short-term sees.
9,745,000
0,391,000
10,155.000
9,531,000
8,781,000
8,657,000
bought
9,476,000
8,404,000
2,212,000
)ver 90 days bills discounted and
334,00(1
469,000
470.000
469,000
457,000
23,587,000
19,839,000
27,396,000
aver 410 (lays municipal warrants__
28.612,000
36,408,000
23,426,000
457,000
1,000
1,000
382,564,000
)ver 90 days U.S. Govt.short-term sees
------.
-- ?Meru; Reterne Notes24,799,000
1,429,732,000 1.392,484,000 1,374.225,000
1,563,987,000 1,558,705,000 1,520.296,000 1,505,213,000 1.464.645,000 115,151,000 111,439,000 112,441,000
maned to the banks
111,149,000 129,196,000 114,068,000 121,223,000 113.554,000
leld by banks
357,765,000
1,314,581,000 1.281.045,000 1.261,784.000
1,452,838,000 1,429,509,000 1,406,224,000 1,383,990,000 1.351.091,000
In oirculatIon
647,700,000
Fed. Res Notes (Apents Accounts)1,963,200,000 1,928,680,000 1.910.160.000 1.890.180.000. 127,917,000
2,130,860,000 2,100,160,000 2.061.120,001) 2,014,980,000
lecelved from the Comptroller
284,452,000 281,146,090 277.760,000
324,263,090 309,705,000 305.414,000 296,932,090 292,490.000
to the Comptroller
leturne8
519,783,000
137,219,000
1,1375,710.000 1,642,228,000 1.629.014,000 1.612,420.000
1,806,597,000 1,790,455,000 1,7513,706,000 1,713,048,000 211,065,000 212.498,000 230.530.000 238.195,000
Amount chargeable to Agent
238,410,000 212.835,000
242,610,000 2:31,750,000
382,564,000
1o hands of Agent
1.505,213,000 1,464,645,000 1,429,732,000 1.302,484,000 1,374,225.000 ---Issued to Federal Reserve banks 1,563,987,000 1,558,705,000 1.520,296,000
Iloro Secured276,987,000 292,877,000 200,923,000 296,717,000 222,377,000
2
253,524,000 271,658,000 266,824,000 273, 07,000
11 gold coin and certificates
21,898,000
3y lawful money
579,299,000 552,709,000 510,109,000 535.401:000
711,795,000 679,900,009 650.668,000 608.511,000
17.631,000
43,830.090
44.512,000
3y eligible paper
45.699,000
49,747,000
47.986,0(10
47,984,000
47,021,000
48,926,000
498,277,000 120,660,000
1016 redemption fund
554,820,000 570,509,000 558,612,000 538.447,000 516.940.000
519,742,000 560,126,000
VIM Federal Reserve Board
1.464.64.5.000 1,429,732,000 1,392.484.000 1.374,225,000 332,566,000
1,563,987,000 1,558,705,000 1.520.296,000 1,505,213,000
_
Total
_
2A.Oca.non
Ann R15 975 non 759 777 non 7:52 AAA non 575.431.000 574 704 non
401 n m)
4tr0 r- t nnn
005 471 nnn
(o -(1-0.na nay A Mtuarrt1 en 17 Ti A ot

-

foreign Gov't credits.
a Net amount due to other Federal Reserve banks. 1) This Item includes




t Revised flguree

1436

THE CHRONICLE

[VOL. 106.

WEEKLY STATEMENT of RESOURCES and LIABILITIES
of EACH of the 12 FEDERAL RESERVE BANKS at CLOSE
of BUSINESS MAR. 28-29 1918
Two ciphers (00) omitted.
Boston. New York. Philadel. Cleveland Richm'd. Atlanta. Chicago.
Ss. Louis. Minneap. Kan. City Dallas. San Fran.
Total.
RESOURCES.
—
a
s
1
$
2
$
1
$
Gold coin and certfs In vault._. 10,914,0 337,572,0 9,543,0 32,610,0
$
1
3
$
S
6,227,0 6,585,0 29,586,0 3,222,0 15,877,0
Gold settlement fund
149,0 8,936,0 28,727,0 489,948,0
50,518,0
81,467,0 50,985,0 37,628,0 16,242,0 15,765.0 53,937,0 29,486,0
9,855,0 25,366,0 11,749,0 16,570,0 399,568,0
Gold with foreign agencies
3,675,0
18,112,0 3,675,0 4,725,0 1,837,0 1,575,0 7,350,0
2,100,0 2,100,0 2,625,0 1,838,0 2,888,0
52,500,0
, Total gold held by banks
65,107,0 437,151 0 64,203,0
Gold with Federal Rea. Agents_ 48,453,0 196,319,0 79,751,0 74,963,0 24,306,0 23,925,0 90,873,0 34,808,0 27,832,0 28,140,0 22,523,0 48,185,0 942,016,0
88,680,0 29,374,0 39,495,0 165,223,0 41,047,0 39,536,0
Gold redemption fund
55,384,0 17,363,0 51,667,0 852,192,0
2,000,0
10,000,0 2.000,0
246,0
308,0 1,111,0 1,285,0 1,380,0
1,030,0
871,0 1,202,0
63.0
21,496,0
Total gold reserves
115,560,0 643,470,0 145,954,0 163,889,0 53,988,0 64,531,0 257,381,0
77,235,0 68,398,0 84,395,0 41,088,0 99,815,0 1,815,704,0
Legal-tender notes, silver. Are_
3,177,0
40,862,0 1,568,0
924,0
391,0 1,954,0 4,464,0 1,575,0
610,0
81,0 2,361,0
392,0
58,359,0
Total reserves
118,737,0 684,332,0 147,522,0 164,813,0 54,379,0 66,485,0
261,845,0 78,810,0 69,008,0 84,476,0 43,449,0 100,207,0 1,874,083,
Bills:
0
Disco.—Member &F.R.banks 59,741,0 247,917,0 31,419,0 39,225,0
36,481,0 13,707,0
Bought in open market
12,746,0 130,887,0 22,440,0 26,914,0 9,588,0 7,417,0 37,837,0 32,067,0 5,273,0 32,338,0 18,368,0 28,855,0 583,228,0
27,655,0 8,537,0 11,122,0 13,806,0 5,480,0 27,473,0 304,065,0
Total bills on hand
72,487,0 378,804,0 53,859,0 66,139,0 46,069,0 21,124,0
65,492,0 40,604,0 16,395,0 46,144,0 23,848,0 56,328,0 887,293,0
U. S. long-term securities
855,0
1,618,0 5,539,0 7,788,0 1,233,0 3,284,0
U. S. short-term securities
2,808,0 8,862,0 3,970,0 2,468,0
.. 2,459,0 170,493,0 7,501,0 18,293,0 1,994,0 4,670,0 17,532,0 2,233,0
58,190,0
32,167,0 1,444,0 4,316,0 4,194,0 3,124,0 1,924,0
All other earning assets
252,579,0
165,0
699,0
143,0
589,0
17,0 1,736,0
154,0
3,523,0
Total earning assets
75,801,0 550,915,0 66,899,0 92,220,0 49,296,0 29,243.0
115,890,0 44,424,0 24,108,0 59,237,0 32,678,0 60,874,0
Due from other F.R.banks—Net 1,310,0
4,054,0
1,201,585,0
132,0 4,239,0 3,461,0 8,441,0
Unoollected items
1,160,0 6,294,0
3,460,0 .26,945,0
17,878,0
71,383,0 41,010,0 19,405,0 29,330,0 19,539,0 56,606,0 18,230,0
13,766,0 20,496,0 19,496,0 11,991,0 339,130,0
Total dedue'ns from gross dep. 19,188,0
75,437,0 41,010,0 19,537,0 33,569,0 23,000,0 65,047,0 18,230,0
5% redemption fund against Fed14,926,0 26,790,0 19,496,P 15,451,0 366,075,0
eral Reserve bank notes
All other resources
400
137,0
537,0
306,0
83,0
2,063,0
1,272,0
3,724,0
Total resources
213,726,0 1,310,684,0 255,737,0 276,570,0 137,244,0 118,811,0
442,782,0 143,527,0 108,042,0 170,903,0 95,760,0 177,804,0 3,445,984,
LIABILITIES.
0
Capital paid in
6,351,0
19,711,0 6,873,0 8,363,0 3,761,0 2,943,0 9,431,0
3,476,0 2,738,
Surplus
3,450,0 2,830,0 4,298,0
74,223,0
75,0
649,0
116,0
40,0
216,0
Government deposits
38,0
7,549,0
1,134,0
5,94.6,0 16,996,0
Due to members—Reserve acct. 91,216,0 668,218,0 83,642,0 13,269,0 6,066,0 8,856,0 11,002,0 5,410,0 6,687,0 5,769,0 7,476,0 9,060,0 104,086,0
106,850,0 45,154,0 39,080,0 187,288,0
Collection items
14,903,0
57,650,0 32,543,0 15,804,0 20,484,0 10,981,0 20,294,0 53,517,0 40,581,0 74,984,0 38,056,0 70,834,0 1,499,400,0
14,301,0 4,295,0 9,647,0 6,120,0 9,875,0 216,897,0
Due to oth. F. R. banks—Net.
1,421,0
3,168,0
0th.deposits incl. for Gov't °red
1,017,0
75,775,0
208,0
3,0 2,037,0
97,0
17,0
19,0
2,903,0
81,059,0
Total gross deposits
113,668,0 807,589,0 134,602,0 136,131,0 71,704,0 58,900,0
220,621,0 76,493,0 51,580,0
F. R. notes in actual circulation. 92,789,0 477,598,0
114,262,0 131,479,0 61,592,0 56,928,0 211,770,0 63,558,0 53,538,0 90,419,0 52,669,0 92,672,0 1,901,442,0
F. R. bank notes in ciro'n—Net_
68,392,0 40,096,0 80,836,0 1,452,838,0
All other liabilities
7,978,0
843,0
7,978,0
5,137,0
597,0
71,0
744,0
148,0
064,0
165,0
8,369,0
nto once n i oin aoA n OMR 797 n 97Ct win n
Total liabilities.
197 911 n I 1 e el 1 A Ade, 720 A 14.1 597 A lAQ
1119 A 170 0119 A OA 'ran A 177 cine. AS 445
ORA A
•Difference between net amounts due from and net amounts
due to other Federal Reserve banks
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS
AT CLOSE OF BUSINESS MARCH 28-29 1918.
Two ciphers (00) omitted.
Boston
,Nrsto York. Phtladet. Cleveland.
--.
federal Reserve notes—
5
S
$
5
Received from Comptroller_ 128,080,0 802,230,0
Returned to Comptroller_ ... 23,907,0 153,421,0 153,600.0 163,510,0
25,639,0 12,440,0
Dhargeable to F. R. Agent...—. 1(11,173,0 613,859,0
In hands of F. R. Agent........_._ 8,720,0 115,200,0 127,911,0 151,100,0
6,240,0 13,760,0
Issued to F. R. Bank.
95,453,0 523,659,0 121,671,0 137,340,0
Reid by F. R. Agent—
Gold coin and certificates
32,109,0 179,152,0
12,077,0
Gold redemption fund
4,844,0
12.167,0 6,232,0 6,603,0
Gold Sett. Fd., F. R. Boar5... 11,500,0
5,000,0 73,519,0 70,000,0
Eligible paper, rain. req'd
47,000,0 332,310,0 41,920,0 48,660,0
Total ....--- - .....--- _ 95,453,0 528,659,0 121,671,0 137,340,0
&mount of eligible paper delivered to F. R. Agent.
72,447,0 378,903,0 47,532,0 66,130,0
F. R. notes outstanding__ _
95,451,0 523,659,0 121,671,0 137,34 1,0
F. R notes held by banks__
2,661,0
51,081,0 7,409,0 5,861,0
P vz_ nrkftwa In annial nirmil•n 09 720 n 177 502 Alit
950 n 131 4700

Richmond Atlanta. Chicago. St.Louis. Minneap. Kan. City Dallas.
San Fran
Total.
$
$
1
1
s
s
$
s
$
91,440,0 89,620,0 280,360,0 83,500,0 71,980,0 96,70 ',0 68,500,0
101,260,0 2,130,860,0
17,983,0 14,239,0 11,481,0 10.731,0 11,903,0 14,920,0
14,320,0 8,229,0 324,263,0
73,457,0 75,381,0 268,879,0 72,769,0 60,077,0 81,780,0
4,955,0 17,005,0 44,480.0 4,760,0 5,495,0 8,160,0 54,180,0 03,031,0 1,806,507,0
13,835,0
242,610,0
68,502,0 58,376,0 224,399,0 68.009,0 54,582,0 73,620,0
40,345,0 93,031,0 1,563,987,0
2,504,0
13,102,0
14,580,0
253,524,0
2,374,0 2,071,0
173,0 2,134,0 1,934,0 3,024,0
48,926,0
27,000,0 34,920,0 165,'50,0 38,9130 24,500,0 52,360,0 " 2,199,0 5,171,0
584,0
39,128,0 18,831,0 59,176,0 26,062,0 15,016,0 18,236,0 22,082,0 46,306,0 549,742,0
41,464,0 711.795,0
63,502,0 58,376,0 224,399,0 68,009,0 54,582,0 73,620,0 40,345,0
03,031,0 1,563,987,0
44,663,0 19,227,0 61,769,0 34,818,0 15,937,0 45,140,0 23,848,0
63,502,0 58,376,0 224,399,0 68,009,0 54,582,0 73,620,0 40,345,0 50,108,0 863,471,0
93,031,0 1,563,987,0
6,910,0 1,443,0 12,629,0 4,451,0 1,044,0 5,228,0
249,0 12,195,0 111,149,0
111.507.0 An 022_0 211_770.0 53_558.0 53.538.0
(18.302.11 40.00(1.0 RO.R:16.0 1.4A2.338.0

Member Banks of the Federal Reserve System.—Following is the
weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member
Banks and dated Mar. 22. Because of the large
number of banks for which returns are furnished the statement is not issued
until a week later than that for the Federal
Reserve banks of the same date. Definitions of the different items contain
ed in the statement were given in the weekly statement issued under date of Dec. 14 1917 and which was published in
the "Chronicle" of Dec. 29 1917, page 2523.
STATEMENT SHOWIN

G PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER
BANKS
OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS LOCATED IN CENTRAL RESERVE. RESERVE AND
MARCH 22. 1918
Principal changes for the week in the condition of 682
member banks in 100 principal cities are shown as folllows:
exclusive of circulation bonds, decreased about 15.4
Holdings of U. S. bonds
banks in the central reserve cities are credited with millions, while those of certificates of indebtedness went up 217.7 millions, of which the
U. S. War obligations gained 11.7 millions, chiefly 109 millions and the banks in the other reserve cities with 97.7 millions. Loans secured by
at central reserve city banks. Other loans and investme
for the week of 25.6 millions, the decrease for all reporting
nts at these banks show a decrease
banks being 23.3 millions.
Reserves with the Federal Reserve banks increased
mainly in the banks outside reserve cities. An increase 40.7 millions, largely in New York City, while cash in vault shows a gain of 11.4 millions,
of 10.2 millions in net demand deposits is more than
In time deposits. Government deposits increased 243.6
offset by a reduction of 13.4 millions
millions, the banks in the central reserve cities reporting
of 124 millions, compares with gains of 113 millions shown
aggregate gains under this head
for
The ratio of combined cash and reserve of all reporting banks in other reserve cities.
banks to total deposits shows an increase from 13.7
for the central reserve city banks went up from
to 13.9%, while the like ratio
decline from 108.1 to 107.5% and for the banks 14.9 to 15.3%. Inversely, the ratio of investments to deposits for all reporting banks shows a
in central
to 112.2 millions, while like reserves of the banks in central reserve cities from 104.4 to 103.6%. Total excess reserves show a rise from 72 millions
reserve cities show a rise from 39.5 to 75.4 millions.
I. Data for all reporting banks In each district. Two
ciphers (00) omitted
Member Banks,
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago.
St. Louis Itinneap Kan.City. Dallas. San Fran.
Total.
Number of reporting banks...
38
97
47
79
66
40
94
32
32
69
41
47
$
682
IS
$
$
3
$
$
U.S. bonds to secure circulat'n 14,621,0
$
$
$
a
$
50,571,0 12,931,0 42,932,0 22,892,0 15,150,0
$
13,317,0 17,370,0 5,532,0 13,938,0 17,569,0 35,309,0
Other U. S. bonds, including
267,272,0
Liberty bonds
11,320,0 171,639,0 11,072,0
37,896,0 11,608,0 5,197,0 10,205,0 9,985,0 14,322,0
U.S. certificates of indebtedn's 39,991,0 822,173,0 52,311,0 36,923,0 18,377,0 13,229,0
351,773,0
62,544,0 17,696,0 20,358,0
73,010,0
Total IX S. securities
65,932,0 1,044,383,0 76,364,0 142,399,0 53,905,0 48,737,0 129,223,0 32,709,0 13,968,0 31,839,0 13,684,0 37,269,0 1,217,552,0
61,687,0 24,697,0 55,982,0 41,238,0 86,990,0
Loans sec. by U.S. bonds, &a 35,402,0 171,919,0 21,770,0
28,432,0 8,671,0 2,642,0 2,641,0 3,372,0 4,697,0 1,836,597,0
All other loans & investments. 732,623,0 3,994,444,0 597,077,0 19,939,0 13,009,0 1,934,0
314,428,0
Reserve with Fed. Res. Bank_ 60,025,0 630,580,0 61,890,0 929,196,0 337,642,0 291,432,0 1,365,807,0 373,685,0 229,994,0 450,634,0 184,364,0 476,109,0 9,963,007,0
85,352,0 27,351,0 25,553,0
Cash In vault
23,682,0 130,492,0 19,509,0 34,360,0 14,963,0 15,153,0 141,726,0 38,626,0 18,213,0 41,732,0 17,154,0 44,837,0 1,193,039,0
62,509,0 13,842,0 8,597,0 16,469,0 11,366,0 21,066,0
Net demand deposits
602,939,0 4,342,553,0 569,591,0 705,005,0 273,246,0 214,932,0 1,037,775,
372,008,0
0 287,605,0 172,136,0 397,435,0 160,182,0 365,736,0 9,129,135,
Time deposits
75,910,0 288,024,0 15,417,0 217,141,0 47,891,0 79,728,0
0
C1nvernment danqslts
74.981.0 394.579.0 47.885.0 61.540.0 12.308.0 11.498.0 355,015,0 71,927,0 45,307,0 52,701,0 24,536,0 106,219,0 1,379,816,0
75.478,0 32.536,0 15,760,0 22,012,0 13,580,0
782,124.0
2. Data for banks in each Central Reserve city, banks in all
other Reserve cities and other reporting barite.
..
New York.
Chicago. St. Louis. Total Central Res. Cities
Other Reserve Cities.
Country Banks.
Two ciphers omitted.
Total.
March 22. March 15. March22. March22. March 22. starch 15. March
22. March 15. March22. March15. March 22. March 15.
Number of reporting banks....
57
58
40
14
111
112
424
420
147
149
682
881
$
$
a
s
$
$
$
$
$
U.S. bonds to secure circulat'n 35,587,0 35,237,0 1,393,0 10,370,0 47,350,0 • 47,019,0 171,798,0
$
$
a
173,270,0 48,124,0 48,426,0 267,272,0
Other U. S. bonds, Including
268,745,0
Liberty bonds.
153,493,0 160,975,0 13,129,0 6,660,0
11.0.certificates of indebtedn's 792,852,0 706,589,0 45,113,0 26,787,0 173,282,0 181,938,0 146,725,0 153,001,0 31,766,0 32,094,0 351,773,0
367,033,0
864,752,0 755,703,0
Total U. S. securities
981,932,0 902,851,0 59,635,0 43,817,0 1,085,384,0 984,690,0 315,121,0 217,401,0 37.679,0 26,702,0 1,217,552,0
999,806,0
633,644,0 543,672,0 117,569,0
Loans sec. by U S. bonds, &o. 148,889,0 140,610,0 15,975,0
6,988,0 171,852,0 160,669,0 122,495,0 121,640,0 20,081,0 107,177,0 1,836,597,0 1,635,584,0
All other loans St Investments_ 3,548,266,0 3,583,566,0 327,702,0
20,396,0 314,428,0
302,705,0
Reserve with Fed. Res. Bank_ 589,065,0 550,365,0 97,963,0 275,145,0 4,651,113,0 4,676,689,0 4,565,924,0 4,564,246,0 745,970,0 743,783,0 9,963,007,0 0,984,718,0
29,186,0 716,214,0 678,018,0
Cash In vault
107,099,0 101,713,0 40,124,0 7,978,0 155,201.0 150,331,0 426,912.0 425,055,0 40,913,0 49,135,0 1,193,039,0 1,152,208,0
177,229,0 178,894,0 39,578,0 31,300,0 372,008,0
Net demand deposits
3,931,253,0 3,902,890.0 696,883,0 203,093,0 4,831,229,0 4,309,075,
360,525,0
0
Time deposits
235,129,0 247,245,0 137,769,0 52.104,0 425,002,0 443.196,0 3,685,033,0 3,721,377,0 612,873,0 587,755,0 9,129,135,0 9,118,207,0
eirstrzsvonreaeant flannalta
794,524,0 797,151,0 160,290,0 152,145,0 1,379,816,0
IRA 7RR n
OAR 550 A 54 0117 A 92 0A4 A
1,392,492,0
442 7000 294.572/1 19 '
0, n
an
157.7720 :10.848.0 78 nso 0 709.194.0
5114.1145.11
a Exclusive of Kansas City. *Amended figures.




APR. 6 191

gi

1437

THE CHRONICLE

•

-The following detailed statement
Banks and Trust Companies.
Statement of New York City Clearing Rouse House members for the week ending Mar. 30. The figures for the
York City Clearing
shows the condition of the Newof the daily results. In the ease of totals, actual figures at end of the week are also given:
eparate banks are the averages
s
.
NEW YORK WEEKLY CLEARING HOUSE RETURN
CLEARING HOUSE
MEMBERS.
Week Ending
Mar. 30 1918.

Loans
Discounts.
Capital. I
InvestmerUs.
&c.
:Nat. Banks Mar. 41
1State Banks Nov. 141
Average.
Net
Profits.

Gold.

Legal
Tenders.

Sliver.

National
Bank
and
Federal
Reserve
Notes.

Reserve
with
Legal
Depositaries.

Additional
Deposits
with
Legal
Depositaries.

Net
Demand
Deposits.

Net
Time
Deposits.

National
Bank
Circulation.

Average.
Average.
Average.
Average.
Average. Average.
-Average. Average. Average.
$
$
Members of Federal
$
785,000
33,024,000 1,760,000
96,000 5,021,000
155,000
Reserve Bank.
133,000
30,000
43,943,000
5,263,300
56,149,000 1,500,000
573,000 1,239,000 8,756,000
Bank of N Y. N B A. 2,000,000 5,221,200
434,000
55,549,000 1,433,000
492,000 1,863,000
18,157,000
2,566,000
Co. 2,050,000
111,000
467,000
Bank of Manhat
117,000
126,000
22,957,000
2,481,000
146,483,000 14,975,000 3,781,000
280,000 22,293,000
230,000 1,976,000
Merchants'National_ 2,000.000 10,356,600 153,607,000 8,010,000
26,134,000
248,000 3,799,000
402,000
226,000
Mach & Metals Nat_ 8,000,000 8,572,500
484,000
31,174,000
1,500,000
535,798,000 8,287,000 1,765,000
3,068,000 1,372,000 1,546,000 86,601,000
Bank of America.445,000
63.948,000 3,389,000
25,000,000 c48,917,000 538,305,000 8,023,000
691,000 11,274,000
523,000
National City
238,000
263,000
72,726,000
149,000
525,000
14,295,000
3,000,000 8,874,600
94,000 2,067,000
188,000
99,000
Chemical National
91,000
15,781,000
250,000
839,500
1,000,000
2,183,000
451,000
8,000
43,000
47,000
Atlantic National....
27,000
2,885,000
90,100
300,000
89,367,000 6,302,000 4,958,000
652,000 11,939,000
773,000
Nat Butch &Drovers'
303,000
671,000
5,730,800 108,894,000
267,260,000 5,205,000
947,000 33,059,000
470,000
American Each Nat_ 5,000,000 21,269,300 355,988,000
764,000
108,000
92,000
11,337,000
139,000 1,574,000
448,000
Nat Bank of Comm_ 25,000,000 1,002,900
325,000
68,000
12,647,000
68,903,000 7,044,000 1,906,000.
500,000
Bank
1,610,000 9,358,000
Pacific
520,000 1,304,000
83,252,000 1,106,000
305,000
134,321,000
3,500,000 2,501,400
801,000 19,366,000
Chat & Phenix Nat
362,000 1,772,000
291,000 1,021,000.
3,000,000 16,856,000 138,130,000 4,199,000
30,492,000
352,000 4,616,000
Flanover National
680,000
29,000
92,000
37,253,000
22,939,000
National... 2,550,000 2,825,400
403,000 3,442,000
Citizens'
665,000
251,000
610,000
22,478,000
2,128,800
105,306,000
Metropolitan Bank.. 2,000,000 7,510,200 101,789,000
243,000 2,011,000 3,416,000 13,514,000
621,000
51,000301,000
29,614,000
Corn Exchange Bank 3,500,000 7,659,500
176,000 4,035,000
38,000
470,000
70,000
41,014,000
143,288,000 3,819,000 4,215,000
18,835,000
Trad Nat 1,500,000 17,028,500 188,749,000
601,000
Importers&
550,000
522,000
46,000
50,000
5,000,000
2,921,000
466,000
20,000
National Park Bank_
121,000
17,000
2,000
2,805,000
940,000
75,100
250,000
15,350,000
410,000 2,199,000
East River National_
326,000
60,000
45,00
20,480,000
1,000,000 3,816,700
149,875,000 8,364,000 7,668,000
22,495,000
National..
544,000
Second
802,000
195,000
19,000
640,000
772,000
96,419,000
10,000,000 29,722,800 236,782,000
965,000 15,544,000
First National
411,000 1,978,000
872,000
92,717,000
199,000
4,500,000 5,386,600
10,301,000
393,000 1,183,000
Irving National
198,000
31,000
91,000
10,286,000
298,200
25,000
4,886,000
National 1,000,000
710,000
93,000
N Y County
18,000
15,000
15,000
5,878,000
885,900
750,000
244,617,000 14,868,000 1,300,000
856,000 34,040,000
German•A merican......
2,359,000 2,077,000
10,000,000 11,966,900 294,304,000 3,287,000
6,663,000
110,000 1,040,000
Chase National
186,000
23,000
50,000
894,000
816,400
6,473,000
1,000
400,000
15,678,000
148,000 2,541.000
Gertnania Bank
138,000
312,000
119,000
400,000'
16,669,000
27,000
1,000,000 2,008,500
10,100,000
118,000 1,598,000
Lincoln National..._
239,000
35,000
8,000
249,000
11,257,000
339,000
1,000,000 1,352,300
6,134,000
National__
809,000
57,000
Garfield
257,000
60,000
45,000
70,000,
6,625,000
405,200
250,000
48,085,000
200,000 6,994,000
Fifth National
395,000
288,000
384,000
912,000
47,839,000
1,000,000 3,578,700
63,645,000 2,698,000
577,000 10,047,000
Seaboard National
122,000
34,000
168,000
414,000
68,688,000
439,000
10,031,000
3.000,000 4,039,000
409,000 1,244,000
Liberty National__
130,000
40,000
6,000
396,000'
11,747,000
884,800
450,000
12,754,000
361,000 1,775,000
Coal & Iron National 1,000,000 1,241,100
225,000
10,000
11,000
12,551,000
29,149,000 5,011,000
Union Each National 1,000,000 2,155,400
341,000 4,014,000
184,000
50,000
97,000
34,784,000
1,500,000
229,099,000 25,139,000
637,000 32,125,000
Brooklyn Tru t Co__
202,000
115,000
546,000
11,250,000 12,980,400 268,656,000
50,616,000 2,809,000
Bankers Truen On
236,000 6,858,000
92,000
78,000
352,000
4,691,500 448,388,000
393,485,000 29,506,000
U a Mtge & trr Co__ 2,000,000 26,125,400 108,901,000 2,870,000
782,000 1,749,000 56,293,000
133,000
717,000
25,000,000
9,097,000
106,000 1,807,000
Chia'anty 1' riot no
65,000
33,000
89,000
1,213,200 181,759,001
65,977,000 14,957,000
Fidelity 're = st Co._ 1,000,000 6,210,700
387,000 9,180,000
458,000
123,000
46,000
17,653,000
5,000,000
22,275,000 1,750,000
Columbia True( Uo.
378,000 2,399,000
264,000
81,000
51,000
1,331,800
24,566,000
58,389,000 5,233,000
178,000 7,480,000
Peoples T rust Co_ _ _ 1,000,000 11,032,700
13,000
14,000
7,000
85,982,000
16,596,000 1,930,000
New York Trust Co 3,000,000 1,188,700
215,000 2,352,000
192,000
58,000
77,000
25,238,000
1,000,000
13,056,000 1,121,000
Franklin Trust Co__
176,000 1,967,000
112,000
40,000
9,000
14,992,000
568,200
1,000,000
40,956,000 1,874,000
Lincoln Trust.
332,000 5,599,00
93,000
41,000
288,000
50,000'
54,675,000
530,000
10,237,000
2,000,000 4,070,900
74,000 1,385,000
Metropolitan Tr Co
208,000
78,000
15,000
194,000
13,554,000
39,738,000
1,000,000 1,148,000
Nassau Nat, Bklyn
866,000 1,341,000 4,573,000
294,000
190,000
38,491,000
122,424,000 11,823,000
1,500,000 1,082,200
Co .
17,155,000
187,000
Irving Trust
64,000
27,000
136,063,000 3,713,000
Farmers Loan &Tr Co 5,000,000 10,525,000
3,597,551,000 184,559,000 35,676,000'
39,521,000 13,432,000 25,017,000 25,006,000 518,438,000
week._ 191,800,000 323,910,700 4,173,882,000
Average for
3,810,288,000 181,833,000 35,872,000
4,172,483,000 39,547,000 12,712,000 24,813,000 25,010,000 535,104,000
3,571,923,000 188,279,000 35,463,000
Totals, actual conditt on Mar. 30
4,185,870,000 39,408,000 13,487,000 24,808,000 24,560,000 524,519,000
3,553,451.000 199.645,000 35,023.000
on Mar. 23
Totals, actual conditl
4,104,724,000 39,425,000 12,467,000 24,480,000 23,212,000 501,933.000
3.498,311,000 198,511,000 34,888,000.
Totals, actual conditi on Mar. 16
4,187,557,000 39,593,000 13,673,000 24,831,000 22,921,000 515,218.000
Totals, actual conditt on Mar. 9
Tr- 5,000
15,324,000
N- ot Meets hers of Fed eral Reserve - an/7
State Banks.
889,000
782,000
251,000
190,000
815,000
14,720,000
3,465,000
500,000 1,372,700
199,000
Greenwich
190,000
91,000
33,000
48,000
3,848,000
503,400
200,000
4,260,000
236,000
256,000
People's
226,000
41,000
14,000
271,000
4,667,000
812,900
250,000
17,943,000
798,000
Bowery
630,000
109,000 1,122,000
16,997,000 1,064,000
100,000 2,300,200
5,682,000
248,000
Fifth Avenue.
248,000
152,000
75,000
414,000
5,691,000
868,300
200,001
4,439,000
181,000
267,000
German Exchange
50,000
138,000
149,000
204,000
4,420,000
54,000
328,600
20,847,000
431,000
West Side.
456,000 1,230,000
462,000
526,000
19,694,000 1,159,000
45,000
1,000,000 1,014,100
28,285,000
22,000
N Y Produce Each..
563,000 1,501,000
375,000
375,000
20,348,000 2,440,000
654,100
1,500,000
State
50,000
100,245,000
870,000
5,188,000
98,394,000 6,415,000 1,471,000 2,630,000 3,145,000
7,579,700
Totals, avge for wk 4,076,800
51.000
99.932.000
564,000
2,708,000 3,302,000 5,107,000
96.446,000 6,448,000 1,377,000
50,000
98,447,000
1,491,000
retain, actual condlt1 on Mar. 30
94,772.000 6,351,000 1,377,000 2,767,000 3,099,000 4,554,000
53,000
Mar.23
98.432,000
768,000
Totals, actual oonditl on
94.771.000 6,141.000 1,329,000 2,628,000 3,028,000 4,793,000 1,382,000
50,000
96,220.000
Totals, actual oonditt on Mar. 16
2,735,000 4,791,000
93,208,000 8,150,000 1,428.000 3,024,000
on Mar. 9
Totals. actual oonditi
-Rank
Fed era: Reteree
895,000
em hers of
W- ot Pt!
25,761,000
809,000
Trust Companies.
299,000 1,288,000
148,000
131,000
42,330,000 1,994,000
581,000
5,000,000 11,706,300
16,640,000
84,000
Title Guar & Trust__
176,000 1,405,000
58,000
189,000
654,000
5,184,000
24,233,000
Lawyers Title & Tr_. 4,000,000
42,401,000 1,476,000
893,000
475,000 2,893,000
202,000
320,000
66,572,000 2,648,000
Totals, avge for wk 9,000,000 18,890,300
42,157,000 1,471,000
711,000
448,000 2,713,000
201,000
317,000
86,552,000 2,775,000
41,749,000 1,474,000
oonditl on Mar. 30
748,000
Totals, actual
483,000 2,668,000
212,000
323,000
66,589,000 2,594,000
42,663,000 1,435,000
619,000
Totals, actual 000dlt1 on Mar. 23
627,000 2,770,000
213,000
320,000
66,930,000 2,591,000
41,229,000 1.526,000
1,832,000
actual conditl on Mar. 16
Totals,
579,000 2,664,000
204,000
320,000
67,374,000 2,290,000
Totals, actual condlti on Mar. 9
186,085,000 35,676,000
28,628,000 526,319,000 1,763,000 23,740,197,000 -8,033,000 +434,000
0 48,5847000 15,223,000 27,849,000
Grand aggregate,avge 204,876,600 348,380,700 4,338,848,00 +273,000 +387,000 +184,000 +1089000 +6,701,000 -287,000 +30,643,000
+45,128,000
Comparison prey wk.
1,275,000 b3,752,355,000 183,355,000 35,872,000.
30._ 4,335,481,000 48,770,000 14,408,000 27,722,000 28,760,000 542,924,000 -964,000 +40,238,000-6,448,000 +409,000
Grand ag'gate, actual condition Mar
11,750,000 +417,000 -781,000 -65,000 +818,000 +11183,000
Comparison prey wk.
0 :8 37
- -- 000 35,463,000.
28,142,000 531.741,000 2,239,000 b3,712,119,000 189
condition on Mar.23 4,347,211,000 48,353,000 15,187,000 27,787,000 211,865,000 509,498,000 1,387,000 3,694,546,000 201,133,000 35,023.000
Grand exegete, actual
48,157,000 14,118,00027,301,000
Grand (Went°, actual condition Mar. 16... 4,286 425 000 48,033,000 15,421,000 28.059,000 26,235,000 522,673,000 3,214,000 3,635,760.000 200,087,000 34.488,000
34,737.000
Grand ag'gate, actual condition Mar. 9._ 1,348,139,000
24,050,000 488,053,000 2,832,000 3,540,704,000 194,330,000
oondition Mar. 2... 4,312,361,00 045,209,000 14,402,000 28,330,000
Grand aregate, actual
$6,000,000.
$291,415,000. c Includes capital set aside for foreign branches.
deducted,
member of the Federal Reserve Bank
a U.S.deposits deducted, $291,257,000. b U.S. deposits
aggregates for the Farmers' Loan & Trust Co., which became a
-The statement for the week ending March 9 Includes the
Note.
n March 1.
STATEMENTS OF RESERVE POSITION.
Actual Figures.

Averages.
Reserve
Cash
in
Reserve
In Vault. Depositaries

Total
Reserve

a
Reverse
Required.

Surplus
Reserve.

Reserve
Cash
Inc. or Dec.
in
Reserve
from
PralonsWeek in Vault. Depositaries

Total
Reserve.

b
&terve
Required.

Surplus
Reserve.

Inc. or Dee.
from
PreviousWed

$

$

$

$
3
s
s
/1
$
3
$
$
Members Federal
535,104,000 535,104,000 474,789,570 60,314,430 +5,793,790
d
518,438,000 518,438,000 473,218,400 45,219,609 +2,776,600
+526,700
954,240
c
17,987,760
Reserve Bank_
+409,340 13,835,000 5,107.000 18,942,000 6,332,550
804.000
5,188,000 18,849,000 18,044,101
+112,800
130,450
13,661,000
State banks
+62,650 3,741,030 2,713,000 6,454,000
8,360,150 def.22,150
TrustCompanies* 3,615,000 2,893,000 6,338,00
499,100,880 61,399,120 +6,433,290
540,500,000
526,319,000 543,625,00 497,822,850 46,002,350 +3,248,590 17,578,000 542,9241001 548,947,000 493.981,170 54,985.830 -20,650,020
Total Mar.30. 17,306,000
493,780,240 42,753,760 -4,982,400. 17208,000 531,741,000
Total Mar.23. 16,916,000 519,618,000 536.534,000 489,079,840 47,736,160 +9,215,350 16,875,000 509,496.000 524,371.000 492,05.5,190 34,315,810 -20,847,480
An Im21111 4.49 AM2 4411
536,816,000
16,129,000 520,647.000
Total Mar.18 ....."ulna/Ai neg (101% con•AK7•non AG°, •Inn ao con ein __I ono ncn in ign non co., A7/ nnn W20 Ang nrinAR4 910 751%
1,A
Total Mar. 9
Bank
• Not members of Federal Reserve demand deposits In the oase of State banks and trust oompanies. but in the case of members of the Federal Reserve Bank Include&
9, 35,980,410.
a This is the reserve required on net
35,536,770; Mar. 23, $5,778,180; Mar. 16, $5,962,350; Mar.
on net time deposits, which was as follows: Mar. 3', trust companies. but In the case of members of the Federal Reserve Bank Includes
also amount of reserve required
demand deposits in the ease of State banks and
35,955,330.
b This Is the reserve required on net
35,451,990; Mar. 23, 55,648,370: Mar. 16, $5,989,350; Mar. 9,
time deposits, which was as follows: Mar. 30,
also amount of reserve required on net no longer counted as reserve for members of the Federal Reserve Bank. was as follows:
c Amount of cash In vault. which Is
9, $101,018,000.
; Mar, 16, 3101,651,000; Mar.
as follows:
Mar. 30, $102,976,000; Mar. 23, $101,473000
longer counted as reserve for members of the Federal Reserve Bank, was
Amount of cash In vaults, which is no ; Mar. 18, $99,561,000; Mar. 9, $100,044,000.
Mar. 30, $102.082.000: Mar. 23, $102,263,000




1438

THE CHRONICLE

[VoL.ro.

The State Banking Department reports weekly figures
In addition to the returns of "State banks and trust cornshowing the condition of State banks and trust companies panies
in New York City not in the Clearing House," furnished
In New York City not in the Clearing House, as follows:
by the State Banking Department, the Departmen t also
SUMMARY OF STATE BANKS AND TRUST COMPAN
IES IN GREATER presents a statement covering all the institutions of this class
NEW YORK, NOT INCLUDED IN CLEARING
HOUSE STATEMENT.
in the whole State. The figures are compiled so as to dis(Figures Furnished by State Banking Department.) Difference
s from tinguish between the results
for New York City (Greater
March 30.
previous week.
Leans and investments
$752,410,300
Inc. $9,389,300 New York) and those for the rest of the State, as per the folSpecie
14,643,700
Dec.
25,100 lowing:
Currency and bank notes
12,200,200
Inc.
391,800
Deposits with the F. R. Bank of New York
For definitions and rules under which the various items
55,143,800
Inc. 1,093,400
Total deposits
Inc. 7,607,200 are made up, see "Chronicle," V. 98, p.
Deposits,eliminating amounts due from reserve de- 789,050,700
1661.
positaries and from other banks and trust comThe provisions of the law governing the reserve requirepanies in N.Y.City,exchanges and U.S.deposits 706,294,7
00
Inc. 6,538,600 ments of State banking institutions as amende
Reserve on deposits
d May 22
133,686,000
Inc. 3,002,900 1917 were
Percentage of reserve, 21.1%.
published in the "Chronicle" May 19 1917
RESERVE.
104, p. 1975). The regulations relating to calculating (V.
the
-Stale Banks-Trust Companies
- amount of deposits and
Cash in vaults
what deductions are permitted in
312,984,400
$69,003,300 13.54%
Deposits in banks and trust cos_ _ _ _ 14,755,500 10.69%
the computation of the reserves were given in the 'Chronicle"
12.15%
36,942,800
7.25%
Total
$27,739,900 22.84% 3105,946,100 20.79% April 4 1914 (V. 98, p. 1045).
STATE BANKS AND TRUST COMPANIES,
The averages of the New York City Clearing
State Banks
Trust Cos.
State Banks
Trust Cos
and trust companies combined with those for theHouse banks
Week ended Mar. 30.
In
State banks
in
outside of
outside of
and trust companies in Greater New York City outside of
Greater N. Y. Greater N. Y. Greater N. F. Greater N. Y.
the Clearing House are as follows:
Capital as of Sept.8
$19,775,000 $88,050,000 $18,573,000 $25,938,7
00

COMBINED RESULTS OF BANKS AND TRUST
COMPANIES IN
GREATER NEW YORK (two ciphers omitted).
Loans
.
Total
Reserve in
Week
and
Demand
Legal
Cash in
Deposi
Ended
- Investments Deposits.
Specie.
Tenders.
Vault.
tanks
Jan. 5_
Jan. 12-__
Jan. 19-_
Jan. 26___
Feb. 2_
Feb. 9...Feb. 16_
Feb. 23-_..
Mar.2 _
Mar. 9....
Mar. 16.
Mar. 23_ _
Mar.
Mar. 30_ _ _

3
5,945,390,8
4,893,792,4
4,892,797,1
4,899,129,5
5,006,037,0
5,038,372,7
5,049,992,0
5,116,615,8
5,150,846,2
5,127,304,4
5,061,380,8
5,034,741,0
5,089,258,3

$
$
4,443,769.4 104,006,5
4,528,394,9 104,736,0
4,578,900,7 104,078,7
4,479,558,6 101371,0
4,486,506,5 97,829,7
4,517,827,5 96,292,1
4,501,204,7 95,857,3
4,428,375,5 93,416,1
4,433,280,8 92,655,7
4,319.035,1 90,537,4
4,369,257,5 90,131,4
4,409,310,1 90,664,8
4,446,491,7 91,076,7

$
100,321,2
102,483,2
98,375,5
97.599,0
95,280,8
93,282,0
101,927,9
101,863,0
102,961,4
83,762,6
81,255,4
84,264,8
86,187,0

Surplus as of Sept.8

38,506,722

16,937,000

25,748,040

443,009,400 1,965,778,000
+2,284,600 +11,756,700

Loans and investments_
Change from last week_

162,901,400

197,202,600
+968,600

325,758,900
+2,588,700

Specie
Change from last week_

$
$
204,327,7 617,79
8,8
207,219,2
613,402,6
203,054,2
612,27
'2,4
199,070,0 619,095,8
193,110,5
627,476,3
189,574,1
649,10
8,3
197,785,2
598,152,4
195,279,1
567,452,0
195.617,1
570,83
,6,9
174,300,0 560,387,6
171,386,8
574,44
,5,1
174,929,6
569,77
'3,5
177,263,7
578,017,3

f Included with "Legal Tenders" are national bank
NM by State banks and trust cos. but not those held by notes and Fed. Reserve noted
Fed. Reserve members.

16,995,400
+209,900

20,569,200
+196,300

Currency and bank notes_
Change from last week_

23,893,200
+1,350,300

15,335,200
+227,400

Deposits with the F. It.
Bank of New York_ _
34,134,700
Change from last week. -3,248,900

208,117,100
+7,955,500

Deposits
Change from last week_

547,907,500 2,087,575,000
+7,107,600 +22,233,700

205,034,300
+631,300

316,277,900
-763,700

Reserve on deposits
Change from last week_

98,680,400 319,338,300
-2,808,800 +13,453,800

33,166,400
+107,300

37,178,600
-772,700

P. C. reserve to deposits_
Percentage last week
+ increase over last week

22.2%
19.1%
22.9%
18.5%
- Deorease from last week

19.8%
19.8%

16.5%
16.8%

Non-Member Banks and Trust Companies.
son-member institutions which are not included in -Following Is the report made to the Clearing House by clearing
the "Clearing House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW
YORK CLEARING HOUSE.
CLEARING
NON-MEMBERS.

Net
Capital. I Profits.

Loans.
Discounts.
Investments.
Legal
Week Eading Mar. 30 1918. !Nat.banks Mar. 4
<te.
(iold
Tenders.
1State banks Nov.141
Members of
Average
Average.
Average.
Federal Reserve Bank
Battery Park Nat. Bank
400,000
462,900 7,237,000
63,000
9,000
W. R. Grace & Co.'s Bank.
500,000
642,400 3,216,000
1,000
First Nat. Bank, Brooklyn
300,000
655,500 7,032,000
10,000
13,000
Nat. City Bank, Brooklyn
300,000
594,400 6,436,000
4,000
23,000
First Nat. Bank, Jersey City_
400,000 1,319,000 7,173,000
209,00()
224,000
Hudson Co. Nat., Jersey City
250,000
787,300 5,178,000
85,000
11,000
First Nat. Bank, Hoboken.__
220,000
632,500 7,274,000
7,000
2,000
l000nd Nat. Bank. Hoboken.
125,000
275,800 5,384,000
6,000
51,000
2,495,000 5,369,800 48,980,000
385,000
333,000
State Banks.
Not Members of Ike
Federal Resents Beat.
Bank of Washington Heights.
100,000
480,300 2,458,000
70,000
Colonial Bank.
500,000 1,003,400 10,049,000
589,000
ColutnblA Bank
1,000,000
620,800 13,023,000
633,000
International Bank
500,000
146,900 4,940,000
159,000
Mutual Bank _
200,000
523,000 8,843,000
486,000
New Netherland Bank
200,000
213,700 4,258,000
55,000
Yorkville Bank
100,000
663,400 7,424,000
438,000
Mechanics' Bank, Brooklyn.- 1,600,000
798,700 22,951,000
532,000
North Side Bank, Brooklyn__
200,000
174,800 5,066,000
114,000
Total
4,400,000 4,625,000 79,012,000 3,081,000
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamilton Trust Co., Brooklyn
500,000 1,007,800 9,180,000
365,000
bleobanIcs' Tr. Co., Bayonne
200,000
344,000 7,665,000
15,000
Total
700,000 1,318,800 16,845,000
380,000
Grand aggregate
7,595,000 11,346,600 144,837,000 3,846,000
Ownparison previous week..
+1,371,000 -105,000
Excess reserve
466,850 increase
Grand aggregate Mar.23.._6,895,000 11.442.000 =
0
0
Grand aggregate Mar. 16.... 6,895,000 11,442,001) 141741670- 3,951,000
Grand aggregate Mar. 9 ..... 0,895.000 11,616,700 143,493,000 3,992,000
142,897,000 3,924,000
Grand aggregate Mar. 2____ 6,895,000 11,616,70 140,832,0
00 4,003,000
Grand aggregate Feb 23__
6.895.000 11 616,700 140,025.000 3,983,000
a U. S. deposits deducted, $5,531,000.

149,000
16,000
80,000
45,000
80,000
323,000
25,000

National
Bank
st Federal
Reserve.
Notes.

Reserve
with
Legal
Depositastes.

Additional
Deposits
with Legal
Depositarter.

115,000
60,000
145,000
76,000
36,000
107,000

Average.
Average.
$
115,000 1,230,000
644,000
2,000
500,000
73,000
598,000
644,000
94,000
563,000
519,000
214,000 1,000,000 2,310,000
115,000
324,000
707,000
129,000
332,000
932,000
14,000
284,000
721,000

National
Net
Bank
Time
MenloDeposits.
lion.
--- ----Average
Average. Average.
$
3
6.1)45,000
86,000
193,000
1,483,000
750,000
5,596,000
631,000
294,000
5,327,000
407,000
120,000
6,972,000
396,000
4,237,000
475,000
198,000
2,872,000 3,482,000
218,000
2,871,000 2,520,000
100,000

565,000

756,000 4,831,000 6,477,000

36,003,000 8,351,000 1,519,000

62,000
280,000
364,000
60,000
226,000
262,000
378,000
1,028,000
114,000

125,000
131,000
55,000
124,000
631,000
352,000
553,000
778,000
259,000
284,000
277,000
4,000
334,000
525,000
29,000
184,000
259,000
39,000
107,000
479,000
103,000
403,000 1,412,000 1,238,000
241,000
249,000
445,000

2,184,0001
10,519,000
12,974,000
4,611,000
8,959,000
4,637,000
7,983,000
23,533,000
4,541,000

Sitter
Average.
26,000

Average.

718,000 2,774,000 2,355,000 4,741,000 2,524,000

47,000
26,000

21,000
75,000

73,000

Net
Demand
Deposits.

293,000
134,000
77,000
101,000
96,000
400,00

79,941,000: 1,101,000

96,000

131,000
101,000

365,000
515,000

321,000
212,000

7,296,000
820,000
4,686,000 3,069,000

234,000
880,000
533,000 11,982,000 3,880,000
1,124,000 3,435,000 3,345,000 10,452,000 9,534,000 a127,926,
000 13,341,000
--58,000 4-112,000 +163,000 +338,000 -1,151,000
+544,000 +0,000
11
=====
=I
1,182,000 3,323,000 3,182,000 10,116,000 10,685,000 al27,382,
1,158,000 3,391,000 3,3220N)10,013,000 11,491,000 a 126,148 000 13,231,000
,000
1.288,000 3,416,000 3,278,000 9,953,000 13,711,000 a 124,408,00 13,208,000
1,301,000 3,435,000 3,041.000 9,382,000 11,367,000 a123,399, 0 13,194,000
1,378,000 3,220,000 3,182,000 9,810.000 12,661.000 al23,356,000 13,342.000
000 13,544,000

1,519,000
+1,000
1,518,000
1,520,000
1,520,000
1,522,000
1,515,000

Boston Clearing House Banks.
-We give below a summary showing the totals for all the items in the Boston vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
Clearing House weekly statement for a series of weeks:
required is 15% on demand deposits and includes "Reserve
BOSTON CLEARING HOUSE MEMBERS.
with legal depositaries" and "Cash in vaults."
March 30
1918.

Change from
Previous week.

Circulation
$1,997,000 Inc.
Loans, diseits & investments. 487,484,000 Dec.
Individual deposits, inci.U.S. 419,583,000 Inc.
Due to banks
120,692,000 Dee.
Time deposits
20.300,000 Dec.
Exchanges for Clear. House_ 16426,000 Inc.
Due from other banks
82,376,000 Dee.
Cash in bank dr in F. R. Bank 58,240,000 Inc.
Reserve excess in bank and
Federal Reserve_
Bank
.,5211,900 Inc,
.

March 23
1918.

Mar. 16
1918.

$31,000 54,966,000 $1,971,000
1,922,000 489,406,000 475,039,000
3,808,000 415,777,000 400,246,000
4,326,000 125,018,000 125,296,000
803 000 21,108,000 20,754,000
2,2857000 14,641,000 15,322,000
2,902,000 85,278,000 85,777,000
075,000 57,265,000 58,450,000
990,000 12,544,000 15,383,000

Philadelphia Banks.
-The Philadelphia Clearing House
statement for the week ending Mar. 30, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in




Two'ciphers (00) omitted.
.

Week ending Mar. 30 1918.
Mem. of
P. R. Syst.

Capital
Surplus and profits
Loans, distils & invest'ts.
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S deposits(not included)
Ree've with Fed. Res. Ilk_
Res've with legal depoe'lee
Cast) in vault
Total reserve .4 ()ash held
Reserve required
Exeesa rem At cash In vault

525,975,0
67,199,0
545,398,0
22,320,1)
127,058,0
165,006,0
418,455,0
4,120,0
587,581,0

Trust
Cos.
$5,500,0
13,981,0
46,410,0
605,0
147,0
1,173,0
32,036,0
33,209,0

45,050,0
15,666,0
60,716,0
43,531,0 •
17.195,0

4,964,0
1,767,0
6,731,0
4,868,0
1,863,0

Mar. 23
1918

Mar. 18
1918.

331,475,0
80,982,0
587,344,0
19,582,0
123,854,0
189,717,0
446,706,0
4,128,0
620,551,0
41,000.0
50,087,0
4,822,0
18,342,0
73,251,0
49,041,0
24.210,0

$31,475,0
80,845,0
580,899,0
20,352,0
125,886,0
172,807.0
453,032,0
4,256,0
630,095,0
20,555,0
49,942,0
5,483,0
18,003,0
73,428,0
49,708,0
23,720,0

Total.
$31,475,0
81,180,0
591,808,0
22,925,0
127,205,0
160,179,0
450,401,0
4,120,0
620,790,0
36,397,0
45,050,0
4,964,0
17,433,0
67,447,0
48,399,0
19,048,0

Cash In vault is not eounted ae reserve for F.R.Bank members.

APR. 6 1018.]

THE CHRONICLE

1439

United States Bonds.—In addition to very large sales
of Liberty Loan 33/2s, at 98.76 to 99, L. L. 1st 4s, at 96.26
to 97, and L. L. 2d 4s, at 96.26 to 97.14, sales of Governments at the Board include $11,500 4s, reg., at 105; and
$1,000 2s, reg., at 9731. For to-day's prices of all the differWall Street, Friday Night, April 5 1918.
following.
The Money Market and Financial Situation.—While ent issues and for weekly range see third page
stirring events have transpired during the
several rather
Railroad and Miscellaneous Stocks.—Not in recent
week, both at home and abroad, the security markets have years has the stock market been so inactive at this season,
illusbeen wholly undisturbed thereby. This is one more
and rarely at any season, as it has this week. Transactions
tration of the tranquility which exists in Wall Street where averaged only 174,000 shares per day, as against an average
, the final outit is firmly believed that, whatever intervenes
of over 800,000 a year ago and nearly as much in 1916.
come of the present world conflict will be just what all The tone of the market has generally been steady to firm.
civilized and sane peoples desire it to be. About this matter Fluctuations have been exceptionally narrow in rails with
there now seems very little room for doubt.
net changes about evenly divided between higher and
The markets have been decidedly inactive as might have lower. The railroad list has especially been neglected.
been expected, on the eve of another Liberty Loan cam- The highest prices of the week were recorded in these stocks
paign. This new Loan of only $3,000,000,000, to run ten on Monday, while industrial shares scored their best prices
years at 43j%, seems attractive and will doubtless be readily on Thursday and despite a tendency to react to-day 12 of
taken. It is interesting to note in referring to this offering, the 14 most active of this group close higher than last week.
which is so much smaller than had been expected, that the Conspicuous among these is Am. Sum. Tobacco, which sold
monthly expenditure for war purposes is substantially less on Thursday 93/ points above last week's closing price.
than the earlier estimates and, moreover, that the income Several other stocks of this class covered a range of 1 to 3
and excess profits tax returns, filed with the Collector, points and generally in an upward direction.
indicate that receipts from that source will considerably
For daily volume of business see page 1447.
exceed expectations.
The following sales have occurred this week of shares not
interAn interesting feature of the latest report on our
represented in our detailed list on the pages which follow:
national trade is that exports to South America to the far
countries have been very much larger
East and other remote
Range since Jan. 1.
Range for Week.
Sales
STOCKS.
Week ending April 5. for
during eight month of the fiscal year covered by the report
Highest.
Lowest.
Highest.
Lowest.
Week.
than over before, indicating a commercial situation that will
Par. Shares 5 per share. 3 per share. $ per share.$ Per share.
after the war.
Jan
Mar 80
doubtless be highly beneficial
576 653% Apr 3 73% Apr 1 65
100
Adams Express
34%
3 313
31%
313%
Reports of conditions in the iron and steel industry show Amer Bank Note._ _ _50 100 42 Apr 3 9,2 Apr 3 42 Mar 42 Mar
Apr
Apr
Apr
Apr 3
100
50
Preferred
that the daily output on April 1st was about 2,900 tons American Express_..100 200 803% Apr 4 81 Apr 1 80 Feb 81 Apr
Securities
Apr 94% Mar
larger than on March 1st and 1,500 tons larger than the Am SmeltersA
312 90 Apr 2 913% Apr 1 90
prof series
Jan
83% Jan 9
for 1917. The money market has grown easier, as Atlanta firm & ALL _100 100 9 Apr 4 9 Apr 4 100 Jan 1013% Feb
average
1001003% Apr, 41003% Apr 4
100
Barrett, pref
13%
rates dropping temporarily as Batopilas Mining_ _20 3,300 13% Mar 30 13% Apr 3 1 Jan 40 Mar
the week advanced, call loan
Mar
Mar
Central Foundry_ _ _ _100 1,000 373% Apr 2 39 Apr 4 26
Jan 493% Mar
100 1,500 48 Apr 2 49 Apr 5 41
low as 2327o•
Preferred
/
Apr
Apr 108
4108 Apr 4 108
100 108 Apr
Cent & So Am Teleg_100
Mar
Mar 105
100 103 Apr 2 103 Apr 2 103
Continental Can pref 100
Jan 283% Mar
Foreign Exchange.—Sterling exchange has ruled some- Elk Horn Coal
100 263% Apr 3 263% Apr 3 22
50
Jan 363% Feb
313% Apr 5 27
303% Apr
Fed'i
what firmer, with, however, no special features. In the FisherMg & Sin pref _100 300 34 Apr 3 34 Apr 1 26 Jan 353% Mar
1
200
Body Corp no par
Jan
30
on Amsterdam have advanced General Chemical_..100 100170 Mar 30 170 Mar 30 165 Mar 180 Feb
Continental exchanges rates
Jan
44
37
100 37 Mar 30 37 Mar
Hartman Corpora'n_100
Feb
Mar 72
100 55 Apr 1 55 Apr 1 53
lot Harvester Corp_ _100
sharply. Pesetas also were distinctly higher.
Jan 1023% Feb
Apr 1 100 Apr 1 97
350 973%
100
Preferred
To-day's (Friday's) actual rates for sterling exchange were Kelsey Wheel, pref._100 300 90 Apr 1 90 Apr 1 81 Jan 90 Mar
Feb
Jan 52
100 51 Apr 3 51 Apr 3 47
May Dept Stores__ _100
4 729@4 72% for sixty days, 4 7540@4 75473 for checks National Acme
Jan
100 283% Apr 1 283% Apr 1 2651 Jan 32
50
Jan
Apr 1
Apr 1
125
and 4 7645@.4 76463/i for cables. Commercial on banks Nat Biscuit, pref.. _100 100 109 Mar 30 109 Mar 30 1083% Jan 114 Mar
Jan
16
14
16
16
& St Louls_100
NY Chic
Jan
sight, 4 75@4 753;sixty days,4 71%@4 71%; ninety days, Nova Scotia S dr C._100 100 62 Apr 1 62 Apr 1 62 Mar 69 Feb
Jan 65
100 57 Apr 4 57 Apr 4 55
Owens Bottle Mach_ _25
Jan
4 693/@4 699, and documents for payment (sixty days) Pitts Steel, pret
Apr 98
90 Apr 2 90 Apr 2 90
200
100
Jan
53
4 713'J4 719'. Cotton for payment, 4 75@.4 753, and Savage Arms Corp_ _100 300 643% Apr 3 65 Apr 2 81 Feb 70 Feb
873% Apr
100 873% Apr 4 873% Apr 4
Sloss-Shef 8& I, pref 100
Apr 213% Jan
100 1,000 16 Apr 2 173% Apr 4; 16
grain for payment, 4 75@4 753'g.
Third Avenue
Apr 5 393% Apr 51 393% Apr 403% Feb
par
To-day's (Friday's) actual rates for Paris bankers' francs Transue&Will'ms no 100 100 393% Apr 5 14 Apr 5, 16 Mar 163% Mar
60 14
U S Express
Mar 113% Jan
S
were 5 793@5 799' for long and 5 733'@5 739/i for short. U S Realty &'wt._100 100 10 Apr 3 10 Apr 3 73% Apr 83% Mar
100 73% Apr 3 73% Apr 3!
Vulcan Detinling_ _A00
marks were not quoted. Amsterdam Wells, Fargo Express 100 300 76 Apr • 2 76 Apr 4 ' 75 , Jan 833% Jan
Germany bankers'
bankers' guilders were 47 1-16@46 13-16 for long and
Outside Market.—There was a complete lack of interest
47 3-16@46 15-16 for short.
Exchange at Paris on London, 27.20 fr.; week's range, shown in "curb" market speculation this week, trading
•
throughout the list being extremely dull. Prices for the
27.193/ fr. high and 27.193/i fr. low.
most part moved within narrow limits though the tone of the
at Berlin on London, not quotable.
Exchange
market was steady. Even the usually active motor issues
The range for foreign exchange for the week follows:
Cables.
Cheques.
A heavy demand for Kesytone Tire &
were affected.
Sterling, Actual— Sixty Days.
4 7535
4 76 7-16
High for the week__ _4 72%
4 75473'
4 76463.i
Rubber corn. advanced the price from 17 to 183, the close
Low for the week_ _ _4 72%
Paris Bankers' Francs—
to-day being at 18. Chevrolet Motor moved up 6 points
5723
570'4
High for the week_ _ _6 79
572k
570
to 121 and ends the week at 120. United Motors from 26
Low for the week__ _5 79%
Germany Bankers' arks—
8
advanced to 269/, fell to 25% and sold back to 26 finally.
High for the week_ -----The aeroplane issues were neglected. There were no trans- .
Low for the week_ -- - -Amsterdam Bankers' Guilders—
actions reported in Curtiss Aeroplane & Motor. Wright47%
47%
H
igh for the week_ .... 47 3-16
46
46%
45 13-16
Low for the week_
Martin Aircraft corn. improved fractionally to 73,weakened
at 73.
St. to 6'% and recovered to 79'. The close to-day was
Domestic Exchange.—Chicago, par. Boston, par.
Aetna Explosives corn. declined from 8% to 8. Submarine
Louis, .05c. per $1,000 discount bid. San Francisco, par.
Boat was adversely affected by the unfavorable showing in
Montreal, $15.625 per $1,000 premium. Minneapolis,
annual report of Electric Boat Co., moving down from 13
100. per $1,000 premium. Cincinnati, par.
to 123 and up finally to 123. Burns Bros. Ice appeared
3 and reacting to 20.
State and Railroad Bonds.—Sales of State bonds at the for the first time at 19, advancing to 204
5,
New York 4/ at 105; and $2,- Oil stocks were less active and very little changed. A few
32
Board are limited to $1,000
issues show improvement. Houston Oil, corn., after early
000 New York 434s, at 1003•
3
tofor railway and industrial bonds has been only weakness from 43 to 41% rose to 44%, the final figure
The market
firm. Of a list of 20 issues, day being 44. Dixie Gas from 103 advanced to 10%.
moderately active and relatively
3
first from 83 to 8%,
prominent in the week's operations, 8 have advanced and Okmulgee Prod. & Refg. improved at
then dropped to 73'. It moved Upward again, resting finally
.
5 are unchanged
Among the exceptional features Inter. Mer. Mar. 6s are at 83/2. Merritt Oil fluctuated between 183 and 18%
Midwest Refining adconspicuous for an advance of 2 points; Third Ave. 5s show with the final transaction at 189/2.
Island 4s are 1 point higher, and vanced from 103 to 105, dropped to 99 and closed to-day
a gain of 3 points, Rock
Bonds
Northern Pacific, Southern Pacific, Hudson & Manhattan at 100. Mines generally dull and little changed.
Distilling Securities have been strong. On the other show improvement.
and
A complete record of transactions in the "curb" market
hand, Atchison, Rubber and Steel issues are fractionally
for the week will be found on page 1448.
lower.

mailers? igazttte.




1440

New York Stook Exohange-Stook Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES.
For record of sales eltsrliss the week of stocks unmans inacti... ..• procadins peg*.

HIGH AND LOW 34LB FAXES
-PM SHAER. NOT PER CENT.
....
Saturday
Monday
Tuesday
Wednesday Thursday
Friday
March 30.
April 1.
April 2.
April 3.
April 4.
April 5.
$ Per share
8334 834
*81
82
*90
91
4
513 52
*52
54
*383 40
8
137 1373
12
4
8
563 563
8
*612 712
*20
22
3934 41
704 7114
/
1
---- -__

$ per share
*8312 86
*8012 82
*9014 91
52
5212
5378 54
3912 3912
/
4
1381 1385
8
5612 58,
3
*612 712
*20
2112
4112 4112
71
7112
*91
93

$ per share
8314 84
8012 8012
904 904
52
52
*52
55
4014 4014
13612 1373
4
4
553 5618
*612 712
*20
21
4014 4014
'703 '71
8
____ ____

Saksfor
the
Week
Shares

STOCKS
NEW YORK STOOK
EXCHANGE

PER SHARE
Range Since Jan. 1.
On basis of 1(X)
-share lots.
Lowest.

Highest.

PER SHARE
Range for PresiOUS
Year 1917
Lowest

Highest

$ per share $ per share 5 per share
Railroads
Pal $ per share. $ per share.
Per share $ per share
*83
8312 8312 827 8314 1,000 Atch Topeka & Santa Fe--10C
84
8
81 Mar23 8714 Jan 3
75 Dec 10712 Jan
§8114 8114 8112 8112
81
81
350
Do pref
100
80 Jan 30 8212 Jan 2
75 Dec 10O1 Feb
200 Atiaiatic Coast Line RR
90
/
4
90 .8912 9012 *8912 901
8913 Jan 8 92 Jan 2 z791 Dec 119 Jan
10C
/
4
52
52
517 52
5118 5134 2,900 Baltimore & Ohio
3
49 Jan 24 5614 Mar14
100
381 Dec
85 Jan
/
4
55
*52
*51
5434 *52
5434
Do pref
200
100
/
1
4
53 Apr 1 571 Jan 5
4814 Dec
767 Jan
8
40
/
4
411 4134 4012 4012 2,600 Brooklyn Rapid Transit 100
41
384Feb 25 4814 Jan 2
82 Jan
36 Dec
8
13514 1365 1363 13612 135 13613 8,700 Canadian Pacific
8
/
1
4
100 135 Mar25 14934Jan 31 126 Dec 1673 M ar
8
553 56
2,900 Chesapeake & Ohlo
56
8
5614 551 56
/
4
493 Jan 15 6038 Mar14
4
100
553 Jan
4
42 Nov
*612 712 *612 7
*612 712
Chicago Great Weetern___100
6
/
1
4Jan 23
884 Jan 2
1418 Jan
a Dec
*20
2113 *20
*20
21
Do prof
21
197
100
8Jan 15 25 Jan 3
4134Jan
1111 Dec
4014 4034 2,100 Chicago Milw & St Paul...10(
41
40 4 41
41
3
38 Feb 26 4734Jan 2
35 Nov 92 Jan
7014 7138 71
717
Do prof
8 703 7112 4,500
8
68 Feb 25 7914 Jan 5
100
64 Dec 1251k Jan
9112 9112 *9012 92
*91
93
300 Chicago & Northwestern-10(
8912 Mar25 95 Jan 3
85 Dec 1241 Jan
/
4
_ _
_
___ ___
____
*130 150
Do pre!
10( 137 Jan 29 137 Jan 29 13712 Dec 1721k Feb
1014 1938 2018 197 2018 197 197 *1934 -8
2
614 i5.3. 11 4
8
8
4
800 Ohio Rook lel & Pac temp otfs.
3181 Jan 15 23 Jan 3
/
4
3812 June
16 Dec
*643 66
4
6538 66
6512 6512 65
6512 6512
6538 66
66
7% preferred temp otfs___.
800
563 Jan 15 6912 Mar12
4
/
1
44 Dec
844 Apr
5518 5518 5518 5512 5512 5512 *55
5534 5512 5558 5514 5534 1,600
6% preferred temp otfs__.
46 Jan 15 5912 Mar12
3.53413eo
71 Apr
*27
33
30
30
*25
33
31
*2912 33
31
*295 35
8
200 Cloy Cln Chic at St Louis-101
26 Feb 21 31 Mar22
24 Nov 51 Jan
*59
613 *59
4
4
643 .59
6434 .59
6434 *593 8434
643 *59
4
Do prof
4
61 Jan 11 61 Jan 29
101
61340ot
80 Jan
.1934 21
*1934 21
*1934 21
*1912 21
*1912 21Colorado & Southern
20 Jan 22 23 Jan 2
101
18 Nov 30 Jan
*45
52
*45
52
*45
52
47
52
47 *46
__
Do 1st prof
200
47 Apr 3 5012 Jan 4
101
447 Nov 571k Jan
.42
52
*42
51
*42
51
*40
40
42
40
------ __
____
Do 28 prof
100
40 Apr 4 45 Mar14
101
41 Sept 46 Mar
*105 108 *102 103
106 106
105 10513.W5 107 *104 1 10
-800 Delaware & Hudson
105 Apr 3 11518 Feb 1
101
87 Nov 1517 Jan
a
*170 175 *____ 175 ._.... 175 *_ _ _ 175
170 170 ._ __- 17014
100 Delaware Lack & Western_ 51
170 Jan 7 2180 Jan 4 16712 Dec 238 Mar
*312 534 *4
534 *4
6
*4
512 *4
Denver & Rio Grande_ __101
6
*414 6
214Jan 4
6 Jan 3
17 Jan
5 Dec
*712 87
8 *712 8
/
1
4
814 814 *8
87
8 *8
100
8 8 *8
7
Do pref
9
812Jan 30 133
101
8Jan 2
41 Jan
8
97 Dec
145 1434 15
8
15
1434. 143 *14112 15
4
147 147
8
8 1412 1458 3,900 Erie_
1418Jan 15 1718 Jan 2
343 Jan
k
101
1318 Deo
*2712 2813 28
28
2738 2738 *2611 28
2712 2712 *27
300
28
Do let pref
231 Jan 16 3038 Mar18
/
4
101
4914 Jan
1834 Deo
*1912 2013 *1912 21
*19
20
*1912 2012 193 193
*19
21
4
Do 2d prof.
100
4
1812 Jan 25 22 Mar18
3914 Jan
101
1518 Dec
90
90
90
907
91
8 90
90
2,900 Great Northern pref
9018 897 90
s
*88
90
85 Jan 15 9212Feb 14
101
7914 Dee 11814Jan
27
2714 2712 283
8 2714 277
/ 2714 2714 2712 3,500
1
4
8 2712 2734 27
Iron Ore propertles_No pa
/
1
4Jan 15 3014 Feb 18
25
8
223 Nov 3818 Mar
9614 9614 964 963
8 963 963 *95
4
4
4
300 Illinois Central
963 *95
4
96
963 *94
101
92 Jan 7 963 Apr 2
4
8534 Dec 1083 Jan
8
7
7
*67
3 7
*0 7
4,950 Interboro Cons Corp__No pa
738 8
7
714
7
12 73
4
634 Mar25
912 Jan 3
53 Dec
1718 Jan
4
*4134 42
4278 43
*4238 43
43
44
3,150
Do prof
4338 4312 4412 44
41 Feb 25 4712Jan 3
101
3912 Dec
7214 Jan
*1512 1612 *1512 16
*1512 16
*1512 16
1512 1513 *15
1512
200 Kansas City Southern___..101
1514 Mar28 1834 Jan 7
1312 Nov 257 Jan
*47
49
*47
49
4858 485 .48
*48
50
8
50
4912 4913
200
Do prof
45 Jan 5 51 Feb 1
101
40 Nov 5812 Jan
*918 1018 *918 1018 *918 1013 *918 1018 *9113 1018
918 918
100 Lake Erie & Western
9 Jan 14 1013 Feb 19
101
813 Nov 2514 Jan
*18
24
*18
24
*18
*18
22
22
*18
22
*184 2312
/
1
Do prof
21 Feb 25 21 Feb 25
10,
533 Jan
4
23 Oct
*575 59
8
*5712 59
*5713 60
*5814 59
*5814 59
5814 5814
100 Lehigh Valley
55 Jan 15 8278 Marl 1
5,
503 Dec
8
7912 Jan
*11212 115 *11212 117 *11314 114
114 11434 11412 114 2 *11314 11412
,
200 Louisville & Nashville___10,
110 Jan 2 118 Mar14 103 Deo 13334 Jan
*812 9
*814 914 *814 914 *814 914 *814 9
Minneap ee St L (new)--10,
*814 93
4
814 Feb 2 1012Jan 3
3214 Jan
67 Dec
8
438 43
8
438 43
4 *43
4 5
434 434
4
/ 45
1
4
800 Missouri Kansas & Texm_10
8 *43
4 5
438Jan r
612Jan 2
312 Dec
11 Jan
*812 918 *812 918 *812 918 *512 018
812 812 *814 913
100
Do prof
613Jan 29
_101
912 Jan 7
7 Nov 2012 Jan
*2112 2212 2134 22
2134 2214 2134 2134 *213 22
4
2134 2134 2,200 Missouri Paciflo tr otfs.---10
20 Jan 15 2478 Jan 2
0
1978 Nov 34 Jan
*51
52
52
52
52
5212 52
5212 5212 *52
52
523
Do pref tr ale
800
4
0
41 Jan 15 5414 Mar15
10
3712 Deo
61 Jan
8912 693
4 6978 897
8 69
697
8 6912 6912 6912 693
4 6914 6912 3,000 New York Central
6712Jan 15 735
8Jan 4
10
6213 Dec 10358Jan
29
2958 29
4 2838 2834 283 283
293
4
4 2812 283 *2814 2912 1,800 N V N El & Hartford
4
2713 Jan 24 3278 Jan 2
10
2113 Sept 5278Jan
*20
21
*20
21
20
20
*20
21
*20
*20
21
21
100 N Y Ontario & Weetern_10
'1814Jan 22 2112Jan 3
17 Nov 2914 Jan
10434 10434 *102 105
10312 104
104 104
1033 10334 105 105
4
900 Norfolk & Western
102 Jan 24 1083 Mar12
10
4
9238 Dec 13858 Jan
*8412 853
4 8518 8512 8434 8512 8412 8438 843 847
8 8458 8438 1,600 Northern Pacific
8
8118 Jan 24 8812 Jan 3
__ __10
75 Dec 11014 Jan
4414 4438
4438 4478 4438 4438 44
4438 44
44
44
44
9,200 Pennsylvania
44 Mar25 4714 Jan 2
5
5738Jan
4014 Dec
---- -__. 1112 12
11
11
10
10 -- ---- --- __800 Pere Marquette v t o
10 Apr 3 14 Jan 4
10
12 Dec
3634 Jan
---- --__
5212 5212 ____ ____ ____
__
_
200
Do prior prof v t o_ _ _ -10
5212 Apr 3 5834 Feb 19
45 Nov 7312Jan
ii) 16
100
Do prof v t e.
30 Apr 5 37 Jan 11
10
37 Oct
57 June
64 1713 *271 2712 *27
/
4
2712 27
2712
500 Pittsburgh & West Va
2714 2712 2712 *27
2238Jan 2 3018 Mar14
10
184 Dec
353 June
4
*66
67
67 67
*86
68
*66
*66
68
68
*8612 68
100
Do preferred
81 Jan 10 6812 Mar18
10
533 Apr
8
68 Jan
80
8114 813 823
8
8 803 813
4 8034 8112 8112 8214 81
8
813 44,400 Reading
8
7018 Jan 15 8518 Mar18
5
801. Nov 10414 Jan
*341: 37
*3412 37
*3412 37
*3412 37
*3412 37
*3412 37
Do let prof
35 Jan 12 38 Mar14
5
34 Nov 45 Jan
35
35
*3412 38
*3412 38
*3412 38
*3412 38
*3412 38
200
Do 2d prof
35 Mar30 3812 Mar18
5
4513 Jan
33711 Dec
*97 113
8
4 10
10
978 97
8
93
3 93
8 10
4 *914 95
101s 1,400 St Louis-San Fran tr etts.10
938 Apr 3 14 Jan 2
0
2638 June
12 Dec
*18
2013 *18
2012 *18
2012 *18
2012 *18
2012 *18
St Louis Southwestern ____100
2012
1918 Mar12 23 Jan 7
22 Dec
32 Jan
*35
4912 *35
4912 *35
4912 535
4912 *35
45
*35
Do pref
4913
Feb 13 4012 Jan 3 .34 Dee
3413
100
53 Jan
*73
4 814 *73
4 814 *7
*712 8
12 8
*712 8
*712 8
Seaboard Air Line
513 Jan 4
71:Jan 2
100
714 DPO
18 Jan
*17
1812 *167 1814 *167 18
3
8
*187 18
1712 1712 *167 18
8
8
100
Do pref
1614 Jan 21
1914 Jan 3
100
16 Dec
/
1
4
3912 Jan
8314 8314 8318 833
8 8238 833
3 83
*8318 833
4 8214 83
3,700 Southern Pacific Co
83
8012Jan 24 8834 Feb 27
100
753 Dee
4
9812 Mar
2212 2212 2238 2234 2214 2214 2218 2214 2218 2238 2218 2212 4,200 Southern
2138 Mar25 2518 Mar12
Railway
100
3338Jan
2112 Dec
6018 6018 605 603 *5712 59
8
4
5812 5812 585 585
8
8
8 585 585
8
900
Do pref
57 Jan 21 617 Marll
8
10
515 May 7012 Jan
8
*16
1612 *18
18
*16
12 *18
*16
17
17
17
*16
Texas & Pacific,
1813
18 Jan 8 197 Feb 20
8
100
1158 Nov
1934Jan
*51
53
*51
53
51
52
*49
503 5014 *49
51
51
4
350 Twin City Rapid Trantilt_100
4
503 Apr 4 6514 Jan 31
62 Dec
95 Jan
119 120
1193 12013 118 12014 119 11912 1193 120
4
/
1
4
119 11914 7,610 Union Pacific
4
4Jan 15 1233 Feb 28 10114 Deo 14913Jan
4
IC0 1093
*71
7112 *71
7112 *71
7112 *71
7113 47112 7112 *71
7112
100
Do prof
69 Jan 3 7414 Marl 1
10
85 Jan
6914 Dec
53
4 53
4 *43
4 53
6
8 *5
*5 - 6
*5
6
*5
6
100 United Railways Invest-IC0
43
4Jan 15
638Jan 3
1138Jan
414 Dec
.11
13
*11
12
*11
12
*11
11. 11
12
*11
12
200
Do pref
103 Mar27 1434Jan 3
4
IC
1114 Dec
*75
8- 5
233 Jan
4
712 712 *712 73
4 *75
8 73
4
712 73
1,000 Wabash
4 *712 8
712 Apr 1
914Jan 2
100
7 Nov
1584 Jan
4038 403
8 40551 405 *40
8
4112 4012 41
41
41
4118 4118 1,200
3914 Jan15 4418 Jan 2
Do pref A
IC
3614 Dec
58 Jan
*22
23
2214 2214 *22
23
2212 2212 2214 2214 2214 2214
400
Do prof B
2014 Jan 15 2312 Mar 8
3Q13 Jan
IC0
18 Dec
.14
15
*14
15
14
14 .14
*1414 16
15
14
14.
800 Western Maryland (new)_10
13 Jan 15 174 Fob 15
12 Dec
23 Apr
*26
30
*25
30
*25
30
*25
30
*25
30
*25
30
Do 2d pref
20 Jan 29 3112 Feb 15
100
20 Dec
41 Mar
*1312 1412 1312 1312 13
13
*12'12 1312 *1214 1314 13
13
300 Western Pacific
13 Jan 2 1613 Feb 15
10
1012 Dec
1812 151a5
, ,
*503 5212 5012 5012 .50
4
5212 *50
5212 *51
5212 *51
5212
175
Do preferred
46 Jan 3 58 Feb 6
10
3512 Dec
48 July
*83
4 912 *812 914 *812 9
.83
4 9
8
400 Wheeling & Lake E Ry.....1(0
13 8 4 *812 914
3
814Jan 15 1014Jan 2
712 Deo
224 Jan
/
1
*19
21 .18
21
18
18
19
*17
21
*17
*17
20
100
Do preferred
18 Apr 2 2234 Feb 18
10
8
165 Nov 5053Jan
*36
38
*36
38
*36
38
38
3734 *36
*36
*36
38
Wisconsin Central
1(0
364Feb 8 3912Jan 3
/
1
33 Dec
541 Jan
/
4
Industrial &
*1112 1212 *1112 1212 *1112 1212 *1112 1212 1212
_.
•
-- - - vaneeHom MIscallaneet
- --2
11 Jan 19 14' Feb 18
/
1
4
ely
0
712 Nov
1812 Jan
2812 *27
*27
2812 *27
2812 *27
2812 2812 2912 *2812 2958
300
Do pref..
2578Jan 15 3012Feb 18
_100
19 Oct
/
4
371 Jan
*5014 56
54113
54
_
54
56
56
54
57
57
500 Max Rubber Inc'
49 Jan 2 57 Apr 5
50
4518 Dec
80 Jan
112 15
8
112
158 --ir,
134
1,400 Alaska Gold Mines ______ _10
112 Mar30
27 Jan 12
1 Dec
8
1112.Jan
112
133
1514
112 *112 174 *112 2
158 15
8 *112 15
8 1,800 Alaska Juneau Gold Min'a _10
112 Apr 1
312Jan 21
134 Dec
818 Mar
*2312 24
24
24
2413 *23
*23
2412 *2212 2412 *2212 24
100 Allis-Chalmers Mfg v t o..100
1734Jan 15 2778 Feb 21
15 Deo
325
81qaY
.75
82
81
81
*7912 85
*7512 80
79
*76
79
80
200
Do preferred v t 0.. _100
7214 Jan 4 8312 Mar 7
65 Deo
8878 Mar
*8113 85
*8113 85
*8 12 85
*8113 85
*8112 85
*8112 85
Amer Agricultural Chem__ 100
78 Jan 2 90 Feb 13
72 Dec
9513 /54ay
.884 93
/
1
*8312 93
*8812 95
*8313 95
*90
95
*91
95
Do prof
8918Jan 17 9212 Marl 1
100
91 Dec 10313.Jan
*745 7513 *7412 76
8
75
75
7418 7418 7514 743 743
74
4
4 8,700 American Beet Sugar
7012Jan 5 84 Feb 27
100
63 Dec 1021: Feb
*80
9112 *80
97
*80
97
*80
*80
97
97
*80
97
Do pref
84 Jan 9 88 Feb 19
100
7813 Dee
98 Jan
4013 4012 4012 407
/
1
8 404 403
8 404 4112 4112 4218 4038 4113 10,600 American Can
/
1
3438Jan 15 4358 Mar18
100
2912 Nov 53 lkAal
*92
9512 *92
9512 §933 933 *92
4
4
96
*93
96
97
*93
50
Do pref
8914 Jan 23 9634 Marll
100
87 Dec 11113 June
773 794 79
4
/
1
795
8 78
783
4 787 7913 793 803
8 79
4
8
795 28,300 American Car & Founary _100
8
6814 Jan 14 8038 Apr 4
57 Feb
8038.1une
Do pref
100 106 Jan 3 11012 Feb 1 100 Nov 11854 May
;56" III; :56-- -- 31 311 -32- 33 8 331 I334 -554 - 3- _ 1,860 American Cotton 011
317
8
33 4
/
.
3334
4
21
100
'70 82 *70 80 *70 804 *71 -801- -- 4 79 *75 80100 25 Jan 16 8112 Apr 8 80 Deo 5013.Jan
79
100
Do prof.
79 Mar27
Mar
Dec 10111Jan
*12
1234 *12
13
*12
13
*12
13
13 .12
1214 1214
100 American Hide & Leather_100
1178Jan 10 1438 Feb 26
10 Feb
1714 I5liar
*56
57
*58
57
*5518 57
*56
57
57
57
*58
57
200
Do pref
50 Jan 2 6312 Feb 26
1(85
4314 Dec
75 Jan
*1234 1412 *1218 1412 *1238 1412 *1213 1414 *1212 1412 1414 1412
400 American Ice
1112Jan 2 15 Feb 19 , 8 July
100
/
1
4
16 Aug
/
1
4
*41
4214 •41
4212 *41
4212 *41
4212 4212 4312
4212 MI
200
Do preferred
3834 Jan 18 4312 Apr 5
100
35 Dec
55 July
*52
53
*52
53 .52
53
53
5314 533 5412 *5312 55
4
1,400 Amer International Corp 100
521 Mar25 5813 Feb 1
/
4
46 Oct
4
623 Aug
3058 31
31
31
303 .303
4
3114 3114 313
4 31
8
4 303 31
2,12 American e
roprilnseed
27 Jan 7 3412 Feb 6
1534 Feb
100
2918 Aug
*71
74
*70
73
71
71
*70
*71
73
*71
73
73
6914Jan 7 7538 Feb 6
48 Feb
100
75 Nov
611 62
/
4
614 62
/
1
4
613 6214 6214 63
617 62
3
4,600 Ainetican Locomotive_ _ _100
5313 Jan 15 6918 Feb 19
4658 Dec
8234.1an
_
*98 100 .98 100
*974 100
/
1
Do pref
93 Deo 10678,Tan
100 295 Jan 4 100 Feb 18
*8 -- 2
919
4
834
9
84 83
9
3
--A -84 *8
700 American Malting
834 Apr 2 1313 Feb 6
100
814 Dec
1984 Mar
*46
4812 47
48
*4814 48
48
48
48
48
4712 4712
800
Do 1st pref
46 Mar 9 581 Feb 6
/
4
50 Dec
100
7113.July
*87
99
99
*87
*95
99
*9112 100
99 100
100 100
700 American Shipbuilding...100
90 Feb 21 100 Apr 3
88 Nov 93 Nov
773, 78
7714 7712 773 78
8
773 773
8
4 7718 7814 7638 7738 4,600 Amer Smelting &
7512 Mar25 8612 Feb 19
Refining...100
6758 Dec 1123 June
4
•10413 105
105 105 *10412 10512 10518 0518 *105 106
105 105
425
Do prat
100 104 Jan 5 10634 Mar 2 29918 Nov 11718Jan
63 63
6234 627 *62
8
83
6234 6234 623 63
6212 6212 1,100 Amer Steel Foundries
4
58 Jan 15 6812 Feb 19
100
5018 Dec
75 June
•100 104
101 10214 10012 101
101 10112 102 102 *101 102
900 American Sugar Refining...100
98 Jan 16 10812 Feb 10
8918 Nov 12638June
*10613 108 *10612 108 *10612 109 *10612 109 *10613 109 *10612 109
Do pref
100 10814 Mar23 11012 Jan 3 106 Dec 12113Jan
89
90
901 9412 93
/
4
/ 94
1
4
/ 943 967
1
4
9834 96
4
8 97
97 48,500 Am Sumatra Tobamo.-100
/
1
4
6034Jan 5 9834 Apr 4
30 May 8212 Dec
100 10014 1004 10138 1001 1013 .100 101
4
8
9911 1001 11,500 Amer Telephone & Teleg_ 100
9912 101
/
4
991 Mar28 10914 Feb 1
/
4
954 Dec 12812Jan
151 15212 *150 156 *15113 156
154 154 *152 156
156 160
900 American Tobacco
100 14012Jan 5 16878 Feb 6 123 Dec 220 Mar
*9112 96
*91
*9112 96
96
*9112 96
95
95
*9112 96
300
Do prof (new)
94 Jan 24 99 Feb 23
100
89 Dec 1004 Jan
*50
5114 51
5114 49
/ 5014 5012 5012 51
1
4
5118 *50
51
1,200 Am Woolen of MOM
4458Jan 15 563 Feb 21
8
3718 Feb
100
584 June
*92
95
*92
95
*0212 95
9412 *95
*92
96
*9312 95
Do pref
92 Jan 4 957 Mar12
8
100
87 Nov 100 June
*22
26
26
*22
*2014
26
*20
22
22
26
*22
24
100 Am Writing Paper pref
2038Jan 18 3112 Feb 5
100
17 Nov 541 Mar
/
4
.13
1412 .13
1412 131s 1318 133 1334 *13
4
1414 *13
14
300 Am Zinc Lead & 8
124 Jan 18 1714Jan 3
/
1
25
1013 Dec
414Jan
*44
47 .44
47
*44
47
*44
47 .44
47
*44
47
Do pref
41 Jan 2 47 Jan 3
25
3912 Dec
7213Jan
6212 63
6314 6378 62
/ 6312 63
1
4
8
6314 633 637
8 63
6313 15,300 Anaconda Copper Mining-50 25918 Jan 18 6612 Feb 19
5118 Nov 87 May
.104 108
105 106
104' 10512 10514 108
12
109 11012 10814 109
8,600 Atl Gulf & W I SS Line_ _100
973 Jan 5 12014 Feb 18
4
.81
8758 Sept 12111 Jan
6212 611/4 6114 *6112 6214 *81
6212 *61
6212 *61
62
100
Do pref
58 Jan 15 6434 Mar18
100
54 Feb
66 Jan
7414 745
8 747 7513 74
8
743
4 7412 7534 7512 7612 743 7512 22,500 Baldwin Locomotive Wks_100
4
56t Jan 15 8178 Feb 19
43 Feb
7612July
Do prof . . __ 100
.
93 Jan 2 100 Feb 28
93 Dec 10212Jan
;a8- 87 87 Ii" i.ii- 16 ;atilt ii" i8814 '16" ;8712 163; ___ 166 Barrett Co ,
The1
85 Jan 4 93 Feb 19
100
82 Deo 136 Jan
77
7914 77
7934 ..iii _
. ii_ ..ii.. _iii3_. ..i. is _.3_ 21.400 Bethlehem Steel Corp--100
8
.
i. 7 .4
.8
i
10
0
7414 Jan 15 8378Feb 27
771 Via; 773 -781-4
6S38 Dec 515 Jan
4
Do clam B ammo° -100
8Jan 15 834Jan 3 26618 Deo 156 June
723
_
10134 10118 10114
10184
Do Corn cony
15
Feb
10_1_1 Oct
;H. If 2234 23 *2234 2334 10132 10172 10134 102 *2412 10178 2,200 Booth Fisheries 8% pref__ _ _ 9612Jan 21 103 Feb I 93 Dec _. !
'
2338 24
24
25
25
1.300
21 Jan
No par
26
Is
' and asked prime: no sales on this day. :
Bid
Ea-rights. • Lew than 100 shares. a Ex-d1v. and rights. f plx-dIvIdend. 0 Before payment of
first installment.




--Di *113 134

13,, *153 18,,

1441

2
New York Stock Record-Concluded-Pagepreceding.
usually inactive, se• second page

stooks
Poe mord of sales during the week of
,
NOT PER CENT.
f.,;
WI AWL) WI? BALI PRICES-PER SHARR.
Friday
Thursday
Wednesday
Tuesday
Monday
Saturday
April 5.
April 4.
April 3.
April 2.
April 1.
March 30.

Salesfor
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.

Highest.

PER SHARE
Range for Previous
Year 1917
Lowest

Highest

per share
Industriai&MIse.(Con.) Pat $ per share. $ per share. $ Per share $
89 Jan 12514 Apr
S per share $ per share $ per share
1
/
10C 108 Feb 5 1254 Mar16
400 Burns Bros
$ per share 5 Per share $ per share
122 *117 12212 12114 12112
914 Mar15 1034 Feb 15
*120 123 *120 123 *120 123 *117
Butte Copper & Zinc v t c__ _5
100
4
3 *93 10
5214 Jan
8 97
97
3
4
123 Dec
4 97
*93
1612Jan 2 2412 Marll
4
98 9% *938 10
*93 10
2012 1,700 Butte & Superior Mining_1C
. 2018 2018 20
4214 Aug
3334 Nov
3612 Jan 3 4012 Mar 6
1912 1912 1912 1912 1914 2118 40
1912 1952
800 California Packing__ __No pal
4018 4012 4012
3934 393
4
1
/
3013 Jan
104 Dec
12 Jan 7 1838Feb 19
10C
4014 *3912 4012 3973 40
California Petroleum
*3912
700
1538 1512
*1512 16
*1512 16
2912 Nov 821k Jan
*15 '16
10
36 Jan 5 4814 Feb 18
1512 *15
100
15
Do pref
45
*43
45
*43
45
*43
55 Dec 10112 Jun
45
*43
6112Jan 15 7338Feb 27
45
10C
*43
45
*42
8
6514 6718 657 664 8,700 Central Leather_____
65
8
97 Dec 1157 Jan
10213 Mar14 z107 Mar 8
6514 6412 6518 65
100
6414 6414 6438
Do pref
100
4
/
41 Feb
10314 1031 *103 10412 *103 105
25 Dec
2914 Mar 6 3314 Feb 20
*103 104 *103 105 *W3 10412 3012 304 *303 3112 *303 3112
400 Cerro de Pasco Cop___No pal
4
3
1
/
4
56 Nov 1043 Mar
4 304 304
551Jan 2 95 Feb 25
100
3034 3034 3014 303
Chandler Motor Car
200
8412
*82
83
83
83
2758 Mar
*80
1114 Nov
83
1412 Apr 4 1758Jan .2
8212 8118 8118 *80
*81
2,900 Chile Copper
4
143 15
1412 15
8
3512 Nov 6334 Mar
1514 147 15
39 Mar25 4512Feb 1
t
1
/
154 1514 1512 15
15
1,400 Chino Copper
8
407 41
41
4114 41
41
2934 Nov 58 June
4
343 Jan 29 4212 Feb 19
4114 4114
4112
100
8 A1
4012 405
200 Colorado Fuel & Iron
38
.. 38
3812 -___
*37
3
257 Nov 4778 Apr
4
283 Mar25 35 Jan 30
10(
_-_- _ _ _ --- -- 3778 3778 *30
800 Columbia Gas &Elea
32
3212 32
3212 --32
3212
7613 Deo 13458Jan
84 Jan 5 9212Feb 7
3218 3273 32
.3012 32
Consolidated Gas Of Y)._101
500
89
*86
8718 84
87
8
76 Nov 10314 June
4
1
/ 857 *85
85
86
4
/
681 Mar25 95 Feb 19
86
101
88
' Continental Can, Inc
*86
7014
7014 *65
*65
3714 July
69
18 Feb
7014 *58
*58
69
s
297 Jan 15 38 Mar22
7014 *59
*59
8
3614 365 16,400 Corn Products Refining...10f 29012 Jan 7 9778 Mar21
4
8812 Nov 1l23 Jan
8
353 3578 353 3618 3614 37
4
10(
3
353 3534 353 36
Do pref
300
4
1
/ *9513 9612
9178July
3 9512 95
8
957 957
45:4 Deo
96
96
98
Jan 12 6838Feb 19
*95
52
8 6214 6212 15,400 Crucible Steel of America.10(
8
6258 625 633
4 62
83 Deo 11734Jan
623
12 62
86 Jan 31 90 Jan 2
6214 63
63
-62E8 Do pref_101
100
4
4
8812 8812 *8818 883 *8818 883
3
247 Nov 5514 Jan
3
*877 89
89
4
1
/
28 Mar25 337 Feb 20
*86
89
*86
-No Fa
3 3,500 Cuba Cane Sugar._ _.
2912 284 287
29
943k Jan
29
29
8
747 Dec
4 2878 29
7818 Mar25 83 Feb 18
101
2912 2912 *2812 293
Do pref
600
7912 7934
80
79
,3
1154 May 4414 Oat
*783 81
3
*783 80
z33 Jan 2 43'2 Feb 5
8
*787 81
3
*783 80
8
8
8 393 4038 395 414 45,500 Distillers' Securities Corp_101
393
613 Nov 2424Jan
8
4
8 Mar14 10 Jan 4
_ _11
. 4012 4114 403 415 23814 3914 39
400 Dome Mines, Ltd_ .
3 812 *818 812
812 858 *83
4112 Aug
28 Feb
12 *814 9
4
812 8
313 Mar25 39 Feb 13
9
*8
300 Gaston W & W Ino_.No pa 
*3312 34
4
333 34
34
*33
34
4Jan 7 14312 Feb 19 118 Deo 171I Jan
3312 3312 .33
1273
34
_101
*33
13812 13834 1,020 General Electric
13818 13818 13838 139
1
/
'
744 Nov 14618 Jan
,
8
13858 1383 138 138
4Jan 15 141341 eb 9
1063
101
137
137
8,200 General Motors Corp
11813 121
93 Jan
11612 11812 118 121
7234 Dec
11612 118
8014 Mar28 88 Feb 1
11712 120
101
118 118
Do prat
100
8112 *8012 8112 *8012 8112
6114 Jan
8112 *80
3214 Dec
*80
4
1
/
81
38 Jan 2 250 Feb 5
81
83
101
*80
400 Goodrich Co (B F)
4318 4334
*4212 44
*4212 46
43
43
45
96 Jan 10 100 Feb 19 29138 Dec 112 Jan
4412 *42
4412
101
Do pref
*93 100
*93 100
*93 100
65 Nov 9238Jan
*93 100
74 Jan 25 7912 Jan 3
*93 100
*93 100
.
200 Granby Cons M S & P _ _ _ 101
7812
4
4
*763 7812 *763
*764 78
77
34 Nov 47 Jan
77
3812Jan 17 45 Feb 6
*7614 78
78
*77
400 Greene Cananea Copper._101
_ *4012 4112 *4014 4112 4012 4012
77 Nov 137 Jan
12 __- -78
86 Jan 15 9612Jan 3
4012 4012 40
*39
.
Gulf States Steel tr Ms _ _101
91
*89
92
*89
92
*09
92
4
/
9213 *90
*90
102 Jan 10 102 Jan 10 1011 Nov 110 June
89
*87
Do 1st pref tr Ws_ _101
*95 102
*95 102
*95 102
2712 Nov 40 June
*95 102
4
*95 102
34 Jan 5 423 Mar 4
102
*95
4 1,600 Haskell & Barker Car__No pa
*3814 393
40
3914 3914 40
38 Nov 6612 June
8 384 39
8Jan 15 4858Feb 19
425
3913 3953 3912 395
4
4714 463 4718 11,200 Inspiration Cone Copper___21
47
47
4
463
4
/
4
4
73 Nov 211 May
10 Jan 8 15'4 Jan 30
4514 4612 4612 4712 463 4718 *1212 1412 *1212 1412 *1212 15
Internat Agricul Corp._._ 101
2614 Nov 6012July
*1213 15
*1212 15
14
38 Jan 5 4934 Feb 5
*12
Do prof..101
850
4312 4314 4314 4314 44
*39
45
*40
4
Feb 20 1003 Nov 123 Jan
44
*38
45
*38
300 Intern Harvester of N 1,...10143 11112Jan 2 130 4 Feb 23
*11612 120 *11612 120
3673 Mar
1718 Deo
11512 11614 116 116 *11612 120
*115 119
21 Jan 15 313
8
253 2534 2514 2512 10,000 Int Mercantile Marine...A04
4
1
/
6233Feb 108 Got
4
/
3Jan 2 10214Feb 18
8 2453 251 2418 2473 2434 2538
833
2378 247
-10,o
Do prof
4
9178 923 42,600
4
47:2 Mar
,
2412 Dec
27 Jan 15 3078Jan 3
8
3 905 9114 8912 9013 90 3 9153 913 03 8 2838 2838 3,300 International Nickel (The)
4
893 903
.2
8
4 2838 2813 287 287
1812 Nov 4952 Jan
2412 Jan 15 '3414 Mar 8
2814 2838 2838 2838 283
28
800 International Paper__ 10,
4
293 2934 2914 2912
*2914 30
5014 Nov 7712 June
1
/
58 Jan 22 6512 Jan 3
*2912 3012 294 30
30
*29
Do stamped pref._ _ _10
63
*60
63
*60
63
*60
8412Jan
63
3678 Dec
*60
63
41 Apr 2 4714Jan 11
*60
63
*61
2
700 Kelly-Springfield Tire
43
*41
43
*41
43
4112 *41
41
28 Nov 5018 May
44
Mar25 3414 Feb 19
*41
29
•
1
/
*414 44
3118 3034 3118 4,300 Kennecott Copper_ _ _ _No pa
31
3034 31
8
68 Nov 10378 June
307 31
4Jan 12 8138 Mar 8
4 3078 31
733
3038 303
.10
1,600 Lackawanna Steel
77
7714 7712 7712 77
7614 7614 76
3
10 3 Nov 30 Jan
12 Apr 2 16 Feb 19
4
763 77
76
76
300 Lee Rubber & Tire_ _ aro pa
14
1218 1218 *12
13
1218 *12
1214 Nov 2718Jan
12
13
*12
13
*12
1712Jan 8 2212Feb 27
200 Loose-Wiles Biscuit tr ctfs-10
4
183 1834 *1812 19
*1814 19
64 Jan
55 Jan
1812 1813 *1814 19
*1812 20
53 Feb 15 57 Feb 26
10
Do 2d prof
63
*52
63
*55
63
*55
63
70 Nov 89'a Feb
63 *55
*52
03
74 Mar18 7812Feb 28
.52
Mackay Companies_ _ .10
7612 *7312 7612
7612 *73
5714 Den
7612 *73
6712 J11.11
7012 *74
7812 *73
.73
57 Jan 4 6213Feb 28
.
Do Pref......._ ..... -10
500
6214 6214 6212 6212
1913 Nov 615k Jan
*6113 6212 6112 6112 *6112 6212 *6113 6212 *2512 27
2312Jan 15 3218 Feb 19
10
Maxwell Motor,Inc
27
*26
741 Jan
*2534 2612
4
*243 26
49 Dec
6414 Feb 8
27
*26
27
5213 Apr 1
*26
10
Do 1st pref
900
55
*52
5312 54
65
13 Nov 40 Jan
4
4Jan 15 28 Feb 5
5218 523 *5212 5112 55
193
5312 54
10
Do 2d pref
21
*19
*20
2112
21
2112 *19
*19
67 Dec 10612 Jab
22
*20
22
*20
79 Jan 5 9838 Mar12
4
9314 914 9234 933 23,900 Mexican Petroleum._ ... _ _ 10
4 0212 93
8478 Nov 9778 June
4
/
87 Jan 15 95 Feb 23
9138 921 9214 9318 9214 923
Ig
Do pref.
8914
- *88
25 Nov 4314 Apr
-- ---- ---*8811 93
5 • 2738 Apr 3 3318Jan 31
*8812 94
_
2814 8,500 Miami Copper_ . _ _ _
287
4
1
/
67 June
287- 11 3014 2738 -- 8 2818 2812 *28
31
3912Dec
Mar23 4812 Jan 4
31
31
31
4314
4 7,700 Midvale Steel & Ordnance _5
4
/
4538 451 457
4538 45
8 4514 453
Jan 4 z5834 Dec 10914 Jan
4
/ 45
451
66 Mar'20 73
45
4438 45
100 Montana Power__ _ - _ -10
6912
*66
69 69
70
*65
70
*65
9512 Del 11712 Mar
70
95 Mar19 100's Jan 3
70 65
*65
- -10O
Do Prof-*98 __ ..._-.. *98 103
39 June
1312 Dec
_ *96 _ __ *90
*
14 Apr 3 185 Feb 13
__ *05
500 Nat Conduit & Cable No pa 
14
14
15
1414
14 --- *14
4624 Oct
24 Feb
11
3758 Jan 7 5313 Feb 28
1414 - 14 *1414 15
*1413 15
O
4812 4878 4878 4914 1,900 Nat Enam'g & Stan:0)11_10o
49
4712 4712 *47
901* May 99:4 July
96 Jan 2 99112 Feb 20
*4712 49
48
.47
_ __ _1(1
Do prat _____
98
*96
98
*96
98
6314 Mar
*96
93
3778 Dee
*96
98
*95
4 Jan 7 6134 Apr 4
43,
98
toO
*95
4 4,000 National Le
3
6134 597 603
5714 6012 61
5614 5614
99 Dec 114 Jan
4
3
993 Mar 2 104 Jan 11
3 547 56
5478 547
._.... _
Do pref------- - -----hiO
100
-- *10014 _ *10014
16 Nov 2888 June
- *10013 _ __ *10014
4
173 Mar25 20 Mar 6
_ *10018
5
*100
1812 163
4
-.- 1,900 Nevada CO11801 oopper
187
98 Nov 156 Mar
8 19 1918 *1812 1918 1878 -- 8 1872 19
8
187 187
12 138 Feb 27
*
150 New York Air Brake. _ _10O 117, Jan 2 4613 Feb 23
*120 125 *121 125
72:2 Mar
39 Dec
43 Jan
*120 125 *120 125 1125 125 1125 125
North American Co _ . .10O
50
*45
50
*45
50
*45
8
50
*45
4
/
311 Oct 1437 Apr
50
3518 Mar25 4258 Feb 13
*45
50
*45
25
8 3613 374 9,107 Oblo Cities (las (The) _
724 Sept
3814 3712 3818 3714 377
4t Jan 22 10 Apr 5
34 Nov
3814 38
*3712
38
38
24,600 Ontario Sliver Mining _ .10O
914 10
8 958
87
878 938
4
3012 June
4 83
73
18 Feb
3
8
734 77
2312Jan 21 307 Mar 1
714 734
5
Mail SS
Pacific
30
2973 297
*27
29
3
*27
29
*27
87 Nov 98 Jan
29
*27
86 Jan 8 96 Feb 27
28
*27
900 Pan-Am Pet & Trans. prof _10o
9038 *9014 9134 *9014 9134
35 Deo 10814 Jan
3Jan 2 55 Jan 31
395
8914 *8814 9114 9014 9114 9038
89
1,500 People's0 L & 4) tCeict .10O
*4012 43
4018 4014 *4012 45
42
42 Jan
4212 41
2412 Dec
23 Mar25 30 Jan 3
42
45
*42
(Piton) _5
200 Philadelphia Co
24
*2313 25
24
25
23
24
41:4 June
24
25 Dec
4318 Mar 1
25
25 .23
34 Jan 16
*24
500 Plerce-Arrow M Car---No P3 
39
8
8
387 387
*37
4
1
/ 38
37
38
38
88 Nov 9812 Aug
38
38
894Jan 26 9712 Mar12
38
*37
10o
Do pref
95
95
*91
93 *90
93
95
*90
5412 Beet
3712 Dec
42 Jan 15 5834 Feb 28
*91) 95
95
*90
800 Pittsburgh Coal of Pa.. 10o
52
5214 5214 *51
53
*51
52
90 Aug
52
74 Dec
52
52
54
4Jan 2 84 Feb 19
793
*52
_10
Do prat
83
*81
82
*80
82
*80
82
8314 Jan
*80
49 Dec
81
*80
81
*80
58'2 Mar25 6912 Feb 19
10O
6012 6034 --------500 Pressed Steel Car.
*5912 61
60
60
8
61
95 Jan 2 977 Feb 13 290 Nov 2107 Jan
4,60
*5912 61
10O
Do pref.
_ _ ..
____
96
*95
96
*95
96
99 Dec 131 Jan
96 .94
*95
96
*95
10O 100 Apr 5 10912 Mar 5
Public Serv Corp of N J
100
.
100 foo
16712Jan
__ *104 106 *103 105 *100 106
•104 106 *104
10O 10018 Jan 7 118 Feb 18 10614 Dec
520 Pullman Company_
115 11534 *114 116
-31314 Nov 58 June
11314 11312 *11212 115 *11212 115 *114 115
452 Jan 7 5678 Feb 19
10O
1,520 Railway Steel Spring
523
4 53 53
8
4 523 523
5212 *51
8812 Dec 101 Jan
5214 52
4 52
5158 513
95 Jan 2 98 Feb 15
le O
pref
Do
100
*9612 98
8
4
1
/
964 965 *9612 98
98
1912 Nov 32 Apr
*96
98
*96
98
*96
8
223 Jan 15 25 Feb 19
4,500 Ray Consolidated Copper...1O
4
/
2418 2312 24
241 24
9412 June
8
60 Feb
8 235 234 24
3Jan 3
2318 2338 233
23
%
10O z72 Jan 15 823
4
3 7814 7812 2,750 Republic Iron & Steel
s
7814 7853 7812 7853 783 793
89 Dec 1057 May
3
3 787 79
783
78
s
923 Jan 2 9912 Feb 19
_IC O
-_
Do pref _ _
400
*97
9734 9734 9734 98
9812
*9613 98
59 May 7314 Nov
*9613 98
98
*96
7018 Mar23 8013 Marll
7314 7313 7312 7312 1,600 Royal Dutch Co Ors dell.75
*72
73
73
4
1
/
4 Nov 68 Jan
75
7513 *73
75
4Jan 2 11 Jan 31
63
Saxon Motor Car Corp....-1C
200
7
7
*518 9
9
*7
9
914 *7
g
*7
*7
4Jan 5 156 Feb 15 12312 Deo 23814Jan
1393
700 Soars, Roebuck & Co.....IC
4
141 1423
4
/
4
14318 14318 1431 14318 143 143
291 Mar
15 Deo
8Jan 17 1814 Feb 19
•142 146 *142 148
155
400 Shattuck Anis Copper- __._IO
16
16
17
*16
5954 Mar
1538 1553 *1513 17
16
2514 Dec
2618 Apr 2 39 Feb 5
*1512 1612 16
& Reg_ .No pc n
2634 2714 2678 2714 2638 2718 46,150 Sinclair Oil
8 2618 27
3
4
/
8 265 283
331 Nov 7414 Mar
Jan 24 5534 Mar12
285
2733
39
200 Sioss-Shoffleld Steel & Iron 10O
53
*50
53
5114 5114
*50
54
53 .50
3338 Nov 1101k Jan
*50
3
373 Apr 2 5612Feb 19
8 4012 41
77,000 Studebaker Corp (The)__ _10O
4012 4012 413
3738 3912 39
85 Nov 1085g Jan
471-58 3812 41
90 Mar27 95 Feb 6
4018 IC O
Do prat
90
*80
90
*89
90
*80
90
*80
3014 Nov 5124 June
90
40 Jan 3
*80
90
3414 Mar25
*80
400 Superior Steel Corp'n-_1( O
3612
*35
37
*35
36
*35
8
96 Deo 10212 July
1
/
•3514 3512 354 3512 '357 36
40 95 Feb 16 95 Feb 16
Do Ist pref
*9412 99
*9413 99
*9412 99
1912 JUDO
*9712 102
11 Nov
*9413 99
127
8Jan 2 1734Jan 30
*9413 99
1738 9,950 Tenn Copp & C tr otts_No p/Zr 13611Jan 7 160 4 Feb 2 11.42, Deo 243 Jan
3
1714 174 1714 1753 1738 1713 1718 1712 17
1658 1718
8 4,000 Texas Company (The)._ -10
14212 14312 14313 14413 14378 1437
8058 Aug
4212 Dec
3
14212 1443 14212 _44
4812 Mar25 5684 Feb 21
*14134 145
Tobacco Products Corp_._1C
16,300
4
/
8
4
/
521 5118 5178 5113 5218 517 5314 521 53
28714 Mar19 93 Feb 2 286 Dec 105 Mar
8 51
507
50
Do Prof..1C
93
*85
93
*85
93
9212 .88
9212 *88
*88
10012 Feb 7 10418 Mar 2 283 Deo 107 Aug
91
*87
Underwood Typewri.0r_1()
105
4
3
59 8 Dec 112 Jan
65 Jan 24 70 Feb 28
*100 104 *100 107 *100 107 *100 1073 *100 107 *100
40
& Paper Corp-1(
300 Union Bag
7212
73.2 *68
7212 *68
*68
2
2
493 JUDO
34' Dec
68
68
7212 6778 68
37 Jan 2 40 Feb 26
*68
,
600 Untted Alloy Steel__ -No r) 
*39
3912 23813 3812
39
8112 Nov 12712 Aug
3914 39
39
39
*38
40
4
*38
833 Mar28 99 Jan 23
IC O
8778 9,100 United Cigar Storm
88
8812 8714
3
4
9814 Dec 1203 Mar
4 8758 8818 8612 8818 873 88
10158Jan 5 10114 Jan 5
8512 863
0
Do prof..1
112
3Jan
*102 112 *102 112 *.02 112 *102 112 *102 112 *106 126
1C40 11614 Jan 16 133 Feb 18 2105 Deo 1543 JUDO
250 United Fruit_
124 124 *124
10 Nov 2411
4
1134Jan 9 153 Feb 18
123 123 *124 125 *12212 126 *123 126
1312
U S Cast I Pipe & Fly.-- IC40
1312 *11
1313 *II
1312 *11
63 Jan
42 Dec
4
1312 .12
14
*12
*12
41 Mar26 473 Feb
I( O
Do pre(
100
45
*40
45
*40
45
*10
45
9818 Nov 17112 June
*40
4
45
*40
42
114 Jan 5 1303 Feb 19
42
12112 12213 12212 12338 122 12278 10,000 U 8 Industrial Alcohol. _ 1( O
88 Nov 106 June
12012 122
12178 12212 _22 123
95 Jan 22 99 Mar21
40
1(
Do pref _
100
*9634 100
4
4
963 963 *93 100
67 Aug
99
45 Dee
*92
99
*92
51 Jan 15 5914 Feb 19
1,100 United Statea Rubber-- -1(
55
55
4
/
5512 *54
91 Dee 114:4Jan
8
*54
5512 547 551 5418 5418 5418 55
295 Jan 15 10412 Apr 4
1(
Do 1st preferred
810
871g Jan
104 10414 10112 10412 104 101
40 Deo
4
10213 10212 10312 10312 *10212 101
42 Mar23 483 Feb 19
/o
&M
600 US Smelting Ref
4
4314 *403 4312
*4212 4312 43
1
431 Nov 5214 Jan
4
1
/ 43
3 42
4
4312 4213 427
*42
43 Jan 29 453 Feb 1
I50
Do pref
300
4
*4238 453
46
4
7912 Deo 1384 May
4 4512 4512 *4312 453 *43
4534 4534 *4438 453
8612 Mar25 9812Feb 1
40
107,530 United States Steel Corp-1(
8
8 )497 9014
8Jan 31 10234 Dec 12114 Jan
9014 903
4 8934 904 8934 9018 9014 907
8
893 90
10 104 Mar25 1125
1(
Do pref
10912 10912 2,620
7014 Dec 118:4 Mar
4
10914 10912 109 1094 10914 110
8
10912 10953 •1093 110
4
763 Mar25 853 Feb 19
8 4,600 Utah Copper_ __ ;_ .....1 O
4 7818 787
4 7812 793
24:4Jan
4
918 Dee
8
4
773 7818 787 7912 7914 7914 783 783
1112Jan 2 15'3 Feb 18
1140
- t
Securities v .
500 Utah
1212 1212 1212 1213 *1212 1273 *1212 13
*1213 13
26 Nov 46 May
13
*12
4Jan 2 4334 Apr 4
333
40
4,700 Vtrginia-Carollna Chem- 1(
43
4
/
97 Dec 11214Jan
4
/
4118 411 42 421 4234 4314 4234 4314 4314 4334 43
98 Jan 16 10418 Apr 1
1440
Do pre(
100
77 Mar
46 Feb
10418 1(1418 *103 110 *103 110 *10413 110 *10438 110
3
*104 108
50 Jan 5 703 Mar22
1(40
700 Virginia Iron 0& C
68
68
68
67
67
67
00
*gg
99'4 Jan
70
*66
70
*66
8Jan 2 93 Mar14 276 Dee
853
40
300 Western Union TelegraP13-1(
*9212 94
3
_. 9212 9213 *913 93
56 May
92 92
334 Dec
93
*91
3812Jan 17 43'z Feb 19
Westinghouse Elea & Mfg....1 O
4014 2,000
4
/
3
8
4
1
/
70 Jan
5214 Deo
403
3 4012 - - 8 403 403 2401 4018 40
3
4013 4012 407 407
69 Jan 11 6412 Feb 20
IO
Do 1st preferred
70
*60
70
*60
67
4
1
/
*60
70
*60
70
$314 Nov 52 Jan
*60
70
*60
364 Jan 2 4512 Feb 20
I50
500 White Motor
43
4212 *40
4212 4212
*41
43
*41
42
15 Nov 3812Jan
4214 4212 42
1512 Jan 15 22 Jan 3
I5
12,000 WIllys-Overland (The)
8
4 17
69 Nov 100 Mar
4 174 073
3 8212 Mar19
1712 1713 1712 1712 1734 1'73 1712
173
1713
75 Jan
1130
Do pref(new)
200
__
_
81
*79
80
80
80
80
82
42 Nov 8414 Mar
4514 Jan 2 59 Jan 19
*80
81
*80
4,000 Wilson & Co,Inc. v t c.....1130
56
4 5614 5614 *5314 563
55
4
1
/
99 Dec 151 Jan
4
/
551 *5114 55
55
56
53
1430 110 Mar25 12012Jan 3
100 Woolworth 01W)
8
113 Dec 12613 Jan
1105 11038 *110 115 *110 115 *111 115
*11012 115
*110 112
11
Do pref
374 June
4
1
/
23 Feb
'11712121 *11712 121 .11712 12012 *11712 12012 *112 12012 *112 12012
34 Jan 4 43 Mar 9
P & M•t e_iiDo
500 Worthington
4234 4214 4214
4212 41
40 .40
40
88 Nov 9714 June
40
4013 *39
*38
3
85 8Feb 5 89 Apr 4
11cio
Do pref A
400
92
*88
89
89
90
*85
4
90
*85
90
50 May 63 Jure
4
*85
90
*85
59 Jan 18 633 Apr
11oo
Do pref B
4
6212 6213 634 623 6234 1,000
*60
63
*58
63
*58
63
.58
s Par $100 Per ahem
b par $10 Per share.
apor. and rights.
Ex-right,
I Less than 100 shares.
•Bid and asked orlon; no sales on this day.
.0...ttiaates of deposit S Es-oiviciend.




1442 New York Stock Exchange-Bond Record, Friday, Weekly and Yearl
y
In Jan. 1909 the Exchange method of quoting bonds was changed
and prices are now-"and inierest"-except

for interest and defaulted bonds.

BONDS
N. Y. STOOK EXCHANGE
Week ending April 5

Price
April 5
Bid

Week's
Range or
Last Sale

Ask Low

Range
Since
Jan. 1.

MO No. Low

High

BONDS
N. Y. sToox EXCHANGE
Week ending April 5

Price
Friday
April 5

Week's
Range or
Lost Sale

04
,

Range
Since
Jan. 1.

Chesapeake & Ohio (Cots)
Bid
Ask Low
High No. Low High
Craig Valley let g be
1940 96:14 Feb '16
Potts Creek Br let 4a_1946 3-i 63
8434 Jan '13
--R 44 Div let con g 44._1989 J - J 70
82
73 Nov'17
96.32 Sale 96.26 97.10 2077 96.01 9840
---21) oonsol gold 45
1989 J - J _
8213 71 Oct '17
96.28 Sale 96.26 97.14 17539 94.70 97 98
Greenbrier Ry let gu g 45_1940 NI- N 65 8813 Sept'16
9714 9814 9713 Mar'18
97
9712
Warm Springs V let g 5s 1941 MI- S
56.1_2 11314 Fob '15
974 -- 9634 Nov'17
Chic & Alton RR ref g
A -0 52
59
5014 Feb '18
50 50,
9334 9934 9914 Fob '18
4
Railway 1st lien 334s
9914 9914
1950 377 33
3
38
38
1 3612 4712
98 4 993 99 Feb '18
,
98% 99
4
Ohio B & Q Denver Div 4s._1922 F - A 994 101
997 Feb '18
9758 99%
10413 10512 105
105
11 105 10512
Illinois Div 31413
1949 J - J 72- 7314 Mar'18
7314 7512
10113
- 105 Fen '18
105 105
Illinois Div 48
1949 J - J 85
S
85
2 82 874
85
9612 _ _ _ 9734 Oct '17
Iowa Div sinking fund 58_1910 4-0 973
-4
- 9913 Jan '18
9913 9912
9012
9718 Feb '18
9713 9713
Sinking fund 4s
A -0 9718
1919
97 Jan '18
81 Dec '17
80 -97 97
Joint bonds. See Great North
9
-- - 100 Feb '15
Nebraeka Extension 4s
913 923 9214 Mar'18
4
1927
8
9114 9214
Registered
-- 91 Mar'18
1192578 11-N
Foreign Government.
9
91
91
General 4s
VI- 8 81
Amer Foreign &cur 5a
8178 82
2 81
83
1919 F - A 95 Sale 9134
9512 74 9434 9712
8413
Ohio & E III ref dr imp 446-195
2214 30
Angle-From% S-yr 5s Etter loan_ A 25
20 25
25
9014 Sale 90
5 30
9014 577 8314 9053
U S Mtg & Tr Co etre of denArgentine-Internal 53 of l009.. M- S 8312 Sale 8312
_ _ 2512 25 Fob '18
8312
25
23
3 78
8312
1st oonsol gold Cs.
Bordeaux(City of) 3-yr 69_1919 M- N 87 Sale 8512
1934 A -0 63 101 101 Mar'18
87
98 101
129 84
90
General consul lot 55.
Chinese (Elukuang Ry)-5s of'11 J -D 857 60
N
8412 87 June'17 1937
60
60
3 5313 6012
U S Mtg & Tr Co etifs of dep
Cuba-External debt Se of 1901_ PA 74
70 Feb '18 - --ci- -id95% 97
9513
9512
i
1 9012 953
4
Guar Tr Co otfa of dep.....
- 90
Eater dt 5s of 14 sec A.__1919 F - A 91% 0658 9212 Mar'18
76 July'17
9014 9212
Porch money let coal 58..1942 F - A
----- 973 Fob '13
External loan 434s
4
1940 F - A 80
8512 80 Mar'18
80 80
Cblo & Ind C Ely let 5a
---- ---10
23 :32 Mar'17
Dominion of Canada g 5s
1936 J - J
1921 A -0 9412 9514 95
9514 10 94
9513
Chicago Great West lot 4(1_1959
-4
S 513 Sale 5412
Do
39 ---- 604
do
55
1920 A -0 9218 95
92
925
54
8 16 904 953
4
Ohio frid & Louisv-Ref 68_1047 J - J 9814 105
Do
9814
2 98
do
9012 9013
1931 A -0 90
984
90
12 :31 887 94
8
Refunding gold 5s___ _1947 J - J --- 973 10012 Apr9814
French Repub 5345 scoured loan_
4
'17
95% Sale 9514
138 OA
96
98
Refunding 45 Series C
Japanese Govt-£ loan 4 Ae_1925 F-- t
1947 J - J
8412 Apr '17
89 Mar'18
i
86
89
9212
---Ind & Louie / let gu 45_1956 J - J
,
- - - - 70 Nov'16
&woad series 454s
- 86
85 Mar'16
1925 J - J
85 927
Ohio Ind & Sou 30-yr 4s
---- ---8
71
J
7812 9612 Jan '17
Do do "German stamp"- .- -1956
787
3
7912
8 77
Chia L S & East let 430._1969 .1 -D
81
Sterling loan 4s
973 Dee '16
8
_1931 1 - J t 7414
7414 Mar'18 _ 7.514 76
-Chicago Milwaukee & St PaulLyons(City of) 3-yr (3s
1919 M- N 88 Salo 8538
88
120 84 90
Gen'l gold 4s SerietrA___61989 _--- 7712 77 Mar'18
Marseilles(City of) 3-yr 6o.._1919 M- N 88 Sale 85%
767 79
8
146 84
88
833
4
Registered
9233 Feb '16
Mexico-Exter loan .£ 53 of 1899 Q
.31989 Q J
t 427 45
3
4014 Feb '18
40
42%
Permanent 4s
J -33 7912 Sale 7912
.400ld debt 48 of 1904_ _1951 J -D 30
7912
5 761 8014
40
3318 Dee '17
_
Gen dr ref Ser A 4qs_a2 5 A -0 68 Sale 6/34
Paris, City of. 5
1014
92
19 6134 70
-year 6a... _1921 A -0 8112 Sale 817
8
8512 240 817s 89's
()en ref cony Sor B 5o..,a2014 F - A 79 Salo, 79 . 68
Tokyo City-5s loan of 1912._.
4 7714 80
79
S 72
75
72
7212 239 68
7212
Gen'l gold 33‘a Ser B_e1989 J - J -.... 714 7212 Aug '17
U X of GIL Brit & I 2-yr 5(3_1918 NI- S 99 Halo 983
4
828 97 99%
99
General 434s Series 0___e1989 J J _ 8212 8212 Mar'18
3-year 514% notes
1019 M- N 96 Sale
8238 8412
221 9514 98
25
-year debenture 4s
74
5-year 534% notes.
1934 J - J 70
74 Mar'18
1921 M- N 9314 Sale
74
74
263 913 9134
3
Convertible 434s....
Convertible 53-4% notes_1919 F- A 9914 Sale 991i
1932 -D 73 Sale 7212
99253
9 7114 7512
199
0131i11 862 977 100
3
Ohio & L Sup Div g Ss_ _ _1921 J -J 954 ---- 97 Jan7312
Massaro prices oat the basis at 68101
'18
97 97
Chic & Mo Riv Div 5s
94 Feb '13
1926 J - J 814 _
94
91
Chlo & P W lst g 513
170
-3 9612
;
State and City Securities.
1921 J - J
9612
9612 9813
CM & Puget Sd let gu 49_1940 J - J
831 79 Dee '17
X Y City-4X8 Corp stock..1900 fd
88 89
89
89
18 837 9114
.3
Dubuque Div lets f Se..,..1920 J - J 9414 10612 100 Oct '17
634s Corporate stook
14- S 83 89
1964
9014 Mar18
8914 903
3
Fargo & Sou assum g 6a....1924 J - J 934 10.8 10473 Sept'17
434s Corporate stock
1966 A -0 88 89% 0012 Mar'18
8858 9012
La Crosse dr D lit 5s
43.e Corporate stook
1919 J - J 94 10314 98 Jan '18
1965 J -D 9112 05
95
93 08
9514 71 9434 965
8
Wle & Minn Div g 5a
9314 99 10()4 Sept'17
4345 Corporate stock
1921 J
8
1963 61- S 9413 917 95
9614 21 9412 983
W13 Valley Div let 6a
4
4% Corporate stook
1920 J - J 944 9718 107 Deo '10 --- __-- ---.1
1959 M-N 853 Sale 8534
8613
6 864 874
Mliw dr No 1st ext 4348_1034 -D 85
- 81 Dec '17 --_4% Corporate stock
N 8612 873 gals Mar'18
1958
4
8638 8714
Cons extended 43.4s_ ,.,1034 J -D 8114
_ 8114 Feb
4% Corporate stook
8612 8634 Mar'18
1957 61-N __
4
8612 8713
Chic & Nor West Ex 4s1838-1926 F - A 88 .- 89 Jan '18 --- "Fift- 8114
4% Corporate stook reg _1956 NI-N 8118 8512 854 Alael8
'18 _- 89
89
85
86
Registered
3
New 434e
8
1886-1926 F - A 857 897 8612 Out '17 _-__
N 95 Sale 95
95
1957
95
9638
General gold 334s
694 704 70
434% Corporate stook_1957
1987 13.1- N
9113 95
70
3 -id - 731
9558
95% 11 95 97
Registered
34% Corporate etook
8112 Oct '16 D10998817 Q-F
1954 111-N 7614 Sale 7614
7614
6 7614 7812
General 4a.
X Y State-4s
NI- N 83 Halo 83
83
- . 95 101 July'17
4 8Ols 85's
1061 MStamped 44
90
Canal Improvement 4s_1981 - J
86 Elopt'17
N 80
90 Mar'18
9714
06
General M stamped
8
Canal Improvement 4s__ _1962 J - J
N 997 Sale 99%
1987
_ - 98 100 Nov'17
99%
(164 103
Sinking fund Oa
Canal Improvement 45_1960 J - J
1879-1929 A -0 104 ___ 10414 Dec '17
_ _ _ _ 96 Jan '18
033
0)1
---Registered
Canal Improvement 441_1964 J - J 106 1073 1063 Mar'18
- - - - 10913 Apr '10
1879-1929 A -0
4
4
105 1063
4
Sinking fund 15a
Canal Improvement 434s.1965 J - J 98 10412 103 Sept'17
1479-1929 4.0 9418 100 104 Sept'17
Registered
Highway Improv't 4346_1963 M- S 105 Sale 105
- 10312 Apr '16
1879-1929 A -0 9234.
105
1041; 1671.3
Debenture 5a
Highway Improv't 4345_1965 61- S 98 10014 10014
05 Mar'18
1921 A -0 95 103
10014
2 10014 10014
95 9612
Registered
97 100 Jan '18
Virginia funded debt 2-3s
1921 A -0 91
79
74 Doe '17
1991 J -.8
1(30 100
Sinking fund deb 1513
8
6a deferred Brown Bros MU-4
1933 m-N 935 973 9312
9312
25
1 9312 93 3
5014 June'17
40
,
Registered
61-N
10414 June'16
Des PialtieeVai let gu 43401933 IN763 -- 10112 Oct '16
4
Railroad.
947
Frem Elk & Mo V let 68._1933 103 _ _ _ 101 Jan '18
Ann Arbor let g 4a
41995 Q - J 54
56
85 Mar'18
101 101
55
59
Man 0114 NW let 3349_1941 - J 54
_ 88 Jan '17
Atob Top 49 re gen g 4s___1995 80 Sale 80
81 --36 80 854
Milw AS L 1st gu 3148
Registered
J
1941
1995 4-0 79
83 Sept'17
80
MII L S & West 1st g 68_1921 M- S 1(768 164 I1111; ga 51.;
5Adjustment gold 4s
-t
714 727 70 Feb '18
d1995 Nov
3
7213 78
101 1024
Ext & imp e f gold 513_1929 F - A 98
Registered
98
98
A1095 Nov
8512 Nov'17
98 98
Ashland Div let g 6s1925 61- S 10018 ---- 1117 Dee '15
Stamped
3
7 4
.
61995 131-N -7173- 74.- 73
737
8
3 7118 78
Mich Div let gold (4_1924 J -.8 1001s ---- 1114 Nov'16
Cony gold 419
85
8'2.4 23 8232 86
1955 J -D 82
8
823
Mll Spar A N W 1st gu 45_1947 NI7213 85
Cony 48 Issue of 1910
86 3 Sept'17
5
8314 81 Mar'18
1960 .1 -D 82
84
86
St L Peo & N W Ist gu 53_1948
95
East Okla Div 1st g 45_1928 Al- 8 8518 - - 9112 Out '17
J
08 Oct '17
Chicago Rock tel & Pm--Rocky Mtn Div 1st 4a_... _1965 J - J
OS
/8 Aug '17
/W3t-0,W general gold 44.__1988 J - J 75 Sale 75
Trans Con Short L 1st 49_1958 J -.8 77
7514
4 73
7912 77
77
773
4
77
8012
Registered
- 74
Cal-Aria let & ref 4Jia"4"1902 61- S 79
J - J
87 Mar'17
79 Mar'18
81
79
823
4
Refunding gold 4s
8 Fe Pres & Pia lot g 56_1942
A -O 6414 Salo 0312
6114 38 6212 64
S 85 100
993 July'17
4
20
-year debenture 50
61 -- 70 Feb '18
AU Coast L let gold 4s____51952
1999338'241 J - J
S 82 8412 82
82
71
81
66
843
3
Coll trust Series P 45
Gen unified 4 34e
4
973 Oot '17
4
N 973 8014 75
1964 J -D 76
75
12 75
8212
RI Ark & Louis 1st 446_ 1918 NI623 a7 62:
3
Ala Mid let go gold 5.1
8
931
12
623
8
1928 NI- N 9412
98.14001 '17
64
62
Burl C It & N-lot g 5(1_1934 - 0 90
95
Bruns & W let gu gold 49.1934 J - J
96 Feb '18
7518 -- 85 Sept'17
96 96
_
CRIFANW 1st gu 58_1921 A - 0 --- 100
Charles & Sav 1st gold 78_1936 - J 1074
9713 June'17
129% Aug '15
Choc Okla AG gen g 153L & N ooll gold 4s
7234 16 70
7112 Sale 711,
N
01919 J - J 9313 97 100 Feb '14
01952
- lad731
Consol gold Sc.,.
Say Fd4W let gold 6s_......1934 A -0 10614 -- Its July'17
90
9758 July'15 _
61-N 75
- __ ---Keok & Des Mottles lot 3s.19 2 A -0 573 60
4
1st gold 59
60
53
192
1934 A - 0 9312 -- 105 July'16
____ ---St Paul & K C Sh L 1st 4448'41 F - A 6012 (1113 6112 Mar'18 -- 57 60
SIISR Oca 0gu 413
99 --.... 99 Jan '18
1 59
6112
1918 J
_ 99 99
611s
Olio St P NI & 0 cons So....1930 J -D 10412 112 103 .Mar'18
Bait & Ohio prior 334e
1925 J - J 8614 9612 864
80 1 15! 8618 8913
,
11)2 103
Cons Os reduced to 334s.. _1930 J -D 83 _ 8513 Mar'18
Registered
87, 9013 Sept'17
4
61925(4-3
4512 8513
Debenture 5s.._
let 50
-year gold 4e
13 86 66 8518 Mar'18
_1930
a1948 A -0 7612 7712 764
8518 854
7714 1, -id- -id 1
Ch St PA Minn 1st g 08_1918 61-N 19012
Registered
- - 111 June'17 _
8
A1948 Q - J ...._737 923 Mar'17
4
North Wisconsin 1st 6a
20-yr cony 4345
I1930 .5-3 10053
118
767 Sale 7612
1933
77
33 7612 7913
St P AS City let g 6e_ _1919 A - 0 1001s103 - 10013 Nov'16
Refund & gen 5a Series A..1095 J -D 8034 Sale 81)
804 25 80
8312
100's 10014
Superior Short L let 5ag_g1930 M- 8 844 95 10518 Mar'18
Pitts Juno let gold M._ 1922 J - J
Nov'16
112 Jan '12
Chic T H & So
PJuno & M Div 1st g 314s 1935
-Et let 5e 1960 J -D
- 80
82
N 804 8614 88 Oct '17
_
Chin & Wait Ind gen g 6s 0932 Q -M 103 __ 104 Jan '17
PL E&W Va Sya ref 48_1941 NI- N
72
72 Mar'18
Mar'18
10313 104
72
75
Consul 50
Southw Div let gold 33-48_1925 .1 -year 4s
3
J -.8 667 Safe 6512
___ 833 833
67
4
18
4
833
4
2 31
67
85
Cin EI & D '2d gold 434s._ _1937 J - J
Cent Ohio It tote g 44,1_1930 NI- S 8213
---- 90 May'17 - 84
19
52
100 Apr '17
let & refunding 411
- --- ---CI Lor & W eon lat g 15,3_ _ 1933 4-0 91
--3
993 June'17
let guaranteed 4s
Pdonon River let gu g 5a_1919 F - A
J -.8
90 May'17
-10114 Nov'16
Cin 13 A I let gu g 5.9_ _ 19 #1-N
Ohio River Rit let g 613_1930 .1 -D 9112
11 9941
25 July'15
_ 9914 Out '17
C Find & Ft W let gu 4e 9.1923 M- N
General gold 53
88 Marl'
8814 Deo '17
90
1937 A - 0 84
Day & Mich let eons 434e 1931
Pitts Clev 4 Toilet g 6e_ _1922 A 96
06
J
9918 Mar'18
9912 9918
Clay Cin Cb A St L gen 43.1993 J -D 5934 6012 5931 Jan '17
Buffalo R P en g 5a
0 8
6
604 17 59
1937 NI- S - - 7- id() 99 Mar'18
534
99
9913
20
-year deb 434s
4
Consol 43-4s
.
1931 - J 673 Sale 6514
69
1957 -N 85 99
0912 Out '17
17 6514 72
General 5s Series 13
All A West 1st g4a Ku--19 A -0 75
1903 J -13 73 85 80
80
97 Nov'16
98
80
Cairo Div let gold 4s......_1931) J - J 683 814 3318 Mar'17 10 80
Clear & Mab let go g 59_1943 4
10:318 Fen '1(9
Cin W M Div lat g 0_1991 J - J
5313 63% 79 Feb '17
Rocb & Pitts let gold 60_1921 F - A idd" iJS 103 Feb '18
103 103
St L Div let coil tr g 45_1990
Consol 1st g Os
N 6112 05
64 Mar'18
1922
D 9912 107 104 Nov'17 _
-di- -66
Spr dr Col Div 1sta 4s-1940 131- S 6713 ....-- 7311 June'17
Canada Sou cone gu A 5s.,.A962 4-0
91
90 Mar'18
807 9112
2
W W Val Div 1st g 4s_ _1940 J - J
Car Clinch & Ohio let 30-yr 15s'38 -D ____ 84
84 Nov'16
84 Dec '17
O 1514goih 4econsol Obi
8 LdC
2
Central of Oa 1st gold 5e_p1945 F - A
1920 m -N 1007 102 10218 Out '17
9714 Mar'18
97
9714
Consol gold 193
874 87 Dec '17
R1930 Q - F 75
1945 Ni- N 85' 8734 873
4
873
4
1 873 90
4
Registered
Chatt Div our money g 4s 1951 J -D ___ 79
Q - F _--- 8812 May'15
78 Aug '17
Cia S & Cl cons let g Se _1923 J - J 8633 -- 10218 Jan '17
Mao & Nor Div 1st it 5a....1946 9-) ___ 90 103 Mar'17
_
COCA Igen consg 6.1_1931
Mid Oa & Atl Div Se__ _1947 J - J _ 10118 973 June'17
J 101 -- 10718 Aug '17
8
Ind El & W let met 42__1910 A -0 64 ....-- 134 July'08
Mobile Div 1st g Se1946 - J 83 - .10412 Apr '17
_
0 Ind A W let prof 58_41934 (4 _
Can RR dr B of Oa col g 58_1937 M-N
90 Aug '17
Peoria A East let eons Is 1040 A - 0 48 _- 46 Mar'18
Vent of N J goal gold 5a......1987 J idils 103 10312 10312
-ig - 0;
idi 108
Income 4s___ ..... _1990 Apr
13
20
Registered
1212 Deo '17
100 102 102 Mar'18
61987 Q
102 101
Cleve Short I. lat gu 4348_1961 A -0 8512 8712 00 Mar'18
Am Dock A Imp gu 5s.__1921 J - .1 9812 100
99 Mar'18
83 00
9812 9912
Col Midland let gold
Leh & Hod Riv gen gu g 53.'20 J - J 100 10114 100 June'1:3
718 10
_1917 7
7
.45 6
8
Trust Co malts of deposit__ _ _
63
s 712 518 Mar'18
N Y& Long Br gen g 46..1941 NI- S 02- 10,13 Jan '13
518 713
Colorado A Sou let g 4s_ -1029
84
Cent Vermont let go g 4s. e1920 (48014 83%
86
fa
' 65 Mar'18
3 8234 884
F 65 '
1315
1315
Refund & Ext 434s
Chem & 0fund & Impt 59_1929 - J 78% 8013 80
1935 M -N 69 Sale 08
69
80
15 136
73
SO
80
Ft WA Den 0 1st g fis
let condo! gold 513
9612 9013 Mar IS
D 95
1921
1039 -N 96 Sale 954
9612
913
9618
9 9514 10013
Conn & Pm Rive let g 4s...._1943 A -0 84 _
Registered
1939 1W- N 96 ,....- 10412 Jan '17
Cuba RR let 50-year Sc a_1952 General gold 43-4s
cii 94 Feb '16
767 sale 767
3
1092 8
77
5 72
77
Del Lack & Western
Registered
1992 bi- 8
8113 Mar'17
4
Morris & Ess let gu 33-4e 2000 J
20
-year convertible 445-1930 F - A
743 794 7313 Jan '18
4
,
72 Sale 713
7218 81
4
7318
" ii
NY Leek & W let 04_1921 J - J 102 -- 102
30-year cony secured 50_1946 A - 0 781 Sale 794
8
102
8014 97 VS
10038 10212
8112
ConstruetIon 6sPig Sandy let 40
..1923 F - A
957 8
98 Feb '18
1944 .1 -D 65
78
84 Apr '17
98 -98
Term A Improve 49._ 1923 IVI-N 9013
Coal River Ry let gu 48_1946 -13 65 -- 8512 Nov'16
9334 Jan '18
9334 93 4
,
Warren 1st ref gu g 3148..2000 F - A
10218 Feb '08
*No prioeFridaY; lateet tble week a Due Jan. d Due April,
CDuo May. tiDUeJne h Due Jaly. k Due
Aug o Due Oct. p Due Nov. Due Dec. sOptIon sale
U. S. Government.
U 8 113ie Liberty Loan ____1947 .1 -D
U 0 4e converted from let Liberty Loan
1932-47
U 94e 2d Liberty Loan___ _1942 M- N
U S 2s consul registered__01930 Q-.8
U S 2s oonsol coupon
d1930 Q
U S 3s registered
k1018 Q- F
U S 3e coupon
*1918 Q- F
U S 4s registered
1925 Q - F
U S 4s coupon
.
1925 Q- F
U 9 Pan Canal 10-30-yr 2a.k1936
F
U S Pan Canal 10-30-yr 2e rag '34(4-N
U S Panama Canal 3s g____1961 Q -M
U S Philippine Island 43_1914-34(4- F




98.76 Sale 98.76

96

99.00 5074 37.20 99.00

BONDS
N. Y.STOCK EXCHANGE
Week ending April 5

1413

New York Bond Record-Continued-Page 2

APR. 6 1918.j
rt
1?.

Price
Frid,zy
April 5

Week's
Range or
Last Sale

Range
Since
Jars. 1.

High No. Low High
Ask Low
Bid
Delaware & Hudson
3 9314 94
91
1922 J - J 9338 953i 94
1st lien equip g 4yis
8312 8512 Mar'18 -- 8134 8612
1943 14I-N 82
1st it ref Is
3 8512 90
86
86
8534 86
1935 A 20-year cony 58
76
7412 76 Mar'18 -- 74
Alb dc Susq cony 33_.._1948 A -0 72
8
4
- N 1003 _-_- 1127 Dee '16 -- - - -Reuss it Saratoga let 7s-1921
7 6012 69
65
65
Deny & It Or 1st cons g 4s 1936 J - J 65 Sale 68 Jan '18 ---- 68
71
1936 - J 6712 71
Congo! gold 448
1 72
72
763
72
4
73
1928 J -D 71
Improvement gold 5s
4912 21 4814 5112
1955 F - A 4912 Sale 4878
it refunding 5s
let
37 Aug '11 -95
1939 J -D
RIO Or Juno 1st gu g 53
6114 Apr '11 --Rio Or Sou 1st gold 4s-- _1940 2-i
39 July'17 -1910 J - J
Guaranteed
8 14 6312 671613
2
J - J 643g Sale 6414
1110 Or West let gold 4E1_1039
55
51 Mar'18 -- 51
5014 58
Mtge it coil trust 4sA 1919 A 9312 Mar'17 ---- -M- N
Des Moines Un Ry let g 5s-1917
----- 82 Dec '16 -Dot it Maok-lst lien g 49_1995 J -D
7512 July'15 ---199' J -D ---Gold 4s
7b12
76 Mar'18 -- 76
76
M-N
Dot Rly Tun-Ter Tun 4;is 1961
8 9938 Deo '17 ---Dul MIseabe & Nor gen 5e.._1941 J -J 9934 1017 90 Nov'17 -- 1937 A -0 9012 97
Dul& IronRange 1st 53
10512 Mar '08 --- - 1937 A -0
-- Registered
87
87 Mar'18
82
_ 87
1937 J -J
Dul Sou Shore & AU g 5a
111-N 87 102 104 Jan '17
Elgin Joliet it Bast let g 58_1941
100
tOO 101
100
1920 M- S 100 Sale
Erie lat consul gold 7e
7312 6812 9812 Mar'17 -.1847
N Y it Erie let eat g 4a
9618
1919 M- S 9613 -- 9613 Mar'18 -- 961,
211 eat gold 53
9312
- - 9312 Jan '18 -- 9312 95
1923 M3d eat gold 430
9912 July'17 -1920 A -0 961,
4th ext gold 55
9434 Noy'15
1928 J -D
5th ext gold 45.
10712 Dee '16
NY Lilt W 1st g td 75_1920 M- S 9714 07
5
66
65
- -di_1996 1-2 6512
Erie 1st cons g 45 prior_
81 Doe '15
1996 J - J
Registered
12 491 5714
Slit W. 51
1st consul gon lien g 49_1996 J - J
73
73 June 116
'
5 12
1995 J - J
Registered
2 7.14 77
77 Salo 77
77
Penn coil trust gold 4s 1951 F - A 44 Sale 44
3 42
44
4318
50-year cony 4s Series A 1953 A -0 41 413 44 Mar'18 -- 4212 49
4
1953 A Series B
do
3
497 Sale 4978
18 4812 56
50
1953 A Geu cony 43 Series D
9012 88 Mar'18 ---- 88
93
Chic it Erie let gold 5s _1982 M-N 84
_ 1067 Jan '17
8
-Clay & Mahon Vail g 5s_ _1938 - J 9812 Tai 103 July'17 --Erie it Jersey let s f 6s _1955 J - .1 9634 100 10334 Aug '17 --Genesee° River 1st a f 63-1857 J - J
11012 Nov'17
Long Dock consul g 6s-1835 A -0 106 ---- 103 Jan '18 ------idi 103
Coal & RR let cur gu 65-1822 M-N
10212 July'17 --Dock & Impt lot text 5s-1813 J - J
85 Jan '18
85
85
rlf Y it Green L gu g 55_1946 M-N
4
713 7434 Feb '18 --__
75
72
If Y Susq & w 1st ref 5s-1837 - J 88---- 1004 Dee '06 ---_ 74
62
-F-A
1937
20 gold 4)0
6112 74 Nov'17
--1910 F - A
General gold 53
103 Jan '17
_1943 -N •80
Terminal let gold 5a
76
95 103 Jan '17 ---1940 A Mid of N J let ext 5s
65
62 Feb '18 --- 62
62
Wilk & East let go g 53_ 1812 J -D
2312 Jan '17 -.J - J ..--Ey & Ind lot cons gu g tis_.-1926
97 Nov'17 -97
Evansv & T H let cons Os_ _1921 J - J 94
8512 June'17 -1942 A -0 5014
1st general gold 5s
108 Noy'll
Mt Vernon let gold 68_1923 A 95 June'12
Bull Co Branch lot g 53___1930 A _ 9612 85 Dee '17 _-__
Florida E Coast let 43511-1858 J -D
92 Aug '10 ___
Fort St U D Co let g 4;65-1911 J- J
5613 Oct '17 ---- -Ft Worth & Rio Or 1st g 45_1928 J - J
88
8512 Juno'16
Gale Haus it Hen let 5s..---1833 A - 8 Sale 9213
9F
9212 274 92
9433
Great Nor C 11 it CI coil 4s_ _1821 J - J
9218 44 9134 9314
9218
a1921• J
Registered
2 8612 89
88
88
J -J goV8 88
let it ref 43.s sedea A___1961
98 June'16 ---1961 J - J --Registered
861s 8613
1033 - J 8712 ___ 8618 Mar'18
St Paul M it Man 4s
1933 J - J 107 113 111 Aug '17
let consul gold Os
6918 ___ 118 Apr '17
-1933 J - J
Registered
9312
95
8 -63'12 94
9311
Reduced to gold 4148.1933 J - J 93
__
1933 J - J 8613 99 10212 May'16
Registered
8214 Mar'18 ---- 8112 821i
8
Mont ext let gold 43-1837 J -D 817 89
9512 Mar'16
1937 J -D 8073 89
Registered
8512 Noy'15
Pacific ext guar 4s E
1810 J - J 79
8512 8013 Dee '17
E Minn Nor Div let g 45_1948 A 9912 ____ 1083g Jan '17
1922 ▪ Minn Union lot g Os
1937 J - J 102 ---- 113 June'17 -Mont C let gu g 63
13614 May'06
1937 J - J
Registered
3
8
1937 J -I 93 ---- 923 Mar'18"925 -9253
let guar geld 55
__
4
Will & 8 F lot gold 5e 1933 ▪ -D 9213 E79l2 1093 Aug '16 ---6931 Dee '16 --__
Feb
---Green Bay it W deb otfs"A"
- -s
612 9'8 87 Dee '17 --__
---- Feb
Debenture etfa "IV
7414 7718 78 Feb '18 --- 78
8:3
Gulf & 8 I 1st ref & t g 53-61952 - J
J - J 76
767 76 Mar'18
8
78
Hooking Val lot cons g 44_1999
- 9812 Jan '14
__
_7513_ _ _ _
1999 - I
Registered
_
& II V let oat g 49_1948 A -0 6812 8712 8214 Aug '17 ____
Col
3
75
1
1955 1 - A 703 ---- 75 Feb '18
Col it Tol let ext 4e
_
oola Apr '17 ---Houston Belt & Term 1st 58_1931 .1 - .1 -821; 95
95
87 Mar'13
Illinois Central let gold 44_1851 2 " 2
93
9251 Sept'17 ---- 87 95
1951 J - J
Registered
5F
7818 Dee '17
1951 .1 - J - 8 90
let gold 35is
84 Nov'15
1951 J - J 5618 81
Registered
-1951 A -0 5813 ---- 80 June'17
Extended let gold aAg
1951 A -0 5613 ------Iteglatered
-,65
-go Jury
1951 M- 11
let gold 3s sterling
1951 M- S
Registered
775 -7212
7534 - 7 7212 "i8"14
1952 A -0 72
Collateral trust gold 4s
9514 Sep '12
1952 A -0 6514 _
-- -Registered
lso
Sae 7978
4 79
83
80
1955 M- N
let refunding Is
71
70 Mar'18
70
70
1952 J - J 70
Purchased lines 3lis
7414 75 Mar'18
74
7612
L N 0 & Texas gold 45-1853 M" N 71
84
72 Feb '18
72
70
72
1953 M- N
Registered
89 Apr '17
1950 J - D 7018 79
---Cairo Bridge gold 46
- 74 Feb '14
let gold 33_1851 2 - 2 56
Litchfield Div
75
71 Feb '18
71
71
,
Lenin Div & Term g 348.1953 J - J
83 Aug '12
1953 J - J
Registered
____ ---1921 P - A 9518 ---- 102 June'16
Middle Div mg 5,8
7212 Jan '17
Omaha Div 1st gold 33._ _1951 F - A 62
61i. 52
1 ji - 62
62
St Louis Div & Term g 38_1951. - 2 6218 8314 63
1
Feb '18
63 63
1951 J - J
Gold 33ia
1951 J - J 6112 7914 80 June'16
-Registered
805 Noy'16
8
Spring!' Div let g 30_1951 J - J
79
79
1951 Ii' - A 79 ---- 79 Mar18
Western lines let g 48
92 Nov'10
1951 F - A
- Registered
4
1923 J -D :::: I5i37 11712 May'10
Bellev it Car let (is
90 Jan '17
Carb it Shaw let gold 43 1932 M- 8
97 Mar'18
8
- -di
Chic St Lit N 0 gold 58_1951 J -D 957
114 Feb '11
1951 J -D
---- ---Registered
90 Oct '09
____
1951 1 -D
fti
Gold 3 ,
1951 J -D
Registered
8618 91
, Joint let ref 5a Series A.1003 2 "., 8553 92 2 8512
12 6814 90
7018 Nov'17
---Memph Div let g 0_1851 2 "
"
65 Nov'17
1951 J -0
Registered
80
80
St Louis Sou let go g 4s1931 M- S 75 -- 80 Feb '18
89 Apr '17
8
19502 - J 723 98
--Ind III it Iowa Ist g 4s
9134 Mar'18
92
90
4
1919 M- N 913 06
Ink it Great Nor let g 8s
8212 June'17
James Frank it Clear let 4s_1959 .1 -D 7538 90
60
58
5834 Mar'18
6112
Kansas City Sou lot gold 38_1950 A -0 58
63 Oct '00
1950 A -0
Registered
7612
54
- 3- 77
Apr 1950 J - I 76 Sale 7513
Ref & inept 51
7453 78
7512
Kansas City Term let 48_1960 1 - J 758 Sale 7513
85 Mar'18
78
92
Lake Erie it West let g 58_1937 J - J 78 88
8053 Feb '17
81.
1941 J - J
3(1 gold 51.
897 M nr'17
8
72
A -0
North Ohio let guar g 58_1945
871 -61371
8
- 887 8718 Mar'18
Lob Val NY lat gu g 4;491940 J .1
_1940 J - J 831s 83 89 Oct '17
Registered
78 83 80 Oct '17
- -- - -0012
Lehigh Val (Pa) eons g 43_2003 IN-N
4
2003 M-N 8418 893 8713 Mar'18
General eons 434s

BONDS
N. Y. STOCK EXCHANGE
Week ending April 5

t
"c!

Price
Friday
April 5

Week's
Range or
Last Sale

Range
Since
Jan. 1.

High No Low High
Ask Low
Bid
102 102
8
Leh V Term RI let gu g 5s-1941 A -0 1013 112 102 Mar'18
___ 100 113 Mar'17
1941 A Registered
4
963 101
100 Mar'18 _
J 963
Leh Val Coal Co let gu g 58_1933 J -0- 4
- - -- 105 Oct '13
3
,3 J J
193 I .7
Registered
808
- - - ---let int reduced to 4s
_ ---- --1945 M- S --__ -- 87 Apr '17
Leh & N Y let guar g 4s
1945 M- S
Registered
4
7 913 95
Oa
Sale 9134
Long Isid let cons gold Ss...51931 Q - J 90
9.114 June'16
7718
---61931 Q let consol gold 4s
____
8514 8514 Feb '17
1938 J -D 64
45
General gold
90 July'17
1922 M- S ---- 95
Ferry gold 4345
-- -- - 9914 Oct 'OG
1932 J -D
Gold 48
7114 89 May'17
949 1,1- N
1037 111-S
Unified gold 40
97
97
97 Jan '18
97
1934 J -D
Debenture gold .518
75
72
73
73
73
20-year p m deb 55
7912 7912
8 7913 Jan '18
757
S 72
1949
Guar refunding gold 4s
95 Jan '11
- 1949 NI- S
Registered
NYB&MB 1st cong 5s_1935 A-0
- --____ __9312 Apr '17
92 '
1
NY&RB Ist gold 5s_ _ 1927 M- S 9212 1.5ila 19314 Aug '17
____ -9312 100 Aug '111
Nor Sh B let con g gu 53_6.1932 Q - J 82
8714 90
8712 90 Mar'18
Louisiana it Ark lot g 50_1927 M- S 8513
4
109 1093
Louisville it Na.shv gen 6s_1930 I -D 109 11234 109 Feb '18
9418
4
933 9418
1937 51-N 9418 9812 9418
Gold 53
8812
5 83
4
833
83
8
1940 J - I 833 84
Unified gold 43
8
985 Jan '17
Registered
99
99
99 'Mar'18
99
I
N
949
1931
Collateral trust gold 5s
--3
10038 ____ 1033 July'17
E H & Nash 1st g 5s
- - - ---4
L Cin it Lox gold 4 A9
19 1W- N
1931 j - D 863 9434 98 Sept'17
---- ---10112 112 106 Aug '17
1930 J ig 0 & Mist gold (3e
____
1041s Feb '17
20 gold 6s
1930 J - J 9213
9012 Apr '12
83
75
Paducah it Mem Div 4s 1948 F - A
8
1156 3 i(36110018 Jan '18
St Louis Div 1st gold 6e_1921 M- 8
58
5814
7-0
7
5114 -584 5814
26 gold 3s
1980 M- S 10014-714 74 Mar'18
74
79
74
ALI Knox it Cln Div 4s_1955 M-N
---4
1033 Jan '17
Atl Knox it Nor let g 53_1946 J - D 9512
---- ---Render Bilge islet g 0_1931 M- S 10018 ____ 1051s Aug '17
____
7118 7612 74 Oct '17
Kentucky Central gold 48_1987 J - J
913 93
4
Lox it East let.50-yr 5s gu 1965 A - 0
1
7
4 Aug
3
6 . 6
5
tdcN
&Nouth:v1 1st g4s_a_1945 J:S 97, 9. 32 93 '.1aay:'18
l& :%11 oin t A 19 2 M I 7714 9114 8138 m n 17
4
_-_

95 Feb '05
61952 Q Registered
4
963 Jan '18
"giN Fla & S 1st gu g 53
3
977 Marla
N & [W W1 gen gu g 4%8_1945 J - J 8212 ---_ 10212 Feb '18
8
:
. 921 F A
6
let u
is g 5t! 037 l --- A 1003 10312
ms gu g sk
99 Oct '17
9514 100
i Atl
jt a co
S& N
P°1133cA
1
79
a pr.17
Gen cons gu 50-year 53_1963 A -0 8512 10214 9312 JAn '8
Lit Jeff Bilge Co Ru g 4s_1945 M- S 5712
Manila RR-Sou lines 4s
1936 M-N
7 Mar' 10
---Mex Internat let cons g 4s 1977 M- S
---73 Noy'10
Stamped guaranteed
9112 June'17
Midland Term-let f g .5s 1975 J- 1:1
1927 M- 8
Minneapolis it St Louis
104 104
___ 106 104 Feb '18
1st gold 7s
8
1033 Oct '16
Pac:flo EU lot gold 63_21927 I -D
9 1 A-O
74 Nov'17
76
70
1st consol gold Ss
41
44
4212
4
423 4212
1st (lc refunding gold 4s
949 M S 42
1931 M.: N
40
48
42 Mar'18
46
Ref it ext 50-yr 5s Set A 1962 Q - F 40
-60 Feb '15
Des M & Ft D 1st gu 4e 1935 J - J
8433 80 Mar'18 2 7534 8013
Iowa Central let gold 5s_ _ 1938 J -D 79
4153 4614
43
4318
42124212 43
1951
Refunding gold 49
3 8312 8612
8112
8412 8412
61- S
MEltP&SSMcong4sintgu_1938 2-I 83
92 Jan '17
1st Chic Term e f 4e
__141 M- J
go. 26 J- N 88 ---- 8518 Nov'17
MSSM&A 1st g 4s int
95 Dec '16
---- -_ 94
Mie3lesippi Central lot 5s_ _,.1949 J - I
Missouri Kansas it Texas
2 6012 63
61
62
6012 61
let gold Is
9 28
35
4
283
2d gold 4s
,
-1
-1 2834 3214 28
-4
413 3258 Nov'17
21
let ext gold 5s
40
40
40 /M ar'18
45
40
let it refunding Is
27
34
30 Mar'18
29
25
Oen sinking fund 410_2093
1 4
19043
40 Nov'16
- -40
St Louis Dly 1st ref g 4e_ _2001 A -0
6912 Apr '17
Dalt it Waco let gu g 53_1940 M-N
58
58
58 Jan '18
70
Kan City it Pao let g 48._1990 F - A
-4018 Nov'17
50
1942 A -0 37
Mo K it E let gu g 5s
5518 Dee '17
5514
M K & Okla let guar 5e_ _1942 MN
561s
5 49
51
M K it T of T 1st gu g 53_1942 M- S 51 Sale 51
- - --- 60
51 Dec '16
Sher Sh & So let Ff g 58_1942 40
40
49 Jan '18
Texas it Okla let gug 5s 1943 M- S ____ 50
Missouri Pacific (reorg Col
803,3 86
8012 8038 Mar'18
1965 -- -let it refunding 53
92
90
8
0053
8
-897 9058 903
1923 __
let it refunding 5s
861,3 90
68
1926 __ _- 88 Sale 88
let & refunding 518
4
5518 593
3
57 Sale 563
5714
General 4s
0714 9912 9912 Mar'18
9812 9912
Missouri
g 83-1920 M- N
---4
563 ---- 60 July'17
1945
loan
rPgeoeldlolo1
6012 Apr '17
--- ---1959
1st& ref cony 5s
____
82 Apr '17
m
t SS
i
F A
51 - N
onsvexsttenLdzisalte4t%Se_g_u_
- - ---100 Feb '13
3Bdo
____
-- 9712 Dec '13
.60
Cent Br U P let g 4s
80
79
80 Mar'18
85
Pao R of Mo let ext g 48_19345 j-D 78
9 8 I "A
f
---- -4
931s 1003 Apr '17
88
2d extended gold 5s
1038 S "
9012 95 8
92
,
St L Ir M & S gen con g 53.1931 A 0 9214 ---- 92
102 July'14
---- -Gen con stamp gu g 5s 1931 A -0 ---2 7212 75
8
735 Sate 7353
8
735
Unified & ref gold 4s__ _1929 J - J
_ 807 Oct '17
8
- - -- Registered
6612 71
6812
9
933 rel- I
Riv & G Div 1st g 43_ _ _192 j - N 6812 Sale 6312
78 Sept'15
1926 141- S
Verily I & W lst g 5s
10112 1011i
Mob it Ohio new gold (is___ _1921 J - D -di' 10;10112 Mar'18
_
109 Feb '16
let ext gold Is
61927 Q - J 6014
S 65 ---- 68 July'17
1938
General gold 40
Montgomery Div let g 5s_1947 F - A 80 -- 93 July'17
8718 -- 90 Aug '17
St Louis Div 59
77 Dec '17
7118 85
1927 J J
St Lit Cairo guar g 4s__ _ 1931 5 D
08 101
101
Nashv Chatt it St L let 5s 1928 A -0 9914 10012 101
4
1923 J - J 9718 102, 11014 Mar '17
Jasper Branch lot g 6a
30 May'17
Rys of Mei pr lien 448_1957 J - J ____ 30
Nat
35 Aug '16
---Guaranteed general 48_1977 A - 0
8
967 Feb '13
---- ---Nat of Mex prior lien 434e 1926 J - J
30 Oct '16
---- - --let °ousel 4s
59 Dec '16
N 0 Mob & Chic 1st ref 5s_ _1960 J
951 A
-66 - -di"
6234 Feb '18
63
New Orleans Term 1st 4s._ _1953 J - J 60
92
9414
9334 93 Mar'18
J -D 91
1925
NO Tex it Mexico let 6e
8
497
2 40
47
46
46
Non-cum income 5s A___ _1935 A - 0 45
New York Central RR
8
027 Sale 9273
9318 102 9112 9412
1935 M-N
Cony deb 63
3
4
_ 713 743
7112 Mar'18
73
72
Consul 4s Series A
8418
3 80
83
9
19 8 A A
2013 r O 8214 -- 83
Ref & imp 41 "A"
-is
New York Cent it Mid Itiv3 7014 741
4
703
7014 Sale 7014
19974 - J
Guar 3543
74 Sept'17
71
19971J - J
Registered
7 751 79
78,2
8
755 Sale 7553
1
1934 11 1-N
Debenture gold 45
--_- -- 92 Dee '16
Registered
6512
61
6514
64
6112 65
3
1994 M
Lake Shore coil g 314e_19 8 F
13433 8734 Sept'17
1998 F - A
Registered
-8i12
6334 Mar'18
_1998 F - A
Mich Cent coil gold 334e_
75 Mar'17
1993 F - A
Registered
Battle Cr it Stur let gu 38_1989 J -D
.15
7912 ____ -6613 Apr----J
Beech Creek let au g 46_1936 J
9534 Noy'16
---- ---1936 .1 - J
Registered
---1936 J - J 83 _--- 104 Mar 16
2r1 guar gold 51
--_1936 J - J
Registered
Beech Cr Ext let g 3I4e.b1951 A -0 ____
6
1-0 6512 ___- 89 Nc7;'1Cart & Ad let go g 4s_1981
GOUV it Owe let go g 58_1943 J -D
id
4
763 ---- -64 mEZrMob it Mal let gu g 48_1991 MN J June R guar let 48_1948 F - A 67 ---- 8914 Feb '16
2000 1 M-N 70 ---- 80 May'17
N Y it Harlem g 8141
N Y it Northern let Se_1923 A -0 94 -..-- 101 June'17

,
QM°I

Duo Oct. 5 Option enle.
• No prloe Friday: latest bid and asked thls week. a Due Jan, 6 Due AM. g Due June, is Duo July, 0




13.
co ,53

1444
BONDS
N. Y.STOCK EXCHANGE
Week ending April 5

11-8

New York Bond Record-Continued-Page 3
_
,...„ Price
Price
Week's
Range
BONDS
Friday
April 5

Range or
Last Sale

5,
ee "a

Since
Jan, 1.

N Y Cant & H ft RIt (CV:1.)Bid
Ask Low
High No. Low High
N Y & Pu 1st cons go if 4s 1993 A - 0 5313 7412 74i2 Mar'18
7218 7412
Fine Creek cog guar Os__ __1922 J - D 1003 ---- 113 May'15
4
- RW &0con 1st ext ba...0922 A 97
9814 98 Mar'18
98
9314
e512 _
R W&OT It lstifug be-1918 811-N
9812 Nov'17
- -_
ligtiand let con g 4'As__ _1941 J 6718
8018 Aug '17
Og L Cham let gu 41301948 3- J
60 - - _ 63 Mar'18
63
63
Rut-Canada let gu g 4s_1949 3 70
70
---- 70 Jan '18
St Lawr & Adir 1st g 5s___1996 J - J ---101 N ov'16
--2d gold Os
1998 A - 0
103 Nov'16
--Utica & Blk
8
go g 481922 J -3 691_ 9712 JulY'16
.Lake Shore gold 33Ss__.._1997 J -D
713 Sale 7134
4
713
4 10 7134 758
Registered ___.
1997 J -D
7212 7212
733 7212 Mar'18
8
Debenture gold 45
M- S 8212 _
1928
82
8234 15 82
8
883
-year gold 4e
25
1931 M-N
8212 gi
8212
4 8212 8612
8212
Registered
1931 rill-N ___--- 8312 Nov'll
-- - -Ka A & G R 1st fru o 58- _1938 J - .1 ____
- --Mahon C'1 RR 1st 5s
1934 J - J
10412 Deo '15
8712
- - - -Pitts & L Erie 2d g bs___a1928 A -0 90 ---- 103 May'17
- -- Pitts McK & Y let go 013....1932 J - J 100% -- 13018 Jan '09
--2d guaranteed (iti
1934 J - J 10012
12314 Mar'12
---McKee()de B V let g 88_1918 J - J
Michigan Central Is
-.612 Aug '17
6
1931 M- S 881.4
Registered
8514 92 105 July'16
1931 Q - M
75 ---- 80 Nov'17
1940J - J
Registered
1940 J - J
87 Feb '14
I LAS let gold 3148_1951 M• S
90 June'08
---let gold 33-is
1952 M -N
797it July'17
____
_
20
-year debenture 4s_ 1929 A -0 7318 74
723
7278
.1
7234 8012
N Y Cblo & St L lst g 4,3_1937 A -0 7514 79
78 Mar'18
82
78
Registered
8012 85 Nov'17
1937 A -0 75
Debenture 4s
63
61 Mar'18
1931 61-N 61
61 - -66
12
West Shore let 45 guar_2361 J - J
77 Salo 77
77
2 767 80
8
Registered
7212 70
2301 J - J
7412
1 7312 7412
7412
N Y C tines eq tr 50_1918-22 M- N
-- 100.2 Jan '17
-- -- ---F.quip trust 430_1919-1925 J - J
_ 100
983 July'17
8
NT Connect 1st go 41is A__ 1953 F - A -7618
3
8512 867 Jan '18
7
;
-86 -66 N T N H & Hartfordrfon-conv deben 4s
.1947 M- 8 5512 ___ 56 Sept'17
Non-cony deben 33e.l947 NI- S 5012 50 Oct '17
Non-cony deben 3;is__1954 A 5012 _- 5212 Nov'17
Non-cony deben 44
5513
5512
- 5512
2 52
5512
1955 J - J
Non-cony deben 4s
57 Sale 57
57
1956 M-N
3 5518 57
Cony debenture 3Yie
46 Dee '17
501 56
,
1950 3 - J
Cony debenture Os
86 Sale 86
861 1
1948 J - J
2
1. 833 -8634
4
Cons Ry non-cony 4e
50 Oct '17
1930 F - A
Non-cony deben 4e.. .A954 J - J
9112 Jan '12
7912 Apr '10
Non-cony deben 4s..-1955 3 - J
---Non-cony deben 4e
...... ---1955 A Non-cony deben 4e___ _ 1956 --_ -Harlem It-Pt Ches let 48_1954 M-N
-H1- Aug '17
4
0812
---B & N Y Air Line let 4r1_1955 F - A
7918 Dee '17 ---68
Cent New Ellif let gu 4s.._1961 J - J ____ ---- 74 Apr '17
683
4
Hartford St Ry let 4s____1930 M- S
---Housatonic,It cons g Sm.__ 1937 M-N ---i651- M... iS
2
...
Naugatuck RR let 4e„..1954 m-N
87 July'14
---N Y Prov & Boston 4e___19-12 A ---- -- 83 Aug '13 ____
NYW'clees&B 1st eer I 43es'40 3-3 4538 4712 45
46
8 45
4912
NIT & Derby cons cy be__1918 - N
107 Aug '09
- --- -- Beaton Terminal let 4s___1939 A -- - - - -New England eons Is.. _..1945 J - J
------- - -Coneol 45
7/
1945 J - J ---- - - "6 Sept'17
Providence Secur deb 4s__1957 NI- N ____ 60
67 Apr '16
--- - - --Prov & Springfield let 55_1922 3-3 - - 997 Dec '13
8
-- --Providence Term lat 4e___ 1958 M- S
833 Feb '14
s
--- - -- W de Con East let 410.__1943 J - J
80 -_
N Y O&W ref let g 4s_.... g1992 M- S 6818 677 673j
3
1 04
6733
6812
Registered $5,000 only_0992 M- S - - - 9212 June'12
Gereral4s
79 Mar'17
_ 00
1955 J -D
Norfolk Sou lot & ref A 6s__ 1961 F -A
6312 Mar'18
61
Nonf & Sou 1st gold 5
8278 Sale 8278
,
1941 M-N
1 69 82 8
8278
827
8
17
Neal & West gen gold 6e._ 1931 rd- A 106
10712 Dec '17
Improvement & ext g 8s 1934 F - A 104 ___ 122 Noy'16
10212 _
New River let gold 8e____1932 A 1071s Oct '17
& W Sty let cons g 4s__ 1996 A - 0 - - - - gi
8212
8212
3 8112 85
Registered
19118 AO
-- 9412 Deo '16
Dly'l let lien & gen g 49.1944 J - J
757 ____ 757 Mar'18 --__ 7418 7612
8
8
10-25-year cony 4s
1237 May'17
8
1932 -D
10 -year CODY 40
-20
1932 M- S 10-1 110 11714 May'17
10 -year cony 43es.._ _1938 M- S 105 ____ 10512 Feb '18
-25
1651 16612
; .
Pocah C de C joint 4s___ 1941 J - D 8018 83
8518 Feb '18
8314 8518
CC AT lot guar gold 5s__1922 3-i 9538
_ 103 Sept'16
Selo VANE let go it 41_1980 M- N
75
87
79 Nov'17
Nor Pacific prior lien g 45. __1997 Q- J
80 Sale 7978
80
43 797s 8t 4
Registered
83 Oct '17
1997 Q - .1
()evert') lien gold Pe_
a2047 Q- F 5714 5912 57
6112
5714 14 57
Registered
5218 59
6114 June'17
o2047 Q - F
St Paul-Duluth Div g 40_1996 J - D
7134 893 913
8
4
St P & N P gen gold 6s__ _1923 F - A 102 109 102 Feb '18
102 1027
8
Registered certificates...1923 Q- A
10312 Sept'17
9314
St Paul & Duluth let Se... 1931 F F
107 Oct '18
let corm)! gold 4s
8
-D 64 ____ 387 Mar'17
1988
Wash Cent let gold 4s_ __ 1948 Q - 611
3612 Dec '16
6312 76
Nor Pao Term Co let g 68_1933 10133 109 11018 Oct '17
8
Oregon-Wash let & ref 4s._.1981 J - J
7112 7218 723 Mar'18 - 71
8
75
Pacific Coast Co 1st g se__ _ 1946 J -D
90 Jan '18 --_. 90
_ 83
90
Paducali & Ills lets f 4 jire _ 1955
j
_ 100 10018 Feb '17
-6118
'17
Pennsylvania RR let g 4s__1923 M-N
9912 July
Consol gold be
M- S 9514 -- 10112 July '17
Cotisol gold 4s
88 Jan '18 --_. 88
8514
11143 NI- N
88
851, 86 Mar'18 ____ 86
Consol gold 4s
83
00
.1948 51-N
Consol 434s
97 Salo 9012
973
1980 F - A
8 12 9578 99
General 430
893 136 89
8
1965 J -D 8914 Sale 891 1
92
Alleg Val gen guar g 45_1942 M- S 8234 8814 8912 Nov'17
751.
2
DRRR&B'gelstgu4sg _1938 F - A
8412 Sep '16
PhIlit Bait & W let g 4s__1943 M- N
92 Aug '17
8318 - -Sodus Bay & Sou let g 6E1.1924 3-3
- 102 Jan '93
--- - - Sunbury & Lewis let g 4s_ 1936 3-3 76
- - -- - - UNJ RR& Can gen 4s
62
1944 M. S
-- - - -- -Pennsylvania Co
-Guar let gold 4313s
9012 97
97
97
1021 J
6 97
98
Registered
96
J
1921
1 96
97
96
96
96
Guar 33.s coil trust reg A-1937 M- S 75 ---- 87 Feb '17
Guar 33-s coil trust eer 11.1941 F A
73 __ _
71) Jan '18
70
70
Guar 3145 trust offs 0....1942 J D
74 _- 8114 July'17
Guar 334s trust etre D..._ 1944 J • 0 7018 8313 373.1 Dee '10
Guar 15 -year gold -1e.1931 A -25
83
89 Aug '17
85
40-year guar 4s etre Sec E.1952 M-N 80
80 Dec '17
Cln Leb & Nor gu 4s 0_1942
N
3 86 Oct '17
4
CIA Mar 1st go g 4 tee__ 1935 M- N
92
.
-- 9614 May'17
Cl & P gen go 434s ser A.1942 3-i 8912 -- 9234 Den '17
Series B
104 Deo '15
1042 A - 0 8912
lot reduced to 314s_ .1942 A - 0 8012- 9614 Feb '12
Series 0 334s
1948 M- N
80 a
9018 Oct '12
3
Series D 31is
1910 F - A
803 .--. 8812 Feb '17
8
Erie & Pitts gii g 334ii 13_1940 J - J
75
88 Apr '17
Series C
1940 3-3 7312
9018 July'12
Or R & I ex let tug 4348_1941 - J
8414 99
99 Mor'17
Ohio Connect let go 4s__ ..1943 M- S 90
93 May'14
91
Pitts Y A Ash let cons 5s_1927 M- N
951,1
03 May'l0
Tol W V & 0 gn-43-is A1931 J - J
8018 98
983 Apr '17
4
Series B 430
.
1933 3-3 8018 92
92 Dec '17
Series C 4s
7314
_ 8818 Sept'17
1942 M- S
PCC de St Lgu 434s A 1940 A -0 8714
_ 92 Nov'17
Series B guar
1942 A-0 8714 100
92 Dec '17
Series C guar
8714 09
1942 M N
99 June'17
Series D 4s guar
88
1945 M- N
_ SS Feb '18
88
88
Series E 3 tis guar gold 1919 - A
87
87 Mar'18
88
87 87
Series F guar 4s gold__ _1953 J -D 88 ---- 0512 May'17
•No tillee Friday;latea11114 and 'eked. a Due Jan, 5 Due Feb. i May. .7 Due June,




N. Y. STOCK EXCHANGE
Week ending April 5

11
. rt.
,

Friday
April 5

[VOL. 106.
Week's
Range or
Last Sale

4
4.4Since
,
3

Range

Jan, 1.

P 0 0 St L (Cos.)
&
GUI
Ask Low
High No
o .. _ High
..to
Series 0 45 guar
1957 M- N
88
91
91 Nov'17 -__ _ _
Series I cons go 434s
1963 F - A
9218 Oct '17 -- - St LA P let cone g 53_1932 A -0 ijcii; ......_:: 100 Mar'18 ____ itici - loci Peoria & Pekin Cu let Os g 1921 Q - F
100 June'17 _......2d gold 434s
51921 M- N -------- 87 Mar'16
- - --- - Pere Marquette let Set A Ga 1950 ... __
.
8012 Sale 7978
8038 29 7912 82
let Series B 45
6314 65
_1958
65 Mar'18 ---- 8212 65
Philippine Ry let 30-yr s f -01937 :1 -1 50 Sale 50
.
50
7 50
50
Pitts 8h ALE letgss
1040 A - 0 96 --__ 99 Jan '18 -- 99
99
let consol gold Is
1943 J - J
96 ____ 9714 Dee '17 ... _ _ ....... __ _
Reading Co gen gold 4s
8138 Sale 8133
1997 J - J
8178
11 8138 86
Regletered
1997 1 - J
8812 Oct '17 - - - - _ _ . i i _.
.
.
Jersey Central coil g 4e__ _1951 A - C. -gf14 "5:_i" 8114
83
7 8114 86
Atlantic City guar 4s g_1951 J - J
_____
St Joe & (Jr lei let g 4s__ .. _1947 .1 - J -Ji- : : - Deo-.. :"JO
- '17
St Louis & San Fran (reorg CD
Prior Lien set A 4.1
5714 Sale 567
1950 J - J
3
5714 92 5512 61
Prior lien eer 11 be
7018 Salo 6938
1950 J - .1
7018 74 86 .7412
Cum adjust ser A 6s___ 61955 A -0 6312 Salo 6338
65
17 60
6712
Income series A Os
4714 Sale 4714
h1980 Oct
48
10 46
51
St Louts & San Fran gen 08_1931 J - 1 101 110 10114 Mar'18 - 10114 10114
General gold Se
J - .1
9
1931
1 95 Feb '18 ---- 05
951s
St LdetiF RIt cons g is .1906 J - J
_
__
Southw Div let g 5s__ _1947 A - 0 --------7800 l"3 17 -_-_-_-_ - - - - -M :1 11
K C Ft S & M cons g Os_ 1928 M-N 10038 iii:i 10014 Mar'18
-_. i10015i6i169 2
KG'Ft S & M Ry ref g 0_1936 A - 0 63
67
0318
8314
2 6
KC&MR&B 1st gu 55_1929 A - 0 81 ____ 88 July'17 ---.
St 5,8 W 1st g 4s bond Ws_ 1989 M- N
6518 653 853
4
4
06
7 (35
6812
2d g 4s income bond etre...0989 J - J
52
61
5012 Jan '18 __ 5012 5012
Consol gold 4s
59
1932 J -1) 58
59
59
let term,& unit Se
52 5
,1 54
1952 J - J
54
3 62
1 59
6412
59
Gray's Pt Ter let gu g 55_1947 J -D __ __ 9812 Jan '14 -__
__
13 A & A Pass 1st go g4s____1943 J - J
593 60
5912 Mar'18 ---- -5(11- -6018
4
2
SF&NPletekrdg 5s
1919 J - J ____ __.._ 11)(118 Feb '17 ____
_
_
Seaboard Air Line g 4s
1950 A - 0 67 ___.. 7112 Mar'18__.., -71-12 -71 2
1Gold 4s stamped
A -0 7018 7.1
1950
7112 Mar'18 .
70
7112
Adjuetment Is
50 Sale 4934
0949 F - A
5012 16 49
5534
Refuuding 4e
1959 A - 0 52 Salo 52
62 “..
1:1 62
5614
Ati Ellrm 30-yr let g 4a-e1933 M. S ---- 76
75 Mar'18 ---- 73
75
Car Cent 1st con g 4s
1949 J - J - 79
77 Jan '18 -..... '77
'77
Fla Cent & Pen let g 58...A918 J - J
974 9934 9914 June'17 .... .._ -___
let land gr eat g 5s
00 --_ 101 Dee '15 --_. _ _ _ _ _ _
1930 J - J
Consol gold be
9212 115 1033 Dec '16
4
1943 1 - J
Ga & Ala Ity 1st con 5s.._o1945 J - J
91 10018 97 Aug '17 ___ -Oa Car & No let go g 6s.. _ 1929 J - J
92 ____ 97 Sept'17 _-__ - -Scab & Roan let 5i3
9212
95 Oct '17 --_. --- - - -- 1926 3 -Southern Pacific Co
Gold 48(Cent Pac
.1 - II
' 3 7214
7214
3 72
76
Registered
11949 J - D ---- ---- 00 Feb '14 .. -30-year cony 4e
0929 M s -7612 Sale 757
8
76: __ 2_8 iii76- lisii
. i86; i2
12
20-year cony 51
11/34 J -1) 9034 Salo 9012
9118 79 8018 9314
Cent Pac let ref gu g 4s.... 11149 F - A _7_7_78_ _7_8_1_8 79 Mar'
.
Registered
1949 I! - A
8712 Hopt'10 --- Mort guar gold 334e_ *1921) J - 0 80
87
8718 Feb '18 -Through St L lot go 48_1954 A - 0 70
75
7212 Feb '18 ---- 71
'
7212
0 11 & 13 A M & P let Ce_1931 M-N ---- 100 100 Oct '17 - --2d extol) 6s guar
1931 J - J - - -- 97
9(134 Jan '18 _ _ _. -663 -6634
4
Gila V G & N let gu g te1924 M-N „...- 95 10014 Jan '16 -.
HOUS E & W T 1st g 58_1933 rd- N
9912 Apr .17 ___ - - - - SO
95
let guar 5e red
Id -N --,.- 95 100 Oct '16
1933
H & T C let g os int go
911s 104 10312 Aug '17 ___ - - - - 1037 J - J
(ben gold 4s 1nt guar
1921 A - 0 9C13 '
87 Jan '18 __._ -6'i - -13i Waco A N W dly let g tie '30 MI- N ---- -----10912 Nov'lb
A & N W let gti g 5e
1911 J - J __ _ 10034 10112 Dee '16 .2:• - - - - Louisiana West let es
1921 J - 3 0614 10512 10014 Oct '17 --- - - - - - - - Morgan'e La & T let 'Ts 1918 A -0 ____
10018 Dec '17
. - - - - -- -let gold Os
1920 J - J 100 10433 105 Jan '16 ___ - - - - No of Cal guar g
1938 A - 0 9212 ----102's Oct '17 -. - 7.: - - - :
Ore & Cal let guar g
913 ___ 9014 Feb '18_--- -933 -9618
_ _ 1927 .1 - J
8
2
So Pac of Cal-Gu g 6s_..1937 M- N
9112
10712 Sept'10 _.
So Pao Coast lot go 4e g-1937 J - 3 00 ____ 9312 Aug '17 ...... - --- San Fran Terrill let 4s__.1950 A - 0 733 7412 74 Mar'18 -- 4
i -i
i-i giti
:
Tex & N 0 con gold Ss
1943 3 - J -- - 85
9/ Nov'16 _.
So Pac RR let ref 4s
7712 Sale 7634
1956 J ... J
7712 28 - 6 - - i 4
33
1
Southern-lot eons it Is.,_1994 J - J
92 Sale 91
92
13 9014 9314
Registered
_1994 J - J -„- 88 10014 Aug'16 -Develop & gen 4s Her A_ _1958 A - 0 61 Sale 6014
61
82 -67 - -6 4
b6
82
1
6133
Mob de Ohio coil tr g 49___1938 M- 111
66
6712 07 Mar'lS _.
Men) Div 1st g 434e-5s_ __19116 J - J
87
92
87 Jun '18 ..-- 87
87
St Louis dly 181 g 4s
1951 J - 3 6318 6414 65
85
1 6418 0912
Ala Cen let g 6s
09 RIO 1023 Sept'10 --1918 J - J
8
Ala (It Sou lot cons A be. _ 1943 J - 0 807 _-__ 877 Mar'18 ....... -giis
8
8
Atl & Char A L 1st A 454s 1944 J - 3 803 87
4
90 July'17 -1st 30-yr Se eer Li
93 Sale 927
1944 J - .1
9314
8
All & Danv 1st g 4e
.1948 J - J --------7015 Mar'18 __ia -601, -501_ _ 7 1 - 7n 4
2d 4ii
1948 J • J
8112 Marla -All & Yad let g guar 4s
1949 A - 0 ---- ----75 Filir 18 --__ -- - - -1)6 iNea : 7
E T Va & Oa Div g 5e
_
1930 J - J _-__ iii
____ -66 - -66Con 1st gold bs___ • 1956 111- N
8912 '1a
I 95
95
95
9712
E Ten reo lien g Is
.1938 M- H ___ .... _ 99 July'17
Oa Midland let 31)
1948 A - 0 40 ____ 51 Mar'18 ---- -gi" -iiGa Pao Ry let g es
.1922 i..1 10012 ----10:1 Dec '17 ____
Knox & Ohio let g (le_ __ 1925 J - 1
Ws 10012 10012
2
1.0012
1 -66r; i661Mob A Bir prior lien It 56.1945 J - J
85
95 108 Sept'16 --__ ___
Mortgage gold 4e
63
11145 J - J
68
08 Jan '18 --__ 68
68
Rich & Dan deb be stmpd _ 1927 A • 0 923 103
4
95 Jan '18 --__ 95
95
Rich & Meek let go 19
1048 NI- re
73 Elept.'12 ..__-___ - - - - - - -So Car & Ga Ist g Is
; 93
3
1919 M -N -5i
97 Dee '17
Virginia Mid set D
1921 M- ki --_-_ _ 10212 June'l 1 ___.
Series E 50..
• s 93 --__ 10318 Aug '16 -___ -------- 7-71926
fieriem F be
91 _ --. 10412 Dee .16 __ -- - -.1931 al- M
General 53
90
93
. 1936 M -N
94 Feb '17-64- "iii '18 ___.
Vs & So'w'n let go Is...2003 3 - .1
95 100 105 Mar
let cons60-year 58__1968 A - 0 7018 78
7212 Jon '18 ___ -i2:1- -ii12
2
W 0& W let cy go 4e_ .1924 F - A
7812 ______ 9538 NI r1 7 ........_ i i __ _. ii
9 74 M r'17
3 :
Spokane Internat tel g 16_1955 J - J
_. __ __ -_ _
Ter A of St L lets 434e____ 1939 A - 0 :::: -9912 9314 Hept'17
let con gold Se
87
1804-1944 F - A
9912 95 Feb '18 -___ 95
95
Gen refund e f g 4s
1053 3 - J ___ 8211 82 Jan '18 ---_ 82
8214
St L M Bridge Ter go g Se 030 A - 0 ---_ 10112 9512 July'17
Tex & Pao let gold Cs
8512 90
2000 J -D
8518 -Mar'18 ___ -66- -if )
.
.
2d gold Inc 6.1
40
70
f2000 M an
4018 Feb '18 ____ 4618 4618
La Div B L 1st g bel
1931 J - J ---- 93
89 Apr '17 -. __ _ _ - - - W Min W & N W lit iii 6,1930 F - A
10612 Nov'04 __-.
Tol &00 1st gu 513
1)3
1935
93
. - . -iii_ 2 .
6: .
6
Western Div let g Se
1935 A -0 -___ 9018 100 Jan '17 __ _
_General gold be
0
1 - J' ... _ 8
1935 .1 - D .. (3 1 -6.iii go Fob '17
Kan & M lot an g 4s_... .1900 A -0 6612 75
70 Nov'17: -.- - -:
2d 20
-year Se
913 Den '17 __. :::: :-4
1927 J • 1 -_-_____ 1)1
Tel PA W lot gold 48
50
52 AUti '17
1917 .1 - 3
To! St LAW pr !len g 330. 1925 1 - J -.... 80
80 Feb '18 . 80
80
-year gold 4e
50
al
48
.1960 A - 0 4
44
2 48
53
Coll It 4s g Her A
1917 F - A ---- -----1833 Mar'06 ___. __ _ __
.
Tor Ham & Buff let g 411-51948 3-0 - - -- 82
80 Apr '17 ___
Ulster A Del let con g It.. 1928 J - 0 ---- 95
90 Nov'17 ____ - - -- -let refund g 4s
.1952 A - 0 - „ . 70
58 Sept'17 _
Union Pacific let g 4e___19-17 1 - J
853 Salo 8538
4
8534 21 --6
;;; --136
:
Registered
8214 8612 86 Feb '18 .... _ 80
.1947 J - 1
88
10
-year cone 4.
8318 8233
1927 J - 3 83
8318 32 823 8712
4
tel A ref 4e
N
78 Sale 78
02008 M.
79
18 7512 8134
Ore RR A Nay con a 4e_. 1946 J - 0 797 80
8
SO Mar'18 ___ 80
8212
Ore Short Line le
0 -. 1922 F - A 101 102 101
,
101
2 10038 104
let conedl Is
J - I
-----19-16
9514 117
9514
9514
5 9418 9712
Guar refund 45._.
8
1929 J -0 823 83
82
83
7 8178 85
Utah & Nor gold Ss__ . 1928 J - J
8412 98
94 Deo '17 ____ - • .. .. 1st extended
80
1933 J - J
887 89 Feb '18 --__ 89
8
89
Vandalla cone g 4s Set A...1955 F - A
81 ___. 80 Jan '18 - -_. 80 80
Consols 1 Series II
81
8214 8138 June'17
1957 M- N
-.

-giis

Due July. 1Due Ana. o Due Oct. V Due Nov. f Due Dec. t Option sale

APR. 6 1918]
BONDS
N. Y.8TOCK EXCHANGE
Week ending April 5

1445

New York Bond Record-Concluded-Page 4
Price
Friday
April 5

Week's
Range or
Last Sale

4
cr

Range
Since
Jan, 1.

High No. Low HlOh
Ask Low
Bid
35 Sept'17
era erne & P let gu le4a__1934 i - .1
1
90
-8 -83 4 93
897g Sale 89
let 6e Series A___ _1962 Ni -N
Virginian
93.2 IA 9212 0583
..1939 M -N 93 Salo 9212
Wabash 1st fold 5.3
8612
85
86
86
4
853 86
_1939 F - A
20 gold 50.. _
Debenture Series B______1939 J - J ____ 90 11)5 Oct '15
-98714
41661_ 100 10014 Mar'18
13
._1921 M1st lieu equip s fd g
---_ 78 May'17
tE
It lien 50-yr g term 46.-1954 J - J
---_1041 J - J 00 ia" 9912 Sept'17 ____
g 5e
E)et & Ch Est let
80 Aug '12 ____
70
Des Moines Div let g 48__1039 3 - J
7434 75 Apr '17
1941 A- 0
Orn Div let g 33-0
80. 8414 Jan '17
M- 8
Tol & Ch Div let g 4e__1041
108558 76 Dec '17
80:
Wash Terml let gu 3Pis--1945 F - A (1
85 Dec '17
8
1945 F - A
let 40-yr guar 4e
2
-Ei- -6115918
A- 0 5918 5912 5918
1052
Wen Maryland let g 4s.
99
99
90 Jan '18
West N Y A Pa tat g 58._ 1937 J - J
70
70
70
s
853 70
..._i043 A -0 70
Oen gold 4c..
36 Oct '17
40
z1943 Nov
Income Se_
7 7914 84
_1046 Ni - 8 81 8112 8112 Apr82
Western Pao let ger A t
'17
96 10034
_1020 AWheeling A L E let g 55
'17
Wheel Div let gold 5s___1928 J - J ___ 9934 100 Feb
4
983 998e Mar'17
Eeten ktmpt gold 5e.___1930 F - A
60
60
75
60 Mar'18
Refunding 412e series A...1966 M- S 58
60
61
60 Mar'18 ____ 60
1049 M- S 55
R11 let consol 4e
Trust no ate of deposit__
8513 85 May'17
0013
Winston-Salem el 13 let 44_1060 J - J
7212
2 72
7212
7018 72.7. 7212
Win Cent 50-yr let gen 4.1...._1919 J - J
761e
76 Feb '18 ---- 72
75
73
ieup & Du!dly & term let 4e'311 111-N
Street Railway
4 794 8334
8334
Brooklyn Rapid 'Fran g 58..1915 A- 0 80 Sale SO
6l 65
69
09 68
68
let refund cony gold 4s._ _2002 3 - J 68
9614 74 9214 9714
1918
6-year eeoured notes us.. _1918 J - .1 96 Bale 95
94 Oct '17
Elk City let con 4e__191(1-1041 .1 - J ____ 90
80 May'12
Bk Q Co & el eon gti g 5o_ _1941 M -N ____ 90
9911 101 May'13
Sklyn Q Co & le let 59._1941 J - .1
-5 79 8712
80
80
-.
7912 80
F A
13klyn Un El let g
8514
2 79
81)
80
80
78
1050 F - A
Stamped guar 4-5e
73 Sept'17
73
Kings County E let g 4s 1949 F - A 7712 78 July'17
-- -1910 F - A
Stamped guar 48
8
- J ____ 687 70 Aug '17
Nassau Eleo guar gold 4e_1951
2
-r;6184
8312 Sale 8312
()Memo Rye let Ss ______ 1927 F - A
10038 Feb '17
Conn ay A L let & ref g 4101051 J - J
- -- 1004 Apr '17
85
1951 J - J
Stamped guar 4e
7212
2 68
7212
7212 7212
72
Oct United let cons g 4)0_ A032 J
- _ 84 Jan '14
11113mIth Lt At Tr 1st g 59___1036 Ni 3
5618 591 -487- 61
56 Salo 5531
Ilud & Manhat5e Ser A_ ___1957 F - A
4
1612 191 143 1934
1612 Sale 1512
1957
Adjust Income 50
-_1932 F -A ---- 100 100 Feb '17
Y Jersey 151 55
5712
54
461 52
54
5238
toterboro-Metrop coil 4 ees.1956 A -0 52
85
80
50, 70
80 Sale 79
Rap Tran let 5s_1961, J - J
naterboro
8012
,
f kanhat ay(NY)cones 48_1990 A -0 7312 7878 8012 Feb '18 --__ 79
82
78
77
79 Mar'18
19110 A 0
Stamped tax-exempt
Metropolitan Street RV81
85 Feb '18 --_ 7614 86
76
Bway A 7th Av late g 68..1943 • D
7212 821 95 May'17
- - - - ---Col dc 9th Av lot gu g Is...1993 M- S
Lex Av & P F let 1111/1 5e-1993 M' 8 ___ 7931 SO Sept'17
30 Mar'', I
Met W S El(Chic) 1st g 411._1938 F - A
10012 June'17
Milw Elea ay & Lt cone g 50 11326 F - A
93 Nov'16
Refunding A exten 43.0.._1931 J - 2
4
983 Aug '17
eitnneap St let cons g 5s__ _1919 -1 • J
9712 July'17
- - - - - -Montreal Tram let & ref 58_1941 J - J
_
-- - 79 Aug '17
_ 86
New On ay & Lt gen 4 tee 1935 3 - J
99 May'17
Municip ay lot if 54 A 1966 J - J
N Y
51
6 49
4034
49
4912 50
Y Rye let 11 E & ref 48_1912 J 28 1734 214
191e
18
al042 A -0 191e 20
30-year ad1 Inc 5e _
8
7512 773 Aug '17
N Y State Rye let cone 4e48.1902 M- N 3812 Nov'16
Portland Ry let A ref be _ _ _1930 hi- N
6213 6212
6212 Mar'18
6212 68
Porthl Ry Lt & P 1st ref 58..1942 F - A
9012 Feb '17
Portland Gen Elec let 58_1935 J • J
95 July'17
100
St Jon Ry L II & P let g 5s....1937 M. N
10212 Mar'17
St Paul City Cab cons g Si. _1937 J - J
55
11 5212 56
eg Sale 55
1060 - J
third Ave let ref 48
34
65 2712 3812
a1960 A -0 33 Sale 2978
Al) Inc tia
95
95 Jan '18 ____ 05
110 101
he. _ _1937 J - J
Third Ave Ry let g
96
024 Feb '18 _-__ 92
TrI-City Ry et Lt let 3116a_ _1923 A - 0 9012 92
80
70 - _ 70 Mar'18 ____ 76
Indergr of London 434e_ _ __1933 J - J
56 g; 56 Mar'18 ____ 56 60
1948
Income as
A
84 Oct '08
Union Elev (Chic) let g 5e 1049 - -60
58 Feb '18 ____ 58
United aye Inv 6s Pitts 188_1926 61-N
_
5612 58 Oct '17
56
1934 J - J
United Rye St L let g 4n
- - -- - - 50 Julio'17
St Louis Transit au Se. __ _19'24 A - 0 -- 69
25
25 Feb 'is ____ 25
:3S
RRe San Fr if le.. 1927 A United
79
8013
va Ry Ac Pow let & ref 58.._1934 3- J ____ 7814 79 Mar'18
--_-

____

BONDS
N. Y. STOCK EXCHANGE
Week ending April 5

tz.•

-

Price
Friday
April 5

Week's
Range or
Lass Sale

"C3

Range
mace
Jan. 1.

High No. Low High
Ask Low
Bid
Miscellaneous
66
64
66 Mar'18
67
Ni- S 66
1948
Adams Ex coil tr g 48
1 1814 2618
194
8
197
1925 M- 5 1812 20
.klaska Gold M deb Os A
26
19
19 Mar'18
20
18
1926 111- 5
Cony deb 6s series 13
3
8234 8312 823
8312 65 8238 8714
Armour & Co let real est 450'39 .1 -D
90
90
8812 90 Feb '18
1926 A 0
Booth Fisheries deb s f 68
8978 93
93
93
93
91
Braden Cop hi coil tr et 68.1931 F - A
83
82
82 Feb '18
83
78
1952 A -O
Bush Terminal let 48
8412
80
80 Mar'IS
1055 J - J ____ 85
Consol 5a
79
74
75
7612 75
5s guar tax ex
1960 A -0 75
Bides
103 10712
8
1053
s
Cerro de Paeco Copp env Os 1925 M- N 10518 10514 1053
58
58
58 Mar'18
Chic C & Conn Rye s f 58_1927 A -0
8712
8614 00
8712 Sale 874
Chic Un Stat'n let gu 4348 A 1963 .1 - J
2 10233 10712
104
Chile Copper 10-yr cone 7e_1923 111-N 103 104 104
8012
7612 77 73
Coll tr &cony fle ser A Part VI A.0 7612 Sale 7512
A - 0 75 ____ 87 Oct '17
do do full paid
7812 79
79 Feb •18
86
Computing-Tab-Rea s I 68_1941 3-3 79
97
91
9634 91 Jan '18
93
Granby Conn hi SA P cou 63A 28 M-N
1)6
91
4
963 96 Mar'18
94
Stamped
_1928 Ni-N
9012 94
9118 9012 Mar'18
90
Great Falls Pow let e f 58_ _1940 51-N
77 9014 05
93
Jot Merean Marine s f tis_ _1941 A- 0 9214 Sale 9014
17 8634 92
89
4
883 Sale 8812
Montana Power let 58 A___1943 J - .1
804 90 July'17
Morris & Co lets f 4eis____1939• - J
_
83 Apr '14
0
Mtge Bond (N Y) 48 ser 2__1966 A-0
94 June'16
10-20-yr 58 series 3
1932 - .1
-66 - -66
Y Dock 50-yr let g 4e_
1951 F - A --------66 Mar'18
34 9634 Mar'18
4
963 97
Niagara Falls Power let 5s 1932 - J
-a1932 A -0 9718 100 10512 Oct '16
Ref & gen (3e
8912 Oct '17
85
Niag Lock & 0 Pow let Ea_ _1954 NI-14 --8713
86
;
8
8
865
Nor States Power 25-yr Ls A 1941 A -0 863 Sale 863
8513 871s
9014
86
Ontario Power N F let 5s___1943 F- A
4 Nin r;118
851' J u ae 7
Ontario Transmission 5s. _ 1945 7.1-N
80 2
)e 3
ta5 80
9I3 , 51.e115 17 732 8211
A
Pub Serv Corp N J gen 5s__1950 NI NO
s921
93
88
Tennessee Cop 18t cony tie__ 1025
Wash Water Power let 5s__1939 3 - .1 88___ 10312 Jan '14
0 2
14 - -i1- 0614
943e
Wileon & Co let 25
-Fr 91 68-1941 A - 0 9414 Sale 9312
Manufacturing & Industrial
93
9212
4 9212 10012
9312
_1928 A - 0 9318 99
Am Ag Chem 1st e 58
3 0014 9512
92 Sale 92
1924 F - A
Cony deben Se
82
8318 8712 82 Feb '18 ---- 82
Am Cot 011 debenture 50_1931 Pd--N
1 984 100
100
Atn Hide & L 1st f g 138___ _1919 Ni- S 100 101 100
r7
8 18 48 8614 8012
684
873
Sale , 8 ma.
Am tem & It let 30-yr 5e eerA 447
98t 9714
4
3
---- 967 973
Am Thread let coil tr 4e._ _ 1919
_ 119 Dec '17
Am Tobacco 40-year g 6e__ .1944 A - 0 117
7412
71
71
71 Sale 71
Gold 48
_ 1951 F - A
87
844 10 79
8
8434 847
83
Am Writ Paper let if 5s___ 1919 J - J
1014
3 9912 10114
Baldw Loco Works let 5s___1940 M-N s10114 Sale 10118
80
5 80
80
85
80
80
Cent Foundry let 5 f 68_1931 F.A
94
27 9312 9714
Cent Leather 20
-year g 58_192.5 A -0 9312 Sale 9312
Mar'17
SI
81
Como'Tobacco g 4e
1951 F - A
4
9734
8 9712 973
9734
8
968 99
Corn Prod Ridi f g be
1931 m - N
98
1 95
4
4
973
4
963 9812 973
let 25
-year e f Se
1934 M-N
10(1 Feb '18
994 10012
Cuban-Am Sugar coil tr 0.3 191.8 A -0
13 75
82
8
827
Distil Sec Con cony 1st g .56_1927 A - 0 82 Sale 80
100 185 May'17
0-112 NI
c
-- E 1 du Pont Powder 4 ees_ _ _1936 J -D
General Baking let 25-yr 69_1930 J -D
74
71
764 74 Mar'18
71
Gen Electric deb g 3eee
1942 - A
9812
____ 9812 0812
5 9434 100
1952 AdDebenture .55
99 100 Oct '13
Ingersoll-Rand let fie
1935 .1 - J
7334
13
A o :1 783144
Int Agrieul Corp let 20-yr 681932 M N i 1; 102 1071000 JanMlar1:01188
Tot Paper CoJ
99
98
CODER)l cony n f g 5s
1935 - J
155
7 1 810 191 7
1
16
Liggett & Myers Tobac 7s_1944
11
90
4
904 913 89
58
1951 F -A
A - 0 109 114 115 Feb •18
Lorillard Co (P) 7e
1944
17
88
8918 9012 8712
5e
1951 F - A
2 18_5 .06
3 9_5
0. 103_
106
3
Mexican Petrol Ltd con 68A 1921 A - 0 11)53 106 10534
let lien & ref 6e series C 1921 A - 0 105 10612 103 Dec '17
95
95
9412 98
Nat Enam A Stpg let 58_1929 J -D
1
99 903
9314 10,214
5
93 ____ 9214 Feb '18
Nat Starch 20-yr deb 5e___ .1930 .1 - J
95 Mar'18
9518 90
National Tube let fie
1962 Ni-N
9912
4
99
9818 100
N Y Air Brake let cony t3s 1928 111-N
Railway Steel SyrIng9618 961s
Interocean P let nTIn._ 1931 A - 0 95 ____ 9613 Feb '18
Sinclair 011 & Refining
931,
8834 40 86
8814 Sale 87
II f 78 1920 warr'nts attch ____
let
8614 40 8412 8814
8514 Sale 85
_
do without warrant, attach
90
9314 90 Feb '18
-N
00
88
Standard Milling let 5e
1930 r..4- 3 30 96.2 10183
988
The Texas Co cony deb 65 1931 -3 9833 Sale 9814
4
823 Aug '17
89
75
Union Bag A Paper let 68._1930 J - .1
88.2 May'17
7512 85
-Stamped
1930 .1 - J
49
45
47
46
3 45
47
IT Realty & I cony deb g 581924 -J
3 100 10018
100
13 8 Rubber 10-yr col tr 68..1918 J -0 100 Sale 100
126 76
,
79 4
78
7712 Sale 7714
let & ref 56 series A
1947 - J
98
4 94
96
05 Sale 95
US Smelt Ref & M cony 68_1926 F - A
5 90
14
97
V-Car Chem let 15-yr S&._1923
4
4
33
5
9
3
9%
3
9414 973
D
Cony deb Si
e1924 JA O 9414 944 95 M a9r 18
6 95
00
98
96 Sale 9512
West Electric let 53 Dec..__1922 - J

87
'2778 le

j

Gas and Electric Light
_
103 Sept•15
&tient&(1 L Co let g Sc.___1947 J -D
9534
90
00
9012 93
90
Bklyn Un Gas let cons g 5s_1945 611-N
- 62
51 June'13
5e_ _1947 A - 0
uffalo City Gas let g
89,2 • 2 8912 90
2
89,
Olnein Gas & Eleo Istetref 581056 A -0 _--- 90
3 7512 80
3-2 773 Sale 7734
7734
4
Columbia G A E let Se
07 Feb '15
19
s let gold 681 27
Columbus ClaSc.. 932 .3.3
17 9)313 i(ii"
100
, 47
4
Corneal Gas cony deb 13e._ _1920 (.)- F -953- 11.117 993
9212 9212
924 Feb '18
Cotte0anE LAP of Ball 5-yr5.e21 M- N ____ 93
9414 9512
9633 Mar'18
Detroit City One gold 5n. _ _1923 .3-i 9414 95
10112 Oct '16
,1 48
Detroit Gan Co cone let a 5.3 1:10 F - A
9538 - I "sii" 66Detroit Edition let coil tr 5e. 1033 3-3 9518 ____ 9538
9112 921.
M9112
1)112
9112 100
let & ref Sneer A
94
94
_ 10018 04 Feb 'IS
Ea 0 N Y let cone fit 53..1932 M-- -- 100 Feb '1:1
Has & Elea Berg Co a g Se..1049 -- - - -8814
9218 Nov'17
Ravine Nice eons°, g 6e_ ..1952 F - A
91118 Dee '17
100
Hudson Co Gee let g 6e__ ...1949 Ni- N _
_
- _ 907s Doe '16
84
Kan City(Mo)Om let g 60_1022 A 1)0 Dec '17
KInge Co ElLA P g 61._ _1937 A - 0 8512
99
09
91) Mar'18
__ 99
Purchase money (es__ _ _1097 A - 0
110 June'17
1925 A1- S
Convertible deb 63
-76 Nov'17
Ed El Ill Bkn 1st con g 4e_1939 1 3
7 9713 9812
9712
ao Gati Lot St L let g 5a_e1019 (3 F 973 9734 9712
943e
1)2 Feb '18 -- 02
Ref and eat let g 5s.. __1934 A - 0 ____ 89
3 857 854
8
3
3
857
eellwaukee Gas I. let 4e___ _1927 Ni -N ____ 8712 857
10412 Apr '17
1948 Newark Con One g Si.
;
4
-871- -863
8712 90
8712 Mar'18
1948• D
NYCIELIT&Pg58
73
4 09
70
70 Sale 70
_ _1949 F - A
Purchase money g 4e
-- J
10512 June'1.7
Ed Nice Ill let cons a 58_1995
-- - ---- 0612 Aug '17
MY&Q El LA P let con ft 6e 1930 - A
Pacific0& El Co-Cal0& E
884 9212
8
1937 M- N ---- 8912 887 Mar'IS
Corp unifying & ref 6e
4
79
17 7812 803
7918 7912 783i
Pacific0& E gen & ref In_ _1042 1 - J
Pao Pow & Lt let A ref 20-yr
_- 95 Jan '17
64 International Series__ _1930 F - A _8012 _
riirs 100 100 July'17
1949 MPat A Pluvial°0& El 5s
9812 9812
9812 Mar'18
('cop Gas A C let eons g Hs_ _1943 A .5 7718 81
1947 M- S
77
771s
7718
BefundIng gold 6.3
1947 M- S
Registered
---- 99 &pew
96 Sept'17
Ch 0-I. A Coke let gu a 6/1937 J - J ____ 90
100 Apr '17
Con Co of Cb Int gu g 591936
._. :39
89 Mar'17
Ind Nat One & Oil 30-yr 581936 M- N
94 July'17
Mu Fuel Gas lit gu g Se_ .1947 M- N
_ 924 9914 Nev•15
Philadelphia Co cony Ze......1919 F
84
80
SI
78
80 Mar'18
1922 M. N
Cone lawn gold 5n
93 Dec l7
Stand Gan & El cony if es_ 1928 j D -.-- 91
..1) 8112
9712 M ay'17
Syracuse Lighting let g 5e__1951
84 July'17
Syracuse Light & Power 15e__ 1954 • )
S
8
983 Oct '17
_1949
Trenton GA El let g
9234 Sept'17
Union Eke Lt & P let g 5e 1932 M- S
8512 10183 Nny'16
Refunding & extension 58_1033 m - N
9711 9712
9712 Jan '18
United Fuel Gas let if On.. 1936 J • .1 ___ 93
,
130 8 8112 8014
4 8018 84
8112
Utah Power A Lt let 68___ 1044 r - A
_ 101 sltine'17
Utica Elee I. A P let g 5e-1950• 3
9.573 96 Aug '17
Utica(Inc & Flee ref 5e
1957• - fl
(12 105 Mar 17
Ti _
Weeteheteer Tett gold Cs.._1950

Coal Iron a Steel
2 9518 99
9618
9618 Sale 0618
lletb Steel let ext if 58____1926 J - J
9313
03
93 Mar'18
87
91
1942 -N
let & ref 5e guar A
14 7812 8134
80
1
:
0
8
S2_1 79
:
: : a_10 1055114
20-year p rn& imp I 68_1936
95 July'17
96
-D
& Sleep Iron if 51
Buff
1932
85
Jan 18
De,,: 4
85
S
a1026
Debenture 5e
- 1922 3-0
Cababa C St Co let gu 8s
15 83
85
85
85
85
83
Col FA ICogenef 58
1943 F - A
76
1 73
74
74
75
74
Col Indus let & roll 58 gu._.1934 F - A
83 Jan '18
85
S3
Cons Coal of MI let&ref 5.1_1950 J -0 8512 89
08 S up 1
9812 Ae gt:1 7
- -6
3 N
Elk Horn Coal eon,
__1925 ,:D 7_7.
Elk horn Fuel let cony 58_1918
94
94
91 Feb '18
(Jr Riv Coal et C let g 6e___81919 A -0 9012 95
84
8512
4
81
III Steel deb 43-i
1940 A -0 84 Sale 833
97
95
9518
951s 954 95
Indiana Steel let 5e
1952 M-N
954
9 9478 9612
95
Laekaw Steel let g Se
1923 A -0 9518 90
0012
88
4
883 Mar'18
90
let cons 50 Series A
1950 NI- 8 89
8414
16 8012 8512
8312 Sale 8312
Midvale Steel &0 cony n f 5e1936 M- S
8512 8512
8312 ____ 854 Feb '18
Pocah Con Collier Intel58_1057 J - J
9914
1 93
9612
Repub I & 8 10-30-yr 158 e f_1940 A -0 9612 9712 9612
3 80 80
80
80 Sale 80
(it L Rock Mt & P 5e stmpt1.1955 J - J
9712
95
9512 Mar'18
9512 99
Tenn Coal I & RR gen 59.._ 1951 J - J
153 07 100
s
98
9712 Sale 973
E3 Steel Corp-leoup _81963 M-N
9714 Mar'18
14 994
97
F 10-60-yr befreg
41963 M-N
80 Dec '16
---- 75
Victor Fuel lets 15e..... 1953 8518
83
8918 85 Mar'18
Va Iron Coal&Coke let g be_1949 Ni- te 83
Telegraph & Telephone
82
41 8012
8112 Sale 8112
1929 J Am Telep & Tel coil in 45
_ 8134
8512 Feb '18
_1936 Ni- S____ 87
Convertible 4e
89 ---3 86
20-yr convertible 4 yi e____1933 Ni- 8 88 Sale 88
9112 70 00
J -D 9112 Sale 90
1946
30-yr temp eon tr Si
9818
9812
9812 Sale 9812
Cent Diet Tel let 30-yr 58_ _ 1943• - D
Commercial Cable let g 48_ _2397 Q - .1 ___-___ 73 Nov'17
-Gil;
6818 inn 'IS
2307 (3Registered
fi6
_901
911: Mar'18
90.4 93
1937 J - J
Cumb T & T let & gen 5e
98 Apr '16
97
Keystone Telephone Ist 58_ _1935 3 J
8
9912 9934 997 Feb '19
Metropol Tel & Tel let ii Se 1918 Ni- N
8634
:
8738 ..9_2_3t 9887
Mich State Telepb let 56_1924 F - A
07
Mar'18
9.5
NYAN3 Telephone 69 R_.1920 II - I/
8714 --2111534
8631 8714 8612
N
-- ,
N Y Telep let & gen e f 11411-1939
4 9034
92
911.1 9131 91
1937 J - J
Pao Tel & Tel let Si
1 9018
92
92
805
South Bell Tel AT let s f 15e 1941 3-3 923
_ 00
4
9034 903 Mar'18
Went Union coil tr cur 5e___1038 J - 3 90
7 80
83
83 80
80
FA - N
Fl and real eel g 43-4e. _ _1950
10112 10112 Septe17
Mut. Un Tel gu eit 5e____1941 Ni-N
94 Nov'16
Northwest Tel an 4%s e__1974 J

8318
8512
9112
054
9912

681g
31
_ 67
88
139
07
8
928
9212
931e
88
-

Due NOV.(Dun Dee. a Option sale.
•No price Friday; latest bid and asked. o Due Jan. 4 Duo April. y Due May. g I3u June, 8 Duo July. k Due Aug.•Due Oct. p




_

1446

BOSTON STOCK EXCHANGE-Stock Record,.. 17 s
8„: Page

SHARE PRICES
-NOT PER CENTUM PRICES.
Saturday
March 30.

Monday
Apr. 1.

Tuesday
Apr. 2.

Wednesday
Apr. 3.

Thursday
April 4

Friday
April 5

Sales
of the
Week
Shares.

STOCKS
BOSTON STOCK
EXCHANGE

Range Since Jan. 1.
Lowest.

Highest.

[Vol,. 106.
Range for Previous
Year 1917
Lowest

Highest

Railroads
125 125
125 126 *125 126
126 126 *125 126
125 125
163 Boston & Albany
100 123 Jan 26 129 Jan 3 120 Dec 178 Jan
5012 56
5912 58
55
61
5838 5912 5812 59341 59
5914 4,096 Boston Elevated
100 37 Jan 2 61 Apr 2
27 Dec
79 Jan
*87
*87
90
90
*88
90 *88
90
88___
88
1 Boston & Lowell
100 87 Alar14 100 Jan 2
7012 Deo 133 Mar
*2234 233
4 24
24
24
24
24
2414 23
2312
266 Boston & Maine
100 19 Jan 23 28 Feb 19
15 Dec
45 Mar
•____ 165 *___ 160 *____ 160 *150 165
Last Sale 168 Mar'18
Boston dc Providence
100 159 Jan 14 16812Jan 17 160 Dec 213 Jan
*1
5
*1
5
*1
5
*1
Last Sale 2
5
Jan'18
Boston Suburban Eleo__OO par
2 Jan 26
2 Jan 26
2 July
3 July
*11
____ *11
____ *11
____ *11
____
Last Sale 1014 Mar'18
Do pref
no par 1014 Mar 1
11 Feb 1
9 June 30 July
__
Last Sale 412 Nov'16
Boston & Wore Eleo ..no Dar
;56- -_-_-_: ;56- -_:-_-_ ;56- -_-_-_-_ ;56- ____ Last Sale 30 Mar'18
Do pref
no par 30 Mar 5 30 Mar 6
30 Aug
38 Feb
*___ 149 *___ 149
___ ____ ---- ---Last Sale 148 Nov'17
Chic) Juno Ry & US Y
_100
148 Nov 150 Jan
*___ 8312 ---- ---Last Sale 85 Mar'18
Do prof
--7
100 83 Feb 13 85 Jan 30
8312 Dec 108 Jan
*110 118 *110 118 *110- fig i116- iig-- Last Sale 115 Mar'18
Connecticut River
100 104 Feb 14 120 Mar 6 10212 Nov 140 Mar
*58
60
08
59
*5712 58
58
58
*59
63
58 58130 Fitchburg prat
100 53 Jan 22 65 Jan 3
44 Dec
7312 Mar
*114 118 *114 118 *114 118 *114 118
Last Sale 115 Mar'18
Georgia Ry & Elec stamDd100 115 Jan 26 11614Jan 9 116 Dec 133 Jan
*8012 8312 *8012 8312 *8012 8312 *8012 8312
Last Sale 8014 Feb1.8
Do pref
100 808 Feb 26 81 Feb 25
83 June 9212Jan
*82
*82
84
*82
84
84
*82
84
Last Sale 82 Mar'18
Maine Central
100 80 Jan 26 85 Jan 3
78 Dec 1004 Mar
4
4
414 412 *334 412
434
4
418 418 *312 412
634 Mass Electric Coe
100
2 Jan 2
434 Apr 1
1 Dec
638 June
1558 17
1714 19
1712 19
183 1812 1812 1912 19
8
1914 2,035 Do pre! stamped
100
812 Jan 22 1912 Apr 4
6 Dec
3114 July
2912 2938 29
2912 2812 29
*28
29
2812 29
2812 2812
237 N YN II dg Hartford
100 27 Feb 25 33 Jan 2
213 Sept 523
4
4Jan
Last Sale 90
Northern New Hampsbire_100 90 Jan 10 90 Jan 10
902 Oct 105 Apr
-61- Ii- ;66- 166- ;66- 166- -61 - - *94 95 ---Jan'18
.
91
26 Old Colony
--__
100 92 Feb 21 98 Jan 2
85 Dec 135 Jan
*20
2012 2012 *20
22
22
*20
22
2012 2012
15 Rutland. pref
100 20 Jan 2 25 Jan 8
1612 Dec
8413 Feb
*83
91
Last Sale 85---Mtir1.1
Massachusetts_ 100 83 Jan 24 85 Jan 9
83 Dec 110 Jan
41
4512 -ieir2 l'il•2 -;1'5- -,W14 ;r1:1- iii- *44 46 44 4413 860 Vermont&Street
West End
50 37 Feb 20 4712 Apr 1
34 Dec
5612 Mae
.56
65
60
62
*56
60 .54
60 *54
_ ____
60
66 Do Vet
50 47 Jan 16 62 Apr 1 z45 Dec
74 Jan
Miscellaneous
8512 8512 *84
8512 8413 3513 .84
8512 84
84
*84
34 Amer Agricul Chemical_ 100 7812Jan 2 8912 Feb 14
8512
73 Deo
945 May
4
90
90
90
90
90
91
903 903
4
4 903 903
4
4 9112 92
207 Do pre:
8Jan 2 94 Mar 1
100 883
88 Deo 1034Jan
*1
2
*1
134 *112 2
*158
134
158
158 *112 158
45 Amer Pneumatic Service_ 25
.76 Jan 24
212 Mar 2
1 Dec
21 Jan
2
*_..__ 12
____ 12
*11
12
12
12
*11
13
____ ___
25 Do pref
50
8 Jan 29 1538 Mar 4
712 Dec
10012 10012 103 103 *10012 10112 102 102 *10112 10212
14 Mar
16 Amer Sugar Refining
100 99 Jan 2 10813 Feb 20
90 Nov 12614 June
108 108
108 10812 *10812 109
108 10814 10812 109
10812 10812
154 Do pre(
100 108 Jan 19 111 Feb 6 105 Dec 12112 Jan
9912 10012 10012 10112 10014 1014 100 101
4
993 10118 9952 100
2,979 Amer Telep & Teteg
100 993 Mar28 109 Feb 5
8
96 Dec 12814 Jan
.
50
52 . *51
5112 *497 51
*50
8
51
Last Sale 5112 Mar'18
American Woolen of Mass.100 4512 Jan 8 5614 Mar 6
387 Nov 53 June
8
93
9312 9313 94
9314 94
933 9414 94
4
94
9312 94
283 Do pref
100 90 Jan 3 963 Mar12 28714 Dec 10014 June
4
*61
____ *61
____ *61
___ *01
_ ___ 64
64
64
64
137 Amoskeag Manufacturing____
6012Jan 2 64 AtIr 4
60 Dec
75 July
*77
80 *77_ *77
*77
Last Sale 7714 Mar'18
80
80
Do pref.
76 Jan 7 80 Feb 1
75 'Dec
11
9712Jan
1112 *11 --1112 1112 1112 *1114 1138 1138 1138 1138 1138
273 Art Metal Construe Ine-_10 11 Feb 21 133
4Jan 4
6 Dec
143 Dec
4
*104 10512 *10412 10512 *105 106 *10712 109
10912 11014 10834 10914
225 ALI Gulf & W 1 8 ft Lines--100 98 Jan 15 120'4 Feb 16
88 Sept 32112 Jan
*61
63
*60
63 *60
63 .60
63
*60
6212 6212
63
10 Do pref
100 5812Jan 17 623 Mar21
55l Fob
4
*2212 23
66 Jan
2212 2314 *23
2334 233 24
2414 243
4
4 2412 2412
945 Booth Fisheries
no par 21 Jan 25 26 Feb 16
*13
1312 13
*13
1312 *13
13
1312 13
1312 ____
490 Cuban Port Cement
10 12 Jan 29 153 Mar15
4
9 Dec
2018 June
*412 5
414 414
47
8 478
5
5
5
5
____ ___
100 East Boston Land
4 Jan 31
51a Feb 15
10
3 2 Dec
7
*145 ___ 146 146
10
145 146 *145
____ *143 145
145 145
105 Edison Electric ilium
100 z137 Jan 15 15412Jan 2 13318 Dec 226 Jan
13812 13812 *13612 13714 13814 13814 *138 139 *1383 13914 13914 13914
Jan
4
15 General Electric
100 128 Jan 16 14312 Feb 19 1183 Dec 17014Jan
4
*514 53
4 *514 53
4 *514 53
4
5
514 *5
4
63
210 Internal Port Cement____ 10
5 Apr 3
612 Feb 2
4 Dec
1815 Jan
.
12
15
*12
*12
15
15
*12
15
Last Sale 1514-Mi;rlig
Do pref
50 1212Jan 29 14 Feb 5
10 Dec
418 418 *4
3312J1sn
418
414 *4
4
4
4
4
470 Island Oil & Trans Corp_ _10
4 Apr 3
518 Mar18
*92 -_ *92
___ *92 ____ *92 __
Last Sale 92---Mar-ii
McElwain(W H) let pref_100 91 Feb 6 9211 Feb 28
9212 Dec 102 Jan
*80
8112 80 8012 7912 7958 *79
80
79
79
*78
79 . 119 Massachusetts Gas Coe -100 27714 Jan 15 8212 Feb 20
71 Dec 10012 Mar
65
6612 *65 ____
66
*65
65
65
65
6518 *65
66
95 Do pref
100 65 Jan 29 70 Jan 3
63 Dec
•110 114 *112 114
81 Mae
114 114
114 114 *11218 114
10 Mergenthaler Linotype_100 113 Mar 4 124 Jan 31 110 Dec
*1
2
*1
169 Jan
2
*1
*1
2
2
Last Sale 1
.-- ept i'7
-'
Mexican Telephone
10
1 mar
11 July
4
*88 -___ *88 ___ 88
*88 ___
88
2 New Eng Cotton Yarn____100 88 Jan 15 89 Jan 10
35 Jan
*88 -___ *88
95 Mar
__ *88 __ __ *88 _ _ _
Last- 21e,92ii- . 17
11- Auic
"Do pref
100
60 Jan
9212 Aug
8812 8834 88 8812 8012 8914 90 1 89
8914 89
89
90
134 New England Telephone_.,10087 Mar28 100 Jan 3
93 Dec
*61
67
*61
67
67
*61
*61
67
Last Sale 81 Mar'18
Nova Scotia Steel & C____100 61 Mar25 69 Jan 2 259 Nov 1244 Mar
112 1137 ---112 Jan
a
. 11312 11312 *11312 115
11312 113121 _-__ ___
22 Pullman Company
100 102 Jan 7 11714 Feb 1 107 Dec 18614 Jan
*3312 34
*3312 -- - *3312 34
3
4
*33
34
Last Sale 34 Mar'18
Punta Allegro Sugar
50 29 Jan 3 35 Feb 23
29 Dec
*1212 ____ *12
48 Jan
_ *12 __
1312 1312 1312 1312 ____
30 Reece Button-Hole
8
10 11 Jan 29 137 Mar16
10 Deo
12712 138
16 Mar
1343 13914 1343 138
4 .
135 14214 13712 143
4
13713 14412 10,880 Swift & CO
100 12414 Jan 7 14412 Apr 5 116 Nov 16273 Apr
*46
49
*46
4812 48
*46
48
47
47 47
____
_
10 Torrington
45 Jan 29 5012 Jan 4
25
40 Nov 68 June
12312 124
124 12412 123 124
123 124
12412 125
12414 115 521 United Fruit
100 11512Jan 17 133 Feb 18 5105 Dec
4412 45
4412 45
4412 4412 44
1551s Jac
45
44
444 4414 4412
,
937 United Shoe Mach Corp.... 25 41 Jan 2 4712 Mar 8
374 Dec
531g Jan
2514 2514 25
254 *2512 26
2514 2512 254 2514 254 2514
325 Do pref
25 25 Jan 19 2614 Mar 8
25 Oct
8
893 90
9014 905
8 893 9018 897 903
304 Mar
4
8
8 9012 907
s 90
9018 1,564 U D SteeirCorporatloo
0 So pe
7
100 87 Mar25 . 9812 Feb 19
7958 Dec 135 May
110 110 *10914 1093 1093 110 *1083 10914 110 110
4
4
4
110 110
100 108 Mar25 z112 Feb 1 10384 Dec 121 Jan
*612 7
*012 7
612 612
8
62 62
612 63
4
63
s 612
820 Ventura Consol 011 Raids_ 5
5 Jan 2
838 Jan 24
44 Dec
Vs Jan
Wining
*1
138 *1
138 *1
138 *1
138
Last Sale 1
Mar'18
Adventure C ning
1 Jan I()
134Jan 25
25
414 Jan
1 Oct
•
78
80
*78
80
7912 7912 *7812 79
*78
79
78
79
25 Ahmeek
25 77 Mar28 83 Jan 3
70 Deo 108 Jan
134 134
112 134
life 1if,
13
4 13
4
13
4 13
4
13
4 13
4
480 Alaska Gold
112Jan 19
234Jan 22
10
1 Dec
4
1111 Jan
..25
.30 '.25
1
.
.30 +.25
.30 *.25
.30
Last Sale .25 Mar'18
Atgomah Mining
.25 Jan 7
25
.25 Jan 7
14 Jan
*50
14 Sept
52
*50
_
*50
*50
52
52
Last Sale 5012 Mar'18
Alloues
25 50 Jan 15 54 Feb 27
45 Dec
1312 1312 *13 1412 1318 1318 1314 1314 *1312 14
70 Mar
*13
1412
55 Amer Zino. Lead & Smelt 25 123 Mar23 1714 Jan 3
8
11 Dec
*44
46
414 Jan
*44
47
*44
46
*44
47
Last Sale 44 Mar'18
Do pre!
41 Jan 2 48 Feb 18
26
40 Nov 73 Jan
1212 13
*1214 1234 1212 1212 *1212 13
*1258 12341 *1212 1234
125 Arizona Commercial5 11 Jan 5 1414 Feb 18
818 Nov 1514 June
*.25
.32 1
..25
.32 .30
.30 .30
.30 4
..25 .321 4
..25 .32
315 Butte-Balaklava Copper.: 10
.25 Feb 1
.45 Jan 7
.25 Dec
*19
214 Jan
20
*1914 20
*19
2012 *2012 22
Last Sale 187 Mar'18
8
Butte & Sup Cop (Ltd)_ 10 17 Mar25 2438 Marll
123 Dec
8
6812 67
*67
52 Jan
68
677 6772 67
68
8
6712 6712 *67
12 68
136 Calumet & Arizona
10 6212Jan 15 7112 Nlar12
55 Dec
8514Jan
432 432 432 440 435 439
435 435 *432 435 432 432
20 Calumet dc Heels
25 427 Feb 28 464 Jan 4 411 Dec 690 Feb
4
133 14
13
4
1312 *13
*13
14
14
*13
14
65 Centennial
25 12 Jan 14 1412 Feb 19
11 Dec
*4014 41
274 Jan
41
41
*41
4134 *41
4134 *40 4 4112
3
6 Chino Copper
8
5 403 Mar16 45 Feb 19
3614 Deo
44
63 Mar
7
443
3 43 8 4478 4412 4438 44
4478 4418 4438 -:Ili; - 8
413
704 Copper Range Co..._25 433 Mar25 4858Jan 3
8
3914 Deo
*158 2
8 2
*15
68 Jan
*15
*158 2
8 2
Last Sale 158 Mar'18
Daly-West
15 Mar28
20
8
258 Mar 1
Vs Apr
3 Jan
538 53
5 4 53
3
4
4
538 53
4
55
8 531
513 55
8
512 512 1,760 Davis-Daly Copper
5 Jan 2
10
678 Mar 8
71g Jan
314 Nov
*914 93
4 93
4
93
4
914 938
912 912
912 912 *014 93
210 Eaet Butte Copper MID
4
812 Mar25 1012Jan 2
10
*512 55
8
512 512 *5
814 Dec
16 Jan
6
*5
6
*5
6
*5
6
100 Franklin
4 Jan 29
25
6 Feb 18
4 Dec
*76
80
9 Mar
*76
Last Sale 79 Mar'18
*76
79
79
*75
79
Granby Consolidated
100 7414 Jan 29 79 Mar28
66 Deo
*39
92 Jan
*39
41
Last Sale 4112 Mar'18
41
*39
41
41
*39
Greene Cananea
100 39 Jan 17 44's Feb 6
35 Nov 4612Jan
*8
812
*8
8
812
812 *8
812 *8
812 *8
81
HancoekCnnsglidated-mioin o
7 Feb 18 1018 Jan 2
12
- 25
7 Dec
2013 Jan
.85
.85
.70 .70
.85
.85
.70 .70
29 Indiana
20
5
•70 Mar27
25
1 Jan 3
114 Dec
4 Mar
6412 63
*63
*63
64
64
63
63
64
*6212 6352
64
60 island Creek Coat
10
1p
IsI1 60 Jan 14 6712 Mar27
ref
52 Nov 764 June
*81 -- *8112 84
*8112 84
84
*81
8012 81
*803 83
4
Do
1 80 Jan 24 84 Feb 18
80 Nov 94 Apr
2112 2112 2134 2112 2112 22
21
22
2212 2234 *2212 23
371 Isle Royale Copper
25 1912Jan 14 26 Jan 2
514 514 *514 512 *514 513
513 513
20 Dec
512 513
514 52
36 Jan
8
360 Kerr Lake
52Jan 2
5 jan 24
6120a b 12
1 Fen 9
114 114 *114
4 4 Apr
,
6 Aug
134 *114
134 *114 13
4 *114
134 *114
10 Keweenaw Copper
13
4
25
.2512 6
114,Tune
512 512 *512 • 6
*512 6
*512 6
484 Jail
*512 6
10 Lake Copper Co
25
5 Mar25
74Jan 3
*234 3
5 Oct
*234 3
Last Sale 278 Mar'18
*23
18 Jan
*23
4 3
4 3
La Salle Copper
2 Jan 2
25
314 Mar 5
114 Dec
*412 512 *412 512 *412 512 *412 513
5 Jan
Last Sales
Mar'18
Mason Valley Mine
5 Jan 29
5
6 Feb 13
*514 512
41a Nov
512 512
828 Aug
5
5
8 *514 612 *514 5.2
s 53
53
140 Mass Consol
25
5 Apr 2
7 Jan 2
5 Nov
.75
1512 Jan
.85 .85
.90 .80
.85 .87
.85
.90 .65
.85 .90 1,670 Mayflower-Old Colony___ 25
.65 Mar28
112Jan 3
*178 214 *2
1 Nov
214 *2
214 *2
3 May
214
214 214 *214 212
50 Michigan
,faan 4
25 11
213 Feb 5
153 Aug
•60
6112 6214 *6112 62
62
*6112 62
62
512 Mar
62
*6012 62
76 Mohawk
25 z58 Jan 9 66 Jan 2
*19
57 Dec
19
19
1934 19
98 Jan
*1812 19
19
*1853 1914 *183 19
8
15 Nevada Consolidated
5 1813 Jan 30 201s Mar 7
16 Nov
*2
214 *2
218
212 *2
2612 Mar
2
2
*17
8 2
*178 2
50 New Arcadian Copper
184 Jan 24
25
214 Feb 9
112 Dec
*15
*15
17
17
*15
6 Jan
*15
Last Sale 1614 Mar'18
17
17
New Idris Quidurnver____ 5 1314 Jan 2 1714 Mar 7
10 Nov
+15
*15
17
1712 Apr
*15
17
17
Last Sale 17 Mar'18
17 .15
New River Company
100 17 Jan 2 20 Jan 2
22 Jan
*75
*75
77
80 Mar
78
*75
78
Last Sale 77 Mar'18
*75
78
Do prat
100 75 Jan 2 80 Jan 31
65 Dec
814 83
4 *814 812
8
12 812 *814 812 *814 812 *814 834
9214 Mar
49 Nipissing Mines
X4Jan 11
5 81
83 Mar19
4
1458 145
8 1434 147g *1412 15
61 July
1413 1413 15
4
*1412 15
938 Sept
15
205 North Butte
15 1414 Jan 20 1612 Jan 3
•.62
.68 *AM
113 Oct
.68 '
4
Last Sale 34
2.62
.68 .6
2414 Mar
.88
Mar'18
North Lake
25
.25 Feb 14
.95 Mar19
.30 Nov
112 112
1
114
2114Jan
*3
4 114
4 114
*3
*3
4 114
*3
4 114
170 Oilbway Mining
25
4Jan 4
3
112 Mar30
.98 Dec
4114 .4134 42
*41
42
42
41
*41
41
278 Jan
42
*4013 41
170 Old Dominion Co
25 3934 Mar25 4512 Jan 3
5512 5512 *54
33 Nov 6784 Mar
54
54
54
54
*54
56
55
55
55
36 Osceola
25 54 Mar30 65 Jan 9
5312Dec
191g 1914 19
*183 19
19
4
19
19
95 Mar
187 187
8
8 19
19
515 Pond Creek Coal
10 1712Jan 12 2014 Feb 20
16 Nov 283 June
*6914 70
6914 70
70
70
*70
*70
72
72
4
71
17
46 Quincy
25 69 Mar27 76 Feb 19
60 Nov 9413 Feb
*23
2334 235 235 *24
2334 *23
8
8
2434 *233 2414 235s 235
4
8
200 Ray Consolidated Copper_ 10 213 Mar22 2438 Mar 4
4
20 Nov 8218 Apr
50
53
50
5234 +51
53
*51
5234 *50
523 *50
4
55 St Mary's Mineral Land_ 25 4912 Mar23 57 Jan 2
523
4
*1
114 *1
48 Dec
114
1
1
1
1
8934 Mar
.99 .99 *.90 1
800 Santa Fe Gold & Copper... 10
.65Jan 26
114 Feb 21
.58 Dec
*438 412
433 433 *43
2 Jan
8 412
43
8 438
4
438
414
414
353 Shannon
554 Jan 2
10
4 Mar18
•16
1712 *15
17 •15
Oct
17
*15
10 Jan
17
Last Sale 1612 Mar'18
Shattuck-Arizona
10 16 Jan 15 1612 Mar15
19 Oct
*138 2
138 138 *13
8 2
*138 2
*138 2
*138 112
3018 Mar
50 South Lake
25
13 Mar30
s
2 Jan 3
.89 Dec
•
.10
.14 •.10
6i Jan
.14 4
.15 .13
..10
.14 .14
.15
.. ____
700 South Utah M & S
.11Jan 23
5
.20 Jan 8
.10 Dec
*434 5
*484 5
*414 434 *412 5
Last Sale 434 - Mar'18
.31 Jan
..Superior
4 Feb 19
28
512Jan 2
228 2%
224
*212 234 *258 2% *258 234
314 Dec
234
234 234
1638 Mar
335 Superior & Boston Copper- 10
384 Jan 3
212 Mar28
312 312
23 Dec
312 312 ..•312 4
8
313 358
*312 ___
*312 4
814 Jan
55 Trinity
314 Jan 14
25
41$ Feb 13
•.95
•.95 1
*.95
1
+.95
1
Last Sale .99 Mar'18
1
ins July
3 Nov
Tuolumne Copper
.93 Feb 14
1
114 Feb 21
4234 4312 4234 43
43
43
1 May 23 Jan
*43
4312 4212 43
4
24034 42
540 U tSmeitRefin & Min-50 42 Mar23 4914 Feb 19
137
o
4512 4512 453
4512 4512 45
674 Jan
4 453 453 *45
4
4512 24412 4412
4
018 Dec
4
Prof
60 43 Jan 8 46 Jan 2
2
4312 Nov 5213 Jan
2
2
2
2
2
2
2
21s 218
2
2
410 Utah-Apex Mining
5
2 Jan 30
238Feb 8
913 953
913 913 *913 10
3
7
3 1 Sept
95
ris Mar
8 9 4 *912 10
*912 10
155 Utah Consolidated
5
9 Mar20 12 Jan 16
2112 Feb
7812 *79
795 *7812 79
8
795 *79
2178
8
Last Sale 7713 Mar'18
Ohs Deo
Utah Copper Co
10 7712 Mar23 85 Feb 19
212 218 *218 214 *218 214
218 218
21s 218
71 Dec 11838 May
23 23
,4 4
280 Utah Metal & Tunnel
1
2 Jan 30
23
4Jan 4
*212 258 *212 258 *212 258 *212 258
24 Deo
Last Sale 238 Mar'18
638Jan
Victoria
213 Jan 28
45
3 Jan 3
134 134 *114 134 *114 134 *112 2
*112 2
2 Oot
6 Jan
*112 2
75 Winona
'25
1 Jan 10
2 Jan 3
2812 2812 2812 2818 2818 *28
30
*28
28
28
30
2 Got
1518 Jan
2812
51 Wolverine
25 28 Mar22 36 Jan 3
81 Dee
41.50 .90 *.60 .85 '
2.60 .85 *.60 .80
634 Mar •
Last Sale .90 Mar'18
wvandott -------------75
5i Jan 4 1'.4 Mel' 7
18 •tur
Ms Jan
•Bid and asked prime. I Ell-dividend and LUAU,. s Assessment paid.
A lix-tinkse. IIn.dtrsdead, g nad.paid.




1447

THE CHRONICLE

APR. 6 1918.1

-The complete record of
Chicago Stock Exchange.
transactions at the Chicago Stock Exchange from Mar.30
April 5, both inclusive, compiled from the official sales
-Transactions in bonds at Bos- to
Boston Bond Record.
lists, is given below. Prices for stocks are all dollars per
ton Stook Exchange Mar. 30 to April 5, both inclusive:
share, not per cent. For bonds the quotations are per cent
Friday
of par value.
Range since Jan. 1.
Last Week's Range Sales

Outside Stock Exchanges

Bonds

for
of Prizes.
Sale
Price. Low. High. Week.
If

99.06 $67,150
US Lib Loan 3348_1932-47 98.64 97.82 97.10 49,500
1st Lib Loan 48_1932-47 96.18 96.14
174,400
2d Lib Loan 4s_ _1927-42 96.10 96.10 97.06 2,000
Am Tel &Tel coil 4s_ _1929 81% 81% 81% 16,000
7535
75
75%
Atl G& W I SS L 55..1959
24,000
80
80
Chas & Ohio cony 55_ _1946
8935 2,000
88
Chic June & US Y 50_1940 88
1,000
90% 9034
1929
Mass Gas 434s
5,000
71
71
Miss River Pow 55 reg 1951
3,000
00
90
N E Telephone 55_ _ _ _1932
10,000
90% 92
Pond Creek Coal 6s_ A923
13,000
80
80
Punta Alegre Sugar as 1931
92% 9331 8,000
Swift & Co let 5s_ _ _ A944 93%
7734 77% 1,000
1918
U S Rubber 55

• Low.

High.

96.52 Jan .99.06 Apr
Jan
Feb 98
95
94.54 Feb 97.90 Mar
Jan
Feb 83
81
Jan
Mar 79
75
Apr
Apr 80
80
Apr 91% Feb
88
Jan 91% Mar
88
Apr
Apr 71
71
Jan 91% Feb
89
Feb
9031 Jan 95
Feb 8034 Jan
79
92% Mar 9534 Feb
77% Apr 77% Ap

Stocks-

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High Shares.

Range since Jan. 1.
High.

Low.

Feb
Jan 265
13 250
250 250
American Radiator__ _ _100
Apr
Jan 101
921 87
Amer Shipbuilding_ _ _ _100 10034 97 101
Jan
50 84% Mar 90
85
85
100 85
Preferred
Booth Fisheries, common
Feb
1,745 1834 Jan 26
(no par). 2434 22% 25
new
Feb
Apr 86
10 80
80
80
100
Preferred
Mar
Jan 18
495 14
Chic City Sr C Ry pt sh pf 1534 15% 16
Apr
2,211 47% Jan 65
65
61
64
Chic Pneumatic Tool_ _100
Feb
Jan 108
51 103
105 106%
Commonw-Edison _ _ _100 106
523 10734 Jan 114% Apr
112% 114%
Cudahy Pack Co, com_100
Jan
85 94% Feb 97
100 9634 96% 96%
Deere & Co, pref
Jan
Jan 112
104 102
103 109%
100 108
Diamond Match
Jan
Jan 44
201 30
36% 39
00
Hartman Corporation_1
-The complete record Illinois Brick
Jan
Exchange.
118 49% Apr 58
100 4934 4956 50%
Philadelphia Stock
Jan
902 19% Mar 28
19%
10
from Lindsay Light com_100 2131 25 21%
Jan
68 2431 Mar 28
2531
of transactions at the Philadelphia Stock Exchange
Middle West Util,
Jan
Jan 65
25 57
59
59
100
Preferred
5, both inclusive, compiled from the offi- National Carbon preferred 114 114 114
Mar
Jan 120
Mar. 30 to April
10 114
Jan
85 40% Apr 55
4031 43
for stocks are all dol- Peoples Gas Lt & Coke_100
cial sales lists, is given below. Prices
Feb
Jan 77
10 72
75
75
Pub Serv of No III com_100 75
Jan
Jan 90
10 x87
8734
100
Preferred
lars per share, not per cent. For bonds the quotations are Quaker Oats Co, pref_ _100 9934 8734 9934
Jan
Jan 100
50 95
99
Feb
Jan 157
951 139
143 144
Sears-Roebuck, corn_ _ _100 143
per cent of par value.
Apr 12031 Mar
20 119
119 120
100
Preferred
Mar
Sales
10 53% Jan 69
Friday
67
67
Shaw W Wcommon_..100
Range since Jan. 1.
Last Week's Range for •
Stewart Warner Speeddm,
Feb
Week.
Jan 58
of Prices.
314 47
5334 55
Sale
100 54
Common
Low.
High.
Jan 14431 Apr
Par. Price. Low. High. Shares.
100 14334 129 144% 25,615 124
Swift & Co
StocksApr 54% Feb
Union Carbide & Carb Co 5024 4731 51% 7,645 47% Feb 17
Mar
115 78% Apr 89
Jan
200 14%
17
17
American Gas of N J_ _100 78% 78% 80%
United Paper Bd, com_100
Feb
Apr 110
251 103
& Co, pref.. 10331 103 104
Buff & Susq Corp
12 46
Jan
Jan 48
48
Mar Ward, Montgcorn
Jan 59
46
1,086 46
5334 57
100 48
v to
100
Preferred
115 40
Apr x43
40
Mar Wilson & Co,
Jan 99% Mar
40
05 95
99
50
98
100
Cambria Iron
Preferred
283 48
Mar 51
Feb
4831
Elea Storage Battery_ -100 48% 48
185 14% Jan 17
Feb
15% 16%
100
General Asphalt
Bonds.
135 47
Jan 5134 Feb
49% 49%
100
Preferred
47 24
Jan 26
Apr
Apr 85% Feb
25% 26
$1,000 83
83
83
454s_..1039 83
Insurance Co of N A__ _ _10 26
Feb
1646 12
Jan 17% Feb Armour & Co s f d 6s '26 88
15
Apr 90
14
4,000 88
88
88
15
Lake Superior Corp__ _100
Booth Fisheries
414 8134 Jan 65% Feb
63% 65
3,000 84% Jan 8734 Mar
87%
87
50 65
Lehigh Navigation
Chicago City Ry 55 1927
135 55
Jan 63
Jan 84% Mar
Mar
58%
1,000' 82
84
84
50 58% 58
1927
Lqhigh Valley
4 82
Jan 90% Mar Chicago Rys 5s
Jan 59% Jan
3,000, 50
55
55
50 88% 88% 8831
Pennsyl Salt Mfg
Chic Ry 4s_ _Series "B"
1,644 44
45
Mar 47% Jan
Mar 94% Mar
4,000: 90
92
92
50 4434 44
Pennsylvania
Commonw-Edison 5s_1943
Jan
Mar 91
20,000 90
90
90
Philadelphia Co (Pitts)
Pack 1st M 551946
24
Mar 28
3 24
Jan 98.80 Mar
Mar Cudahy Loan 334s_1932-47 98.60 98.40 98.60 1,800 97
24
50
Preferred (5%)
30 29 'Apr :33
Jan Liberty
30%
29
850 95.04 Mar 97.50 Jan
96.60 96.80
(cumulative 6%)50
1st 451932-47
Pref
Feb 25% Feb Liberty Loan
786 x25
96.42 96.90 69,050 94.70 Feb 97.52 Mar
25 2531 2534 25%
Phila Elec of Pa
383 23% Mar 30
Jan Liberty Loan 2d 451927-42
Mar 7534 Mar
25% 2534
75
7534 12,000 75
1945
Phila Rapid Transit v t r 50 25% 68% 68%
10 68% Mar 7134 Feb Ogden Gas 5s ref g 55_1947 7734 77% 77%
1,000' 77% Apr 81% Feb
Traction_ _50
Philadelphia
7
8
8
Mar
3
Apr Peo G L & C g 58_..1944 93% 92% 9334 6,500 92% Apr 95% Jan
8
50
Phila & Western
Mar
Jan 8534 Mar Swift & Co 1st
420 71
80% 82
Apr 96
94% 4,000 94
50
94
Reading
3
3% Mar Wilson dr Co let 6s_ _ _1941
Jan
460
334
334 331
Tono-Belmont Devel_ _ _ _1
4
Jan
3
Jan
3
255
3
1
x Ex-dividend.
Tonopah Mining
159 38% Apr 42% Jan
38% 39%
50 39
Union Traction
Jan 195
4 190
Feb
x190 z190
100
United Cos of N J
962 6554 Apr 7234 Jan
65% 66%
-The complete record of
50
Baltimore Stock Exchange.
United Gas Impt
776 86% Mar 98% Feb
89% 9034
Steel Corporation_100 •90
11 El
8% Mar transactions at the Baltimore Stock Exchange from Mar.30
734 Apr
1,490
734 831
7%
10
Warwick Iron Sr S
Mar
33 40% Apr 48
4031 4031
the official sales
West Jersey & Sea Sh_ _50
76 69
Mar 76
Jan to April 5, both inclusive, compiled from
69
69
Westmoreland Coal__ _ _50
Jan 85
40 74
Feb
79
79
Prices for stocks are all dollars per
Wm Cramp & Sons__ _ _100 32
31
Feb 33
Jan lists, is given below.
135
32
32
York Railways, prof_ _ _50
share, not per cent. For bonds the quotations are per cent
Bonds
Jan 99.04 Apr
98.50 99.04 51,350 97
US Lib Loan 3)451932-47 99.04 96.40 96.90 2,100 95.80 Feb 97.90 Jan .of par value.
1st Lib Loan 48_1932-47
96.20 97.12 87,600 94.60 Feb 97.60 Mar
2d Lib Loan 48_1927-42 96.32 79
Mar 82
Jan
1,000 79
79
Sales
Friday
Amer Gas SC Elea 5s_ _2007
Jan
100 77% Mar 82
79
79
Range since Jan. 1.
2007
Last Week's Range for
small
do
Mar 80% Feb
79% 79% 5,000 79
Week.
of Prices.
Sale
Beth'm Steel pur m 551936
Jan
Mar 73
70
70
1.000 70
High.
Low.
Par. Price. Low. High. Shares.
Elee & Peoples tr etf 40245
StocksFeb
50
50
3,000 47% Jan 52
Lake Superior Corp 58 1924 50
Jan
Mar
9334 9334 5,000 93% Jan 95
Jan 87
10 50
80
80
100 80
Lehigh C & N cons4 s_'54
Alabama Co
100% 100% 2,000 100% Apr 100% Ap
10 3134 Jan 3634 Jan
3334 3331
Lehigh Val cons reg Os 1923
1,000 99% Mar 10034 Jan Arundel Sand & Gravel 100
100 100
Mar
374 Feb
100
110
231
231 274
10
Lehigh Val Coal 1st 55 1933
Jan Atlantic Petroleum
Feb
Jan 102
8954
68 94
9531 9634
_100
Pennsylv RR gen 43451965 89% 97% 89% 13,000 8931 Mar 92
Mar 98% Jan Consol Gas,EL&Pow.A00 8974 8934 0034
Jan
9731 3,000 96
364 8934 Apr 106
1960
Consol 434s
Apr Consolidation Coal...
95
Apr 95
95
9,000 95
834 Jan
745
634 Jan
634 734
674
5
P W & B ctfs 4s___1921
Cosden & Co
Jan
87
4
87
1,000 85% Feb 87% Jan
334 Jan
430
354 33.4
331
5
Philadelphia Co 1st 5s 1049
Preferred
Jan 3834 'Jan
150 30
3334 34
Cons & cell tr 5s stamped
Apr 7434 Apr Davison Chemical_ _no par
74% 6,000 73
Mar
74% 73
275 223.4 Jan 29
1951
2654 2634
s f & red
50
Jan Elkhorn Coal Corp ctfs 100
Jan
Mar 96
25 6431 Jan 74
67
67
Electric, 1st 5s.. _1966 9331 9331 93% 32,000 93
Phila
Jan
96
Jan 96% Mar Houston 011 pref tr
2,000 94
Apr 65
95
6 60
60
1966
60
Small
Jan Kirby preferred
Mar
Jan 92
27,000 81% Apr 85
35 56
7831
1997 81% 81% 82
Reading gen 4s
& Miners Trans_ _100 7831 78
83
Apr 84% Feb Mer
1731 Feb
83
1,000 8:3
Jan
33 15
1534 16
1951
J-C collat 48
Feb MtV-Wood Mills v t r_100 72
Feb.
Jan 101
Jan 74
100% 10031 2,000 100
77 68
73
72
100
Spanish Am Iron 6s_ _1927
Preferred v t r
Jan 7334 Feb
10234 10234 3,500 102% Apr 10234 Apr Northern Central
20 70
73
73
50 73
Sun Hazle & Wilk 2d 6s -'38
Feb 91% Feb
Jan 6534 Mar
110 60
91% 91% 3,000 91
65
1930
65
Welsbach Co 5s
Mar 91% Apr Pennsyl Wat & Power_100
500 91
834 Mar
Feb
7
9134 9134
100
8
8
1930
8
10
Small
Robinson Oil pref
Mar
8
834 Apr
25
831 834
5
Sapulpa Refining
ividend.
Mar 2434 Feb
149 20
s Ex-d
50 2034 2034 2131
United Ry & Elm
Jan 2956 Mar
290 24
50 2754 2754 2734
-The complete record of Wash B Sc Annan
374 Jan
Apr
3
130
Pittsburgh Stock Exchange.
3
3
5
Wayland Oil & Gas

transactions at the Pittsburgh Stock Exchange from Mar.30
to April 5, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.

Stocks-

Sales
Friday
Last ,Week's Range for
Week.
Sale I of Prices
Par. Price. Low. High. Shares.

Am Wind Glass Mach_
Columbia Gas di Elee_100
Crucible Steel pref.__ _100
1
Gold Bar Mines
Indep Brewing corn_ _ _ .50
50
Preferred
50
Mfrs Light dr Heat
Nat Fireproofing preferred
25
Supply
Ohio Fuel
Oklahoma Natural Gas_25
.50
Pittab Brewing corn..
Pittsburgh Coal corn. 100
Pittab Jerome Copper.._1
Pittsb di Mt Shasta Cop-1
100
Pittsb Oil & Gas
1
San Toy Mining
S Steel Corp com_ - _ -100
50
W'house Air Brake
W'house Elec & Mfg_ _50
BondsIndep Brewing 6s.. _ _1955
Pittsb Coal deb 58_..1031




49

1%
7
8%
41%
24
134
700
390

96%

34

Range since Jan. 1.
Low.

Jan
125 40
4831 49
10 28% Mar
3231 3231
Mar
89
20 89
89
1le
300 Ile Mar
110
134 Jan
360
g 134
7
6% Mar
300
7
Apr
51
145 50
50
Mar
8
50
8% 834
330 x4134 Mar
x41% 41%
24
Mar
1,165 24
24
1% Mar
430
1% 2
Jan
52
100 45
52
Jan
80e 5,400 40o
650
Jan
400 14,500 210
370
534 Jan
200
6% 634
Jan
Ile
300 110
lie
184 8734 Mar
9034 90%
Jan
312 95
9634
95%
Jan
425 39
40g 41
$8,000
34
34
98% 98% 5,000

Apr
34
98% Mar

High.
58
35
89%
13o
2
9%
53
931
45
25
2%
58%
1
480
7%
16o
98
96%
43

Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Mar
Mar
Feb
Feb
Mar
Jan

40
99

Jan
Mar

Bonds
Alabama Cons C&I 5s 1933
Alabama Co gen 6s_ _1933
Carolina Central 4s_ _1949
Consol Gas gen 4345_1954
Consol G,EL&P 43481935
6 per cent notes
Cosden & Co ser B 6s_1932
Fair & Clarks Trac 551938
Ga Sou di Florida 5s_ _1945
Norf dr Ports Trae 58_1936
Pennsyl W dr P 58__ _ _1940
United Ry & E 4s_ ___1949
1949
Income 4s
1 ARA
urn .1, Wald nn rsa

84

96

85
74
5331

$3,000
83
1,000
84
7634 3,000
8634 2,000
1,000
83
1,000
96
1,000
7931
1,000
90
9231 5.000
7934 2,000
1,000
85
14,000
74
5334 8,000
9954 09 U
2.000

83
84
7634
8634
83
96
799.4
90
9231
7934
85
7331
5351

7931
82
7634
8634
81
9434
7934
90
92
7931
84
73
5334
99

Jan
Feb
Apr
Mar
Jan
Jan
Apr
Apr
Mar
Mar
Mar
Jan
Mar
Jan

83
84
80
8834
84
9694
8334
92
9234
80
85
7734
5834
9012

Apr
Mar
Feb
Feb
Feb
Mar
Jan
Jan
Apr
Feb
Apr
Feb
Jan
A nr

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week ending
April 5 1918.

Stocks.
Shares.

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
'7'ntial

101,350
189,900
169,800
179,200
231,000
141,777

Par Value.
$9,064,250
16,040,500
15,422,000
16,505,500
21,840,500
13,257,700

1.011.027 591.030.4501

Railroad.
&C.,
Bonds.
$418,000
573,000
652,000
763,000
892,000
676,500

State, Mun.
& Foreign
Bonds

United
States
Bonds.

$736,000 $3,440,000
483,000 3,495,000
489,000 3,308,000
787,000 3,724,000
1,016,000 5,089,000
415,500 4,128,000

53.074.500 53.926.500 523.184.000

1448
Sales at
New York Stock
Exchange.

THE CHRONICLE
Week ending April 5.
1918.

1917.

Fri.
Sales
Last Week's Range for
Sale.
of Prices.
Week
Other Oil Stocks (Cont'd) Price. Low. High. Shares.

Jan. 1 to April 5.
1918.

1917.

[VOL. 106.
Range since Jan. 1.

Low.
High.
Glenrook011_r
10
3%
3% 3% 9,100
3% Jan
5
Jan
Hanover 011 &
534
534 734 5,800
Jan
3
7% Jan
Houston Oil corn_ r __100 44
3
4134 44% 2,710 39% J/1,11 53
Jan
Island Oil & Trans_r
4
10
3% 4% 17,300
Jan
5% Mar
Kenova 011
1 3-16 5-32 3-16 43,000
3-32 Jan
X Feb
Merritt 011 Corp
1831 1831
10
700 17% Mar 2436 Jan
Metropolitan Petroleum -5
% 9-16
31 10,500
34 Jan
34 Feb
Midwest Oil corn_ r
1 940
93c
1.01 13,500 92c Mar
Total bonds
1.24 Jan
$31,085,000 $20,513,000
$338,211,600
$294,811,000
Preferred r
1
1 1-16 1 1-16
100 1 1-16 Apr
1% Jan
Midwest'Refintng_r____50 100
99 105
1,303 97
Mar 114
Jan
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
Mineral Wells Pet
1%
1
1% 1%
700
1% Jan
2% Mar
N Y-Oklahoma Oil com_r1
BALTIMORE STOCK EXCHANGES.
34
549
% Jan
-16 3,250
31 Feb
Northwestern 011 com_r_l 64c
63c 68c 13,100 1560
Jan 890 Feb
Oklahoma Oil oom_r__.._l
33.4c
334c 434e 29,500
3o
Jan 8340 Mar
Oklahoma Prod de Ref__ _5
Boston.
Philadelphia.
Baltimore.
6%
636 6% 7,900
634 Mar
736 Jan
Week ending
Okmulgee Prod & Ref.
8%
.5
736 834 39,000
236 Jan 11% Mar
April 5 1918.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales. Omar Oil dr Gas com
1 32e
300 320
8,000 26e Feb 400
Jan
Pan-Am Petrol corn r__ _50 49
48
4931
250 40
Jan 53
Feb
Saturday
4,382
1545,450
266
5%
$25,300
5
5
534
534 3,870
$3,000 Penn-Kentucky 011_r
5
Jan
534 Fob
Monday
9,130
141,900
1,276
24e 250 11,880 17e Feb 860
1 25c
45,150
403
8,500 Queen 011_r
Jan
Tuesday
9,499
52,300
2,214
34 5-16 7-16 31,800
1
43,150
844
3-32 Feb
5,000 Rice Oil_r
34 Feb
Wednesday
7,619
51,250
3,268
1 15-10
% 1% 25,400
27,550
384
13,300 Royal 011_r
% Apr
1% Mar
Thursday
Sapulpa Refining_r
9,395
45,700
836
1,906
5
8% 8% 2,110
56,100
587
13,000
8
Mar 10
Jan
Sequoyah
Friday
5,550
41,000
2,094
1 15-16
% 1 1-16 15,100
58,000
508
11,000 Stanton 011 & Ref
131 Mar
'34 Jan
011_r
2
134 2
1
7,600
1% Mar
2% Mar
Total
Stockton 011_ r
45.575 $377.600
10
11,024 $255,250
10
800
10
3.260
9% Mar 10
$53,800
Mar
Tuxpam Star Oil r
1
7c
6o
80 159,000
60 Apr 22e Mar
United Westernik011_r__ _ _1
X 7-32 2,200
'A Mar
34 Jan
Vacuum Gas & 011 Ltd_ _1 3-32 3-32 3-32 1,500 1-16 Mar
New York "Curb" Market.
-Below we give a record of Victoria 011 r
3.4 Mar
4%
10
4
4% 3,100
3% Jan
634 Mar
Mining Stocks
the transactions in the outside security market from Mar.30
Alaska-Brit Col Metals__1
% 7-16 5,000
% Jan 9-16 Jan
to April 5, both inclusive. It covers the week ending America Mines_r
500 51c
1
1,000 50e Mar 51c Mar
Atlanta Mines
lle
10e lle 14,500
1
Sc
130 Feb
Jan
Friday afternoon.
Aurora Silver Mines_r
434
3% 431 6,225
5
2% Feb
4% Apr
% 1% 24,800
6 15-16
1% Mar
44 Jan
It should be understood that no such reliability attaches Blg Ledge Copper
Booth .r
1
2,300
434e 50
554o Mar
Sc
Jan
Boston &
_
to transactions on the "Curb" as to those on the regularly BradshawMontana Dev._5 54e 520 570 27,000 410 Jan 96o Mar
Copper_r
949-16 2,545
36
34 Jan
1% Jan
Butte-Detroit Cop it Zinc 1
organized stock exchanges.
% 9-32 7-16 17,100
34 Jan
% Mar
Caledonia Mining
40c 43c 39,000 40o Mar 56o
1 40c
Jan
On the New York Stock Exchange, for instance, only Calumet dr Jerome Cop r 1 1 3-16 11-16 134 16,200 *I Jan 1% Mar
Canada Copper Co Ltd_ _5 1 13-16
1% 1% 3,200 1 5-16 Jan
236 Jan
members of the Exchange can engage in business, and they Cash Boy
93•6c 1234c 67,600
1 10e
190 Feb
3340 Jan
Cerbat Silver M de M r..-1
1
1
1
5,800 42c
Jan
1% Mar
are permitted to deal only in securities regularly listed-that Coco River Mining_r__ A 2% 2
234 1,450
131 Mar
2% Jan
Arizona Smelt_
5,100
1;1, Feb
Is, securities where the companies responsible for them have Congo'Copper Mines_ _..5 1 15-16 1 15-16 2
236 Jan
Consol
534
_ _5
536 5% 1,150
5
Jan
7
Jan
Consol-Ho
complied with certain stringent requirements before being Copper mestead r..__..1 9-32
31 5-16 5,800 22e
Feb
Mar
Valley Mining_r_
1%
1% 2%
34 Jan
234
admitted to dealings. Every precaution, too, is taken to Cresson Cons Gold M&M l 4% 4% 4% 3,150 434 Mar 5% Mar
1
3,600
Jan
Dupont Copper_r
1
A
A
31 Mar
35 Apr
94 1,800
Insure that quotations coming over the "tape," or reported El Salvador Silver_ r
63c 660 19,200 55e Mar 66o
1 640
Apr
Emma Copper_r
31 26,200
1
*X 7-32
re, Mar
Ne Feb
In the official list at the end of the day, are authentic.
Eureka Croesus Min r
1 1 7-16 15-16 1% 6,750
34 Feb
1% Apr
First Nat Copper
1% 1%
5
450
1% Apr
2% Jan
On the "Curb," on the other hand, there are no restrictions Fortuna Cons'd r
37e 37c
1
900 350
Jan 400
Jan
whatever. Any security may be dealt in and any one can Goldfield Consolidated-10 11-32 9-32 11-32 9,80(
3.4 Mar 7-16 Jan
Great Bend r
6
1
6
6
2,000 434e Feb 10e Feb
meet there and make prices and have them included in the Green Monster_r
34 9-16 11-16 31,000 9-16 Jan
50c
% Jan
Heels Mining
7-16
25o
434 43% 5,330
27% Jan
5
Jan
lists of those who make it a business to furnish daily records International Mines_r_..l 4 14c 12c 14c 28,800 8e Jan 20e Feb
5-16 5-16
10o.
100
of the transactions. The possibility that fictitious transac- Iron Blossom r
Apr 11-16 Jan
Jerome Prescott Copper.1
6
434 6
8,280
1 X Jan
6
Apr
tions may creep in, or even that dealings in spurious securi- Jerome Verde Copper__1
% 9-16 11-16 10,300
% Jan
if. Mar
Jim Butler
ties may be included, should, hence, always be kept in mind, Jumbo r
59c 600
4,200 55o
Jan 90o
Jan
Extension
13c 140
1
2,300
13e Mar 24o
Jan
particularly as regards mining shares. In the circumstances, Kerr Lake
5
5%
675
534 5%
5
Jan
63% Jan
It is out of the question for any one to vouch for the absolute Kewanus r
60
60
1
1,200
60 Jan 90
Feb
Lampazos Silver
134 1 1-16 134 11,600
1
34 Feb
134 Mar
trustworthiness of this record of "Curb" transactions, and La Leona Silver r
4
3
434 3,900
5
3
Apr
4% Mar
La Rose Consol Mines 5
we give it for what it may be worth.
36 11-16 13,910 250
Jan
% Apr
Liberty Silver (prosp't) r 1 30c
30c 35c
9,300 28e Feb 39e Feb
Lone Star Consol_r
40
40
1
4,000 334o Mar 5e
Feb
Friday
Louisiana Consol
Sales
1
500 7-16 Jan
36
36
34 Jan
Week ending April 5.
Last Week's Range for
Magma Copper
Range since Jan. 1.
40
5 3936 38
1,000 36
Feb 42
Jan
Sale.
Marsh Mining r
of Prices.
Week.
534e 63c 11,500
1 634c
40
Jan 8340 Mar
Stocks-Par. Price. Low. High. Shares.
Mason Valley
Low.
5
5
High.
5
5
4% Jan
100
6% Jan
McKinley-Darragh-Say_ _1
43c 46e
3,500 430 Mar 600
Jan
Aetna Espies.r_ _ (no par)
8
8
8% 8,700
6% Feb
16c.. 200
9% Mar Mogul Mining_r
1
800 16e
Apr 35e
Jan
Brit-Amer Tob ord'y_ _El
14% 14%
400 1434 Apr 16% Jan Monster Chief r
1 834c 60 3-32 31,200
60 Apr 5-16 Jan
Ordinary coupon__ _ £1 15
14% 15% 14,300 14% Apr 18
36c
35e 38c 21,400 250
Feb Mother Lode r
Jan
410 Mar
Burns Bros Ice r
20
19
20%
1,000 19
Apr 20% Apr National Leasing r
53.c
43-4c 534c 37,000
1
30
Jan
80 Feb
Carbon Steel com_ r--100
90
91
60 77
Jan 91
23c 30e 11,440 15e
Apr Nat Zino & Lead r
1 30e
Jan 380 Feb
Second preferred_r _ _100
65
65
40 65
Mar 65
18e
Mar Nevada Ophir r
10c 18e
18e
2,500 130 Feb 21e
Jan
Car Ltg & Power r
25
Nevada Rand r
231 2%
1,000
Jan
2
19e 23c
3% Mar
10c 21c
8,500 13e Feb 23e Mar
Chevrolet Motor
100 120
116 121
2,000 100
Jan 135
1694 167% 1734 2,100 15% Jan 18% Mar
Feb New Cornelia r
Electric Gun r
1
% 10,950
Apr Nipissing Mines
83.4 834 3,200
34 Mar
Jan
8
834 Mar
Emerson Phonograph..._.5
2% 3
700
2% Mar
4% Jan Nixon Nevada
1
1 11-32 6,800
1
X Jan
17% Mar
Internat Motors corn r 100
23% 24
100 14
Jan 24
1
15-16 1
Mar Ohio Copper r
1
8,600
% Feb
1
1st preferred r
100
55
Onondago Mines r
56
35 55
Mar 56
1 334 3% 3% 2,800 2 Jan 434 Mar
Mar
Mar
2d preferred_ r
100
27
2736
110 16
Feb 27% Mar Porphyry Copper r
750 820
1
5,200 670 Mar
131 Mar
Keyst Tire & Rubb com_10 18
17
18% 4,200 12% Jan 18% Apr Provincial Mining
51c 520
1
2,800 430
Jan 1520 Feb
Kresge (S S) corn r_ •....100 82
Rawley Mines
82
82
100 6936 Jan 84
Mar
234 234
700
131 Jan
236 Jan
Marconi Wirel Tel of Am_5
334
334 3%
100
3% Jan
434
3% Mar Ray Hercules Mining r_15
4
434 2,300
334 Jan
4% Jan
Maxim Munitions.r--10 9-16
32,000
Feb
7-16
1
1
Jan Red Warrior Mining r
34
1,200
31 Jan
% Mar
North Am Pulp ,Se Pap (t)
2%
Rex Consolidated Mg__ _1 1136e lle
231 234
100
2% Jan
331 Jan
120 24,000
90
Jan
15o Feb
Poulsen Wireless r___ _100 11% 11% 11%
200 1135 Mar 12
34e
31e 34e
Mar Rochester Mines
8,200 27o
Jan 45o Mar
St Joseph Lead_ r
10
16
16
100 14% Jan 17% Feb Senorito Copper
34
34 13-16 4,600
g Jan
34 Mar
Scripps Booth Corp r
15
15
20 14
1 13-16 13-16 13-16 6,500
Mar 15
Mar Silver Fissue Silver_ r
34 Mar
31 Mar
Security Drug_r
10
63;
1,000
6% Mar
40
1
40
634 Mar Sliver Pick Cons r
2,000
4c Apr
7o
Feb
Smith Motor Truck.r _ -10
Silver Plume Cons_ r___1 750
2% 2 5-16 2% 47,200
1
Jan
720 760 13,375 470 Feb 690 Mar
2'.3(, Mar
Standard Motor Constr r 10
13
1334
450
8% Jan 13% Mar Standard Sliver-Lead_._I 7-16 13-32
36 30,000
34 Apr
34 Jan
Submarine Boat v t 0.-(t) 12% 12% 13
2,400 11% Mar 1434 Jan Stewart
1 7-32 7-32
34 10,300
3-16 Jan
51 Jan
thlogen Co of Amer
4%
4% 4% 4,800
4
Mar
13c 16e
1 16c
5
7,900
Mar Success Mining
70
Jan
160 Apr
Todd Shipyards Corp r (t)
80
80%
15 73
Jan 80% Apr Superior Cop (prosp't) (t)
231 234
500
2
234 Mar
Jan
Triangle Film Corp v t 0.5
34
500
%
1-16
1
34 Feb
Jan Tonopah Belmont Dev r 1
3343
200
3
Jan
3% Mar
United Motors.r. (no par) 26
_
25% 26% 7,200 19% Jan 30% Feb Tonopah Extension
134
1
134 1% 2,725
134 Jan
1% Jan
U S Light &'Heat
1%
10
1% 1% 4,800
Mar
1 4 5.16 4 5-16 47% 2,570 331 Jan 53( Feb
1% Jan United Eastern
U S Steamship
10
5%
United Verde Exten_r_50c
5
5%. 10,200
4% Jan
38
38% 1,000 36% „Jan 50% Mar
534 Feb
World Film Corp v t o- 5
S Lead de Zino t_r
34
34
1,000
Jan
310 38c 13,800
1 32c
00 "Feb 60o Mar
% Mar
Wright-Martin Alro.r (1)
6% 7% 9,800
7%
6% Jan
5
6
536 6
831 Feb Unity Gold Mines
3,300
3% Jan
6
Apr
Former Standard 011
Ward Mining & Milling r 1
110 150
4,100 110 Mar 220 Mar
Subsidiaries.
Washoe Copper
131 1 3-16 131
1
400
3-16 Feb
1% Feb
Anglo-Amer Oil r
El
12
12% 2,500 113£ Feb 17% Jan West End Consolidated_ 5
76e 790
3,400 85e
Jan 860 Feb
Eureka Pipe Line r____100
88
88
3; 88
Mar 88
9360 936e 1,000 936e Apr
Mar White Caps Extension 100
180 Feb
Galena-Signal 011 cam r100
134 134
10 134
Mar 145
36 5,200 11-32 Jan
Jan White Caps Mining__ _10c 15-32 7-16
Jan
Illinois Pipe Line r.._ _ _100 189
187 189
Wilbert Mining
40, 180
Mar 192
110 11c
Jan
1,000
8o Feb 14e
Jan
Ohio Oil r
25
326 335
Bonds
165 300
Jan 365
Jan
Prairie Oil& Gas r _---100
470 475
30 418
Jan 500
9934 9934 99% $38,000 98% Mar 99% Jan
Feb Am Tel & Tel 1-yr Os.
Prairie Pipe Line r ____100
270 272
20. 255
'9736 98% 92,000 96% Jan 08% Mar
Feb 278
Feb Beth Steel 5% notes_ _1919 98
South Penn Oil r
100 287
287 290
20 275
Jan 290
9534 9534 43,000 94% Jan 95% Mar
Jan Canada(Dom of) 5s_ _1919
Standard Oil (Calif) r _100 225
223 225
30 212
Mar 237
100 100% 31,000 99
Jan Gen'l Elea 6% notes_ _1919
Jan 100% Feb
Standard 011 of N J r.100
538 558
6% notes
154 510
1920 100
100 100% 30,000 98% Jan 10036 Feb
Mar 579
Feb
Standard 011 of N Y r _100
263 267
125, 252
1920
Jan 285
9831 99% 15,000 97% Feb 99% Apr
Feb Phil(' Elea (is w 1
Vacuum 011 r
100
343 343
Procter de Gamble 7s r 1919 10036 10034 10034 15,000 98
15i 350
Feb 357
Feb
Mar 10034 Apr
Other Oil Stocks
7s r
1920 10034 99% 10034 35,000 9934 Mar 10034 Apr
Allen 011_r
1
7-16
7s r
34
7001
1921 100% 99% 100% 86,000 99
Feb
11-16 Jan
Mar 100% Apr
Amer Ventura 011
1 110
9c 12e 22,600,
7s r
Sc Jan 160 Feb
1922
99% 100
4,000 98% Mar 100
Apr
Barnett Oil de Gas.r
1
9-16
7s r
13,300;
Apr 1 3-16 Jan
1923 10036 100% 100% 12,000 9831 Mar 10034 Apr
Boston-Wyoming 011.r_ _ _1 210
200 210 24,500 200 Mar 330
40
42
Jan Russian Govt 03•46 r--1919 40
52,000 38
Mar 58
Jan
ContinentalRefining com10
11% 13%
534s r
800: 1134 Apr 13% Apr
1921 37% 37
39
23,000 35
Feb 52
Preferred
Jan
10
12
13
200 12
Apr 13
9736 9734 6,000 9734 Feb 9734 Apr
Apr South'n fly 5% notes r '19
Cosden de Co, oom.r
5 7
6% 734 5,010, 634 Jan
S Light & Heat 6s
75
75
75
8% Feb
5,000 75
Apr 76
Crown 011.r
Apr
1
%
33,600
34 Feb 1 5-16 Jan Westinghouse Eleo & Mfg
Dixie Gas_ r
10 10%
1-year 6% notes
2,400 10% Feb 10% Mar
9831 9934 50,000 98% Mar 9934 Feb
Elk Basin Petroleum _ r_5
636
631 6%
1,100
6% Jan
7
Feb
Elkland Oil & Gas r
1 5-32
34 5-32 2,000'
Jan
•Odd Iota. 1 No Dar value. I Listed as a prospect. I Listed on the
31 Jan
Esmeralda 011 Corp..r...._1
Stook Ex110
10e 12c 20,800
100 Mar
5-16 Jan change this week, where additional transactions will be found, o Now stook. e Un
Federal 011_r
5
3
2% 3% 3,800
2% Jan
4
Fob listed. u Ex-cash and stook dividends. to When issued. z Ex-dlvidend. v Exrights. s Ex-stook dividend.
Stocks
-No.shares_ _ _
1,013,027
3,790,375
34,365,590
52,406,597
Par value
593,030,450 $350,429,000 $3,218,899,750 $4,706,941,530
Bank shares, par
$12,400
$15,200
Bonds.
Government bonds__ _ $23,184,000
$8,000
$198,293,500
$201,500
State,mun.,&c.,bonds
3,926,500 • 10,920,000
59,871,000
102,081,000
RR.and misc. bonds_ _
3,974,500
9,585,000
80,047,000
192,528,500




34

31,

34

34

''34

10% 1034

0
.5

....$)

e

CURRENT NOTICE.
A. Read &
-As a matter of record, all the notes having been sold, Wm.
an advertisement of their recent
Co. of this city are inserting in this issue
-year 6% secured
Co. 3
offering of $1,430,000 American Gas & Electric
to net
convertible gold notes, duo Mar. 1 1921. Price 95% and interest,
details.
about 7 %. See the advertisement for
Philadel-Nowburger, Henderson & Loeb, members of New York and
have issued an elborato
phia Stock Exchanges, 100 Broadway, New York,
circular, entitled "Baltimore & Ohio or Chesapeake & Ohio."
-Tho New York P. S. Commission, Second District, has issued volume
of reports
III of its report tor the year ended Dec. 311916, giving abstracts
of corporations, electrical, gas, telegi•aph, telephone and steam.
house
-E. W. Thomas has been elected Secretary of the investment
of Elston & Co. of Chicago.

New York City Realty and Surety Companies
Bid
Alliance R'ity 65
Amer Surety_ 108
Bond & M G_ 187
_
Casualty Co_
City Investing 15
Preferred .. _ 60

GOVERNMENT REVENUE AND EXPENDITURES.
-Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for March 1918 and
1917 and for the nine months of the fiscal years 1917-18 and
1916-17.

March 1918. March1917. 9 mos. 1917-18 9 mos.'16-17
Receipts.
Ordinary
126,028,355 157,692,56:1
18,106,373 20,154,128
Customs
Internal revenue:
profIncome and excess
4,694,572
102,241,310 32,035,731
31,424,027
its tax
539,780,208 302,434,499
89,635,238 36,267,107
Miscellaneous
156,329,261 50,089,723
5,244,259
16,536,309
Miscellaneous revenue
924,379,134 542,252,516
155,701,947 66,360,066
Total
Panama Canal
4,444,500
4,366,462
857,634
1,047,331
Tolls, &c
Public Debt
14,068
520,284,929
1st Liberty Loan bonds__ _ _
587,931
3,807,724,921
2d Liberty Loan bonds
Certificates of indebtedness_ 924,638,500 50,000,000 6,307,160,000 50,000,000
129,912,282
53,967,865
War Say. & Thrift Stamps_
1,794,660
1,020,940
Postal Savings bonds
Deposits for the purchase of
one-year Treasury notes
(Sec. 18, Federal Reserve
19,150,000
Act, approved Dec. 23'13)
Deposits for retirement of
national bank notes and
Federal Reserve bank
notes (acts of July 14
466,090 12,041,542
5,038,700 36,244,665
1890 and Dec. 23 1913)_ Total

979,674,454 62,041,543 10,791,191,772 88,039,325

1,136,423,732 129,239,243 11,719,937,368 634,736,341
Grand total receipts
Disbursements.
Ordinary
Checks and warrants paid
(less balances repaid, &e.) 818,472,073 72,328,775 4,575,619,029 694,254,440
1,654,109
55,892,604 17,374,229
445,128
Interest on public debt paid
820,126,182 72,773,903 4,631,511,633 711,628,669
Total
Special
Checks paid
Panama Canal:
1,512,840
14,301,551 14,480,277
2,176,896
(less balances repaid, &c.)
Purchase of obligations of
3,783,829,750
317,500,000
governments
foreign
Purchase of Farm Loan bds:
30,550,000
16,550,000
Principal
452,822
275,602
Accrued interest
25,000,000
25,000,000
Paym't for West. Ind. Isrds
335,838,441 27,176,896 3,829,134,123 39,486,277
Total
Public Debi
interest-bear'g notes
Bonds,
190 3,347,527,116
40,479,252
14,571
and certificates retired _ _ _
Ono-year Treasury notes reFederal
deemed (Sec. 18,
Reserve Act, approved
19,150,000
Dec. 23 1913)
National bank notes and
Fed'l Reserve bank notes
retired (Acts of July 14
2,929,188
18,039,412 31,125,975
1890 and Dec. 23 1913)-1,379,295
Total

41,858,547

2,929,377 3,384,716,528 31,140,546

Grand total disbursements_1,197,823,170 102,880,177 11,845,362,284 782,255,492
Excess of total receipts over
total disbursements
Excess of total disbursem'ts
over total receipts

26,379,066
61,399,438

125,424,916 147,519,151

New York City Banks and Trust Companies
Bid
Ask
Hanks-N.Y. Bid
500
- 485
America.
215
Amer Exch. 208
180
Atlantic _-- 170
200
Battery Park 190
Bowery•-- 400
200
Bronx Hero* 150
Bronx Nat_ _ 150
15
BryantPark* 148
95
Butch & Dr_ 80
345
335
Chase
Chat & Pben 225
110
.
Chelsea Ex 4 100
390
Chemical ___ 380
220
Citizens-- 210
388
383
City
215
Coal & Iron_ 205
Colonial'___ /400
fir;"
Columbia.__ 1150
170
Commerce__ 167
405
Comm'l Es' 390
Common190
wealth •_ _ 180
145
Continental. 135
315
Corn Exch._ 305
100
85
.
COM1090i 11*
65
East River_ 60
Fifth Ave.__ 3500 4000
230
215
Fifth
880
860
First
180
Garfield--- 165
Gotham -_ 200
350
Green w lob* _ 335
660
Hanover--__ 645
245
Harriman___ 235
490
I mp de Tree]. 475
280
Irving(tr ctfs )270
405
390
Liberty
300
280
Lincoln

Banks.
Manhattan•
Mark dr Fult
Mach & Met
Merchants.
Metropol'n
Mutuale_ _ _
New Neth._
Now York Co
Now York_
Pacific)*-_Park
People's'_ - Prod Exch.
Public
Seaboard ___
Second
Sherman ..._ _
State.
23d Ward._
Union Exch _
Unit States.
Wash IFtse_
Westch Ave.
West Wee_
Yorkville
Brooklyn.
Coney Isi'd.
First
Flatbush
Greenpoint _
Hillside ...Homestead *
Mechanics'•
Montauk•
Newel
Nation'I City
North Skie._
People's -- -

315
305
290
240
165
375
200
150
415
270
490
200
200
200
450
400
125
100
110
145
500
350
175
180
540
145
255
140
150
110

-16
1105
265
175
130

Ask
330

305
255
175
220

510
210
215
470
425
135
110
125
155

201)
100
565
155
270
150
165
120
115
120
95
205
275
200
140

Trust Co's.
New York
Bankers Tr.
CentralTrust
Columbia _ _
Commercial_
Empire
Equitable Tr
Farm L & Tr
Fidelity _ _
Fulton
Guaranty Tr
Hudson _Irving Trust
Law Tit& Tr
Lincoln Tr_
Mercantile
Tr & Dep.
Metropolitan
Mut'l(Westchester) _ _
N Y Life Ins
& Trust_ _
N Y Trust.
Soandinavi'n
TitleGti &Tr
Transatian'e
Union Trust
USMtg&Tr
UnitedStates
Westchester_

Bid

Ask

365
700
25:3
100
290
337
380
200
240
320
135
165
95
95

375
715
258
6
3 7
342
390
210
255
327
142

190
300

:fir;

102
102

115

125

875
585
260
265
175
405
400
890
130

900
600
275
275

Brooklyn.
Brooklyn Tr 500
235
265
Hamilton _
Kings Co... 625
Manufact'rs. 135
People's -- 265
70
Queens Co__

420
410
915
140
530
245
275
650
145
275
85

• Banks m Irked with a •) are State banks. t Sale at auction or at Stoat Exchange this week I New stook. y Ex-rights.




'1449

THE CHRONICLE

APR. 6 1918
L

Bid
Ask
75 Lawyers Mtge 87
115 Mtge Bond... 80
195 Nat Surety_ _ 160
100 N Y Title &
50
Mtge
20
66

Ask
92
90
166
57

Bid
Realty Assoc
(Brooklyn)_ 65
U S Casualty_ 176
U S Title G & I 55
West & Bronx
Title & M G 160

Ask
75
190
65
175

Quotations for Sundry Securities
All bond prices are "and Interest" except where marked "V'.
RR. EquIpments-Pera Basis
Standard 011 Stocks Pernare
Bid. Ask.
Par Bed. Ask.
Anglo-American Oil new. £1 12 1214 Baltimore & Ohio 4%s _ _ _ _ 6.00 5.75
6 00 5.60
100 925 940 Buff Roch & Pittsburgh 4
Atlantic Refining
6.00 5.60
,
Equipment 48
0.5
0
_150 423 450
Borne-Serymser Co
6.75 6.00
96 Canadian Pacific 43.s
Buckeye Pipe Line Co__
Chesebrough Mfg new___100 315 325 Caro Clinchfield & Ohio 5e. _ 6.85 6.00
6.40 5.50
40 Central of Georgia 5a
Colonial Oil
6.40 5.50
10
4
43
Equipment 4%s
100 .0 460
Continental 011
7.40 6.50
33 Chicago dr Alton 43
10
Crescent Pipe Line Co_ _ -58
- 7.00 6.00
Cumberland Pipe Line_100 135 145 Chicago Jr Eastern Ill 5
7.00 6.00
Equipment 454a
Eureka Pipe Line Co___- 100 187 192
6.30 6.00
Galena-Sem:110H corn_..100 135 138 Chic Ind ds Loulay 454a
128 Ohio St Louis de N 05s._ ___ 6.00 5.50
Preferred
192 Chicago dc N W 41, s
5.80 5.40
5
Illinois Pipe Line
7.00 6.00
0
50 937
Indiana Pile. Line Co........10°5 1285 97 Chicago R I & Pee 4%e
International Petroleum_ £1 .14 1412 Colorado .Sc Southern So.__. 6.50 6.00
6.60 6.00
National Transit Co___12.50 •121 1312 Erie 5s
6.60 6.00
Equipment 434s
New York Transit Co_ _100 200 210
6.60 6.00
Equipment 4s
Northern Pipe Line Co_ _100 104 108
8.40 6.00
335 'Hocking Valley 4s
Ohio 011 Co
6.40 6.00
42
Equipment 5s
Penn-Mex Fuel Co
6.00 5.50
912 'Illinois Central 53
225
255 3'31
Pierce 011Corporation
6.00 5.50
Equipment 454a
2
100 46880 485
Prairie 011 & Gas
273 '
Kanawha & Michigan 454s.. 6.25 6.00
Prairie Pipe Line
5.00 5.00
315 ILoutsville & Nashville 5s_
Solar Refining
6.25 5.75
100 3
Southern Pipe Line Co..100181 188 !Michigan Central 58
5.90 5.50
280 285 'Minn St P&SSM4%aSouth Penn
01110
Southwest Pa Pipe Lines. J00 92 97 !Missouri Kansas & Texas 55.- 7.00 6.00
7.00 6.00
Standard 011 (California) 100 222 226 ,Missouri Pacific 5s
6.60 6.00
Standard Oil (Indiana). _100 630 640 Mobile & Ohio 58
6.60 6.00
Equipment 454s
Standard 011 (Kansas)......100 440 460
Standard Oil (Kentucky)100 315 325 New York Central Lines Se... 6.25 6.00
6.25 6.00
Equipment 454s
Standard 011 (Nebraska) 100 475 500
6.40 6.00
Standard 011 of New Jer_100 553 558 N Y Ontario & West 4 As..Standard 011 of New Y'k 100 263 267 Norfolk & Western 4 Ms__._ 5.80 5.40
5.80 5.40
Equipment 45
100 410 425
Standard Oil (Ohio)
5.75 5.50
100 95 105 Pennsylvania RR 4545
Swan& Fleets
5.75 5 50
Equipment 43
Union Tank Line Co__ _.100 95 97
0 40
10 3
10 .26 350 St Louis Iron Mt & Sou 5te _ 6.90 6.00
Vacuum Oil
30 St Louis & San Francisco 5s_ 6.90 6.00
Washington 011
7.00 6.00
Seaboard Mr Line 5s
7.00 6 00
Equipment 454*
Per Cent.
Bonds,
Piero() 011 Corp cony 6s..1924 73 75 Southern Pacific Co 454s... 5.90 5.50
6.50 5.50
Southern Railway 454*
6.50 6.00
Toledo & Ohio Central 4s
Ordnance Stocks-Per S hare.
Aetna Explosives pref...100 58 60
4
Tobacco Stocks-Per Sae re.
6
American & British Mfg_100
Par Bid Ask.
100 15 20
Preferred
Atlas Powder common_..100 168 173 American Cigar common-100 95 100
100 SO 90
Preferred
100 93 95
Preferred
100 113 116 Amor Machine & Fdry_100 70' so
Babcock & Wilcox
.51 •1412 16
Bliss(E W)Co common_ 60.350 425 British-Amer Tobao ord.
£1 *1412 1512
Ordinary, bearer
50 *70 80
Preferred
100 175 225
Canada Fdys & Forgings_100 120 140 Conley Foil
Carbon Steel common__ _100 88 93 Johnson Tin Foil & Met-100 75 125
100 85 95 MacAndrews & Forbes__100 170 190
let preferred
100 90 98
Preferred
20 preferred
100 60 65
Reynolds (R. J) Tobacco_100 300 325
Colt's Patent Fire Arms
100 98 102
Preferred
25 *63 65
Mfg
250 300
B stock
duPont(E I) do Nemours
100 120 140
100 260 265 Young (J fl) Co
& Co common
100 100 106
Preferred
100 93 95
Debenture stock
-Per Cent.
Short-Term Notes
100 93 96
Eastern Steel
Empire Stool & Iron com..100 33 37 Amer Tel&Tel 6e 1919__F&A 99 9914
100 75 SO Bette & Ohio 55 1918 __J&I 9912 9934
Preferred
J&J 98 9812
53 1919
Hercules Powder corn.,,_100 225 233
8
100 110 113 Beth Steel 5s 1919__F&A 15 977 9818
Preferred
-Pond com-100 114 118 Canadian Pc 6a 1924_M&S 2 97 9734
Niles-Bement
8
100 97 102 Chic & West Intl Os' 18_M&S 985 99
Preferred
Penn Seaboard Steel (no par) .38 42 Del. & Hudson 5s 1920 F&A 9712 98
A-0 94 9412
100 265 275 Erie RR 55 1919
Phelps-Dodge Corp
Scovill Manufacturing._.100 450 470 General Rubber 5s 1918.J&D 9812 9878
J&J 100 100 4
,
60 .25 35 Gen Eleo 65 1920
Thomas Iron
6% notes (2-yr) '19_ JAB 997 10018
8
Winchester Repeat Arme.100 700 825
M&S 9718 9738
100 n35 43 Great Nor 581920
Woodward Iron
Hooking Valley 65 1918 M&N 9918 99%
J&J 9712 ge12
K C Rye 5%8 1918
Public Utilities
Amer Gas & Eleo corn__ _ 50 .88 90 K C Term Ry 4348'18_M&N 98 99
J&J 9212 9312
454e 1921
50 *3912 4012
Preferred
Amer Lt & Tree com___100 200 202 Laclede Gas L 5s 1919_ _F&A 9612 98
8
995a 997
100 9534 9612 Mich Cent 5s 1918
Preferred
Amer Power & Lt coin--100 40 46 Morgen&WrIght 5s Dee 1 '18 9812
s
100 72 75 N Y Central 434s1918_hf&N 9938 997
Preferred
8
5 1919
97 9712
Amer Public Utilities com100 18 22
4
100 45 50 N Y N II & 11 5s_Apr 15 1918 993 00
Preferred
4
Cities Service Co corn__ _100 201 203 Penn Co 4lie 1921_ J&D 15 953 9614
6 Pub Ser Corp NJ 5e '19.M&S 9512 9612
100 75 7
Preferred
22 24 Rem Arms U.NI.0 53'19F&A 84 89
Com'w'ith Pow fly & L_100
4
100 47 49 Southern fly 5e 1919__M-S 2 973 98
Preferred
Elea Bond & Share pref._100 93 96 United Fruit 5a 1918_ __M-N 997s
8 Utah Sec Corp 6e'22.M-S 15 84 Tir
5
Federal Light & Traotion.100
100 26 30 Winches RepArms7s'19.M&8 9914 9912
Preferred
Industrial
Great West Pow 59 1946.J&J 74 78
and Miscellaneous
Mississippi Riv Pow corn _100 1212 15
100 220 30
100 37 4012 American Braee
Preferred
100 37 40
First Mtge 50 1951_ _ J&J 71 7214 American Chicle corn_
100 63 67
Preferred
Nortien States Pow corn. 100 43 47
.100 83 86 Am Graphophone corn__ _100 80 86
Preferred
100 82 86
Preferred
North Texas Elea Co corn 100 54 59
100 127 30
100 73 76 American Hardware
Preferred
33 35 Amer Typefounders com-100, 37 42
Pacific Gas & Else corn_ _100
100 80 85
Preferred
100 80 82
1st preferred
Puget Sd Tr L & P com_100 10 14 Borden's Cond Milk oom _100 06 98
100 93 95
Preferred
100 38 41
Preferred
100 145 155
Republie fly & Light_ ---100 22 24 Celluloid Company
100 57 60 Columbia Gra.phoph Mfg (t) .70 73
Preferred
100 67 69
Preferred
South Calif Edison corn. 100 80 83
14
100 99 102 Havana Tobacco Co....100
Preferred
•5
3
5
100
Preferred
7
Standard Gas & El(Del). 50
25
let g 5* Juno 1 1922_J-D 144 48
Preferred
812 912
3 Intercontinen Rubb com_100
71
0
Tennessee fly L & P corn 158
8 10 Internet Banking Co_ _ _ -100 160
100
Preferred
5512
100
7 International Salt
5
United Gas & Eloo Corp_100
.4-0 68 70
let gold 5e 1951
100 41 45
1st preferred
7 10 International Silver pref _100 77 81
100
2d preferred
Lehigh Valley Coal Sales_ 50 .80 82
United Lt & Rye com___ _100 29 31
100 60 61 Otte Elevator common.._100 46
1st preferred
100 69 72
Preferred
Western I'ower common_100 13 15
100 49 52 RereIngton TypewriterPreferred
Common....100 1312 1412
100 67 6912
1st preferred
100 48 49
2(1 preferred
Royal Flakiest Pow corn _100 125 135
-100 91 . 9
Preferrel
• Per share. b Basis. d Purchaser also pays accrued dividend. a New stook.
y Ex-'ights (t) Without par value.
Flat price. n Nominal x Ex-dividend

1450

THE CHRONICLE

[VOL. 106.

Anurstmitut and Sailrorati, Walt
-gem.
RAILROAD GROSS EARNINGS

.
The following table shows the gross earnings of various
can be obtained. The first two columns of figures give the STEAM roads from which regular weekly or monthly returns
gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the
latest week or month. We add a supplementary statement to show fiscal year totals of those roads whose fiscal year does not
begin
It should be noted that our running totals (or year-to-date figures)with January, but covers some other period.
are now all made to begin with the first of
January instead of with the 1st of July. This is because the InterState Commerce Commission, which previously
required returns for the 12 months ending June 30, now requires reports
with this new order of the Commission, practically all the leading steam for the calendar year. In accordance
roads have changed their fiscal year to
correspond with the calendar year. Our own totals have accordingly also
been altered to conform to the new
practice. The returns of the electric railways are brought together separately on a
subsequent page.
Latest Gross Earnings.

ROADS.

Week or
Mcmth.

Current
Year.

Previous
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

Latest Gross Earnings.
1

Week or
Month.

Current
Year.

Previous
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

$
Ala & Vicksburg_ -- February
171,108 158,500
351.007
332,380 Monongahela Conn January
131,084 171,964
Ann Arbor
131,084
171,964
3d wk Mar
54,300
43,739
547,789
554,106 Nashv Chatt & St L February 1,403,776 1.095,112 2,597,444 2,298,310
Atch Topeka & S Fe December 14541066 13133867 165529519
144290238 Nevada-Cal -Oregon 4th wk Feb
3,487
Atlanta Birm & Atl 3d wk Mar
4.136
31,777
30,089
93,563
82,964
937,583
843,505 New Orl Great Nor_ January
148,130 152,708
Atlanta & West Pt.. January
148,130
152,708
165,736 132,844
165.736
132.844 NO Tex & Mex Lines January
641,987 579,003
Atlantic City
641,987
579.003
January
184,592 141,675
184,592
141,675 j New York Central ranuary 16246807 17572050 16,246,807 17,579,050
Atlantic Coast Line February 4,357,022 3,790,315 8,570,977
7,500,815
Boston & Albany
Chariest & W Car December
243.514 196,382 2,401.443 2,025,370
n Lake Erie & W.. January
522,477 685,007
Lou Hend & St L February
522,477
685,007
209,721 170,497
376,475
331,380
Michigan Central January
3,511,838 4,061,055 3,511,838 4,061,055
a Baltimore & Ohio_ December 10668050 10311 307 133613321 121793843
Cleve C C & St L January
3.533,021 4,001,801 3,533,021 4,001,801
B & 0 Ch Ter RR January
72.645 146,382
72.645
146,382
Cincinnati North January
140,043 193,282
Bangor & Aroostook February
140,043
193,282
292,853 349,919
614,893
761,146
Pitts & Lake Erie January
1,810,293 1,804,669 1,810,293 1,804,669
Belt Ry of Chicago_ January
161,434 290,334
161,434
290,334
Tol & Ohio Cent.. January
463,463 513,769
Bessemer & L Erie_ January
513,769
463,463
461,675 519,483
461,675
519,483
Kanawha & Mich January
250,181 262,289
Birmingham South_ January
262,289
250.181
117,311
98,822
117,311
98,822
Tot all lines above January
26478123 29100922 26,478.123 29,100,922
Boston & Maine._ _ February 3,937,316 4,001,884 8,047,967
Buff Roch & Pittsb_ 4th wkMar 514,240 405,110 3,759,259 8,520.165 N Y Chicago & St L February 1,119,982 1,158,279 2,107,793 2,498,152
3,161,300 NYNH& Hartf__ January
5,898,364 6,712,001 5.989,364 6,712,001
Buffalo & Susq RR_ February
199,407 121,421
393,071
261,129 N Y Ont & Western February
682,429 563,108 1,366,632 1,196,637
Canadian Nor Syst_ 4th wkMar 1,248,700 1,146,800 8,842,600
294,187 324,632 4,151.145 3,974.431
Canadian Pacific_ _ _ 4th wkMar 4,306,000 3,932,000 32,629,119 8,464,400 N Y Susq & West__ December
30,934,584 Norfolk Southern__ January
336,645 430,591
Caro Cline& & Ohio January
336,645
430,591
317,908 353.780
317,908
353,780 Norfolk & Western.. February 5,076,193 4,527,345 9,864,007 9,489,497
Central of Georgia_ February 1,644,265 1,133,566 3,187,192 2,331,944
Northern Pacific__ _ February 6,031,436 5,430,116 12,196,266 11,719,591
Cent of New Jersey January
2.434,532 2,798,487 2,434,532 2,798,487 Northwest'n Pacific January
347,384 316,809
Cent New England.. January
347,384
316,809
372,258 446,132
372,258
446,132 Pacific Coast Co_ _ _ February
528,909 345,131 1,075,823
Central Vermont January
714,505
315,753 337,143
315,753
337,143
Ches & Ohio Lines_ February 4,214,230 3,679,250 7,776,571 7,900,082 p Pennsylvania RR_ February 18928900 18830 132 38,306,009 40,071,254
Bait Ches & Atl_ _ February
32,210
26,613
Chicago & Alton __ _ January
05,333
41,758
1.233,626 1,533,383 1,233,626 1,533,383
Ctunberland Vail February
290,143 323,877
Chic Burl & Quincy January
592,186
634,560
9,108,705 9,590,840 9,108.705 9.590,840
Long Isladd
February 1,095,135 930,416 2,210,600 1,981,510
b Chicago & East Ill January
1,307,377 1,615,681 1,307,377 1,615.681
Mary'd Del & Va February
21,461
31,579
30,793
c Chic Great West__ 3d wk Mar 409,833 293,720 3.565,022
92,302
N Y Phil & Norf. February
357,678 317,270
Chic Ind & Louisv_ 4th wkMar 263,766 251,635 1,936,210 3,379,309
701,507
762,272
2,129,227
W Jersey & Seash February
480,805 487,487
Chicago June RR__ January
940,113
977,586
193,939 266,229
193,939
266,229
West N Y & Pa February
815,179 880,751
Chic Milw & St P__ January
7.492,519 8,351,113 7,492,519 8,351.113 Penn West Lines_ _ _ February 4,626,354 4,456,140 1,710,035 1,937,015
dChic & North West January
8,783,254 9,794,426
7,172,006 8,075,065 7.172,006 8,075,065
Grand Rap & Ind February
432,077 427,539
Chic Peoria & St L. January
800,642
916,721
125.098 176.379
125,098
I Pitts C C & St L February 4.905,695 4,920,574 9,384,726 10,417,001
176,379
Chic Rock Isl & Pae February 6,462,895 5,949,978 12,771.195
12,705,508 Penn System
Chic R I & Gulf_ ___ December
398,193 340.488 3,899.173 3,402.921
Lines East
February 21466802 21227 114 43,444,157 45,196,860
d Chic St PM & Om January
1,690,007 1,662,436 1,690,007 1,662,436
Lines West
February 10120843 9,947,659 19,265,806 21,429,329
Chic Terre H & S E January
217,287 287,068
217,287
Lines E & W.._ _ February 31587645 31174 773 62,709,963 66,625,888
287,068
Cinc Ind & Western January
208,688 230,909
208,688
230,909 Pere Marquette
January
1.262,026 1,759,809 1,262,026 1,759,809
Colorado Midland.. January
126.641 122,355
126,641
122,355 Pitts Shaw & North January
131.744 126,432
e Colorado & South_ 3d wk Mar 334,818 309,779 4,056,385
131,744
126,432
3,893,222 Port Reading
January
94.566 150,062
Cuba Railroad.._.... January
94,566
150,062
1,231,835 781,119 1,231,835
761,119 Reading CoDelaware & Hudson February 1,954,696 1,762,706 4,071,802
Phila & Reading_ February 4,566,229 4,583,701 9,138,940 9,909,375
3,916,250
Del Lack & West__ January
4,393,946 4,434,676 4,393,946 4.434,676
Coal & Iron Co February 4,150,876 3,185,199 7,946.520 7,318,930
Deny & Rio Grande January
2,342.478 2,203,762 2.342,478 2,203,762
Total both cos__ _ February 8,717,105 7,768,900 17,085,460 17,318,305
Denver & Salt Lake January
63,671 139,411
63,671
139,411 Rich Fred & Potem January
412,349 372,771
Detroit & Mackinac 3d wk Mar
412.349
372,771
28,050
21,087
248.953
238,298 Rio Grande South JanuarYi
54,383
47,974
54,383
Detroit Tol & lront January
47,974
97,815 218,709
97.815
218,709 Rutland
January
309,969 328,151
Dot & Tol Shore L.. January
309,969
328,151
110.969 157,474
110,969
157.474 St Jos & Grand Isl.. January
201.156 174,096
Dul & Iron Range_ _ February
201,156
174,096
102,858 103,135
205,094
207,395 St L Brownsv & M_ January
325,572 369,943
325,572
Dul Missabe & Nor January
369,943
142.987 169,847
142,987
169,847 St Louis-San Fran_ December 5,191,248 4,764,996 59,681,610 53.116.827
Dul Sou Shore & Atl 3d wk Mar
72,032
50,383
730,692
763,536 St Louis Southwest_ 4th wkMar 592,000 453,000
Duluth Winn & Pac December
136.693 146.705 2.026.109 1.882.888 Seaboard Air Line January. 2,529,137 2,569,166 4,766,334 3,986,960
2,529,137 2,569,166
Elgin Joliet & East_ January
860.545 1,188.754
860,545 1,188,764 Southern Pacific
December 17328493 15396828
El Paso & So West_ January
1,210,615 1,237,182 1,219,615 1,237,182 lc Southern By Syst. 3d wk Mar 2,615,828 2,048,239 193971 489 163427423
26,313,774 22,665,513
Erie
January
5,037,442 5,602.096 5,037,442 5.602.096
Ala Great South.. January
544,012 536,187
544,012
536,187
Florida East Coast.. January
755,494 793,300
755,494
Cin N 0& Tex P. January
793,300
850,755 1,082,889
850,755 1,082,889
Fonda Johns & Glov February
74,568
75,021
154,843
New On & Nor E January
157,104
457,215 403,099
457,215
Georgia Railroad_ January
403,099
431,997 294,751
431,997
Mobile & Ohio_ _ _ 3d wk Mar 235,546 218,685 2,658,571 2,750,573
294,751
Grand Trunk Pac 1st wk Mar
98,902
90,298 1,002,937
Georgia
715,468
56,284
51,070
664,575
Grand Trunk Syst_ 4th wkMar 1,796,678 1,815,571 12,884,022 13,532,631 Spok Port Sou & Fla 3d wk Mar
642,089
737,832 466,881
737,832
466,881
Grand Trunk Ry 1st wk Mar 903,203 846,460 6,913,733 7,667,374 Tenn Ala & Seattle January
2.750
2,229
20,863
22,385
Grand Trk West_ 1st wk Mar 157,396 159,294 1,402,387 1,473,944 Tennessee& Georgia 2d wk Mar
Central. January
127,119 146,070
127,119
146,070
Dot Gil & Milw_ 1st wk Mar
61,945
57,400
473,904
494,937
252,314 306,461
252,314
306,461
Great North System February 5,140,938 4,923.528 10,926,561 10,604,458 Term RR Assn St L January
St L M B Term__ January
202,432 239,915
202,432
Gulf Mobile & Nor.. January
239,915.
171,631 180,424
171,631
180,424 Texas & Pacific..... 4th wkMar 626,433 605,409 5,707,311 5,192,416
Gulf & Ship Island._ January
187,675 177,384
187,675
177,384 Toledo Peor & West February
129,578
88,902
Hocking Valley_ _ _ _ February
194,940
223,167
732,135 600,631 1,355,250 1,294,348 Toledo St L & West 3d wk Mar 151,114 137,643
Illinois Central_ _ _ _ February 7,210,449 6,229.685 13,543,527 13,024,070 Trin &
1,295,925 1,383,913
Brazos Vall_ January
91,184
91,518
Internat & Grt Nor January
91,518
91,184
1,052,522 901,621 1,052,522
901,621 Union Pacific Syst_ January
9,882,066 8,483,592 2,882.066 8,483,592
Kansas City South_ February 1,257,074 994,095 2.443.423 2.067,053 Union
RR (Bait)... January
155,892 156,778
155,892
Lehigh & Hud Riv_ January
156,778
148,702 178,230
148,702
178,930 Vicks Shrev & Pac_ February
200,050 167,053
Lehigh & New Eng.. January
348,982
403,095
197,218 282,071
197,218
282,071 Virginian
January
702,344 874,196
Lehigh Valley
702,344
874,196
January
3,195,888 3.658,141 3,195,888 3.658;141 Wabash
January
2.345,367 2,912,839 2.345,367 2,912.839
Los Angeles & S L__ January
1,013,989 891.141 1,013,989
891,141 Washington South'n January
230,414 187,876
Louisiana & Arkan_ January
230,414
187,876
138,091 124,855
138.091 .124,855 Western Maryland_ January
918,821 1,031,965
Louisiana Ry & Nay January
918,821 1,031.965
207,839 199.714
207,839
199.714 Western Pacific__
January
858,202 585,372
f Louisville & Nashv January
858,292
585,372
6,243,830 5,956.240 6,243,830 5,956,240 Western By of Ala_ January
182,440 125.076
182,440
Maine Central
125,976
January
951,781 1,069,171
951.781 1,069.171 Wheel & Lake Erie_ February
703,479 575,374 1,384,711 1,256,291
Maryland & Penna.. January
32,870
37,386
32,870
37,386 Yazoo & Miss Vali_ IFebruary 1,511,963 1,228,968 3,024,464 2,654,736
Midland Valley__ _ _ January
237,500 201,087
237,500
201,087
Mineral Range_ _ _ _ 3d wk Mar
20,979
17,673
246,695
255,298
Previous
Minneap & St Louis 4th wkMar 227,036 266,730 2,611,428 2,415,661
Current
Various Fiscal Years.
Period.
Year.
Minn St P&SSM 3d wk Mar 593,805 396,872 5,675,705 5,893,884
Year.
Mississippi Central_ December
112.256
61,008
974.749
823,365
g Mo Kan & Texas.. 4th wkMar 1,363,621 1,054,388 10,999,673 9,626,787 Canadian
$
Northern
July 1 to Mar 31 30,699,400 30,095,900
Mo Okla & Gulf__ January
142,832 166,589
142,832
166,589 Cuba Railroad
July 1 to Jan 31 5,783.350 3,936,295
h Missouri Pacific__ Jaduary
5,870,844 6.306,936 5,870,844 6,306,936 Pacific Coast
July 1 to Feb 28 4,177,483 4,474,642
Monongahela
January
158,171 168,472
158,171
168,472 St Louis-San Francisco
July 1 to Dec 31 32,049.790 28.752.377

AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
• Weekly Summaries.

Current
Year.

Previous
Year.

Increase orCurrent
Decrease.
%
• Monthly Summaries.
Year.

Previous
Year.

Increase or
Decrease.

$
$
$
Mileage.
Cur. Yr. Prev. Yr.
$
$
$
(28 roads),___ 9,952,137 10,665,500
-713,363 6.69 May
248,312 247.842 353,825.032 308.132.969 +45,692,063 14.82
(23 roads)_ ._ _ 9.362,837 9,783.078
-420,241 4.29 June
242.111 241.550 351.001,045 301.304,803 +49.696,242 16.49
(28 roads).- 15,009.139 15,123,132
-53.993 0.36 July
245.699 244,921 353.219.982 306.891.957 46.328.025 15.09
27 roads)_-__ 9,533,171 8,991.103
+542.068 6.03 August
247.099 246,190 373.326.711 333,555.136 39,771.575 11.92
27 roads).....10,686,704 9.704.404
+982,300 10.12 September 245.148 243.027 364.880,086 330,978.448 33.901,638 10.24
26 roads)..... 10,693,488 9,728,415
+965,073 9.82 October ....247.048 245,967 389,017,309 345,079,977 +43,937,332 12.73
26 roads).... 11,651,809 10.305,667 +1,346,142 13.07 November _
25 roads)..... 10,925,448 9,890,084 +1,035,364 10.47 December._242,407 241.621 360,062,052 326,757,147 +33,304,905 10.19
_247.988 247,265 343,875,052 317,836,386 +26,038,666 8.18
24 roads)____ 11.274,910 10,499,359
+775,551 7.40 January _ - 69,881
.
68,532 51,911,327 52,740.060
;t1 wank NTnr 9d rnarlal
-828,733 1.73
19 non ein in non ni7 -1.9 nnn R0q 10 529
Pahrilara
RR RR1
RR mii 47_210_440 48118.457 4.4.(1ARA)53
a Includes Cleveland Lorain & Wheeling Ky. and Cincinnati Hamilton & Dayton. b Includes
Evansville & Terre Haute. c Includes Mason City &
Sort Dodge and the Wisconsin Minnesota & Pacific. d Includes not only operating revenue,
but also all other receipts. et Does not include earnings of
Colorado Springs & Cripple Creek District By. f Includes Louisville & Atlantic and the
Frankfort & Cincinnati. g Includes the Texas Central and the
Wichita Palls Uses. h Includes the St. Louis Iron Mountain & Southern.
J Includes the Lake Shore as Michigan Southern Ry., Chicago Indiana &
Southern RR. and Dunkirk Allegheny Valley & Pittsburgh RR. k Includes the Alabama Great
t
Southern, Cincinnati New Orleans & Texas Pacific.
New Orleans& Northeastern and the Northern Alabama. I
Vandal's RR
n
and Philadelhpia Baltimore & Washington. • We no longer Includes Mexican roads in Includes Nort.kern Ohio RR. p Includes Northern Central.
include
any of our totals.
kl
Id
ith
let
ld
Id
ith
.st
ld

week Jan
week Jan
week Jan
week Feb
week Feb
week Feb
week Feb
week Mar
week Mar




1451

THE CHRONICLE

APR. 6 1918.1

-For the third week
Latest Gross Earnings by Weeks.
of March our final statement covers 24 roads and shows
19.82% increase in the aggregate over the same week last
year.

Net
Gross
Earnings. Earnings.

Other
Income.
$

Total
Income.

Charges
& Taxes.

Balance,
Surplus.

Chesapeake & Ohio
921,954 1,016,135 def94,181
104,467
817,487
Feb '18 4,214,230
269,086
935,592
282,722 1,204,678
921,956
'17 3,679,250
403,519 1,335,461 2,024,013 def688,552
926,942
2 mos '18 7,776,571
849,632
403,875 2,713,933 1,864,301
7,900,082 2,310,058
'17
1917.
Increase. Decrease.
1918.
Third Week of March.
Duluth So Sh & Atl102,636 def131,968
9,278 def29,332
252,113 de138,610
$
Feb '18
95,398 def46,880
43.380
48,518
5,138
260,726
'17
Previously reported (21 roads)_ 11,797,933 9,831,671 1,966,262
207,554 def261.360
10,561
43,739
54,300
13,150 def53,806
525,420 def66,956
2 mos '18
Ann Arbor
200.714 def88.947
82,964
10,599
10,940
93,563
111,767
100,827
561,900
'17
Atlanta Birmingham & Atlantic
13,471
151,114' 137,643
Toledo St Louis & Western__ _
Fonda Johns & Gloversvde17,136
36,316
2,409
26,771
29,180
74,568
Feb '18
12.096,910 10,096,017 2,000,893
def6,207
36,426
3,028
27,091
30,119
Total (24 roads)
75,021
'17
73,021 def11,353
4,761
71,668
56,907
Net increase (19.82%)
154,843
2 mos '18
def3,910
7,780
72,820
61,130
63,910
157,104
17
'
-The table Hocking Valley
Net Earnings Monthly to Latest Dates.
53,386
48,143
173,327 def119,941
5,243
732,135
Feb '18
following shows the gross and net earnings with charges and
118,138
278,884
138,256
160,746
140,628
600,631
17
'
surplus of STEAM railrod,ds reported this week:
77,967 de147,887
346,321 def394,208
2 mos '18 1,355,250 def125,854
Earnings
-Gross Earnings--Net
250,561
572,426
234,782
321,865
337,644
17 1,294,348
'
Previous
Current
Previous
Current
Mineral Range-Year.
Year.
Year.
Year.
Roads.
166
def3,261
11,482 def14,743
def3,427
84,346
Feb '18
$
$
$
$
1,006
13,932 def12,926
511
465
90,617
'17
Atlantic Coast Line_b_Feb 4,357,022 3,790,315 1,471,031 1,603,806
365
det4,672
23,280 def27,952
def5,037
182,277
2 mos '18
3,070,264
8,570,977 7,500,815 2,735,547
Jan 1 to Feb 28
7,023
827
27,912 def20,889
6,196
192,130
'17
108,200
Feb 2,691,000 2,358,600 def480,400
Canadian Northern
27,263,100 26,822,700 2,279,700 6,886,400 Norfolk & Western
July 1 to Feb 28
380,398
745,364
163,536 1,125,762
957,226
5,076,193
Feb '18
590,898 1,986,049
Feb 9,574,302 9,084,277
350,493 2,150,177
759,749 1,390,428
Canadian Pacifica
'17 4,527,345 1,799,684
20,364,119 19,242,584 1,758,891 4,417,527 • 2 mos '18 9,864,097 1,594,909
Jan 1 to Feb 28
352,493
250,612 1,845,521 1,493,028
616,968 4,530,400 1,525,346 3,005,054
'17 9,489,497 3,913,492
Central of Georgia_b_ _ _Feb 1,644,265 1,133,566 c566,895 c298,128
3,187,192 2,331,944 c984,786 c611,149
Jan 1 to Feb 28
Net
Net after HireofEguip.
Net after
Railway
149,296
615,721
73,154
Chicago Ind & Louisv_ _ _Feb 648,696
Operating Operating Taxes & dc Joint Fac. Operating
369,319
1,138,757 1,378,261 def51,776
Income.
Jan 1 to Feb 28
Revenues. Expenses, Uncoil. Rev. Rents,
939,849
$
626,783
$
Feb 6,462,895 5,949,978
Chic R I & Pac_b
12,771,19512.705,508 1,043,540 2,606,976 Penna RR
485,998813,840,256
Jan 1 to Feb 28
Feb '18 18,928,900812,510,175813,354,258
183,828
554,572
286,618
841,190
'17 18,830,132 1,665,590
Delaware & Hudson_b_ _Feb 1,954,696 1.762,706 def177,299
605,942
961,289(117,132,457
4,071,802 3,916,250 def462,105
2 mos '18 38,396,009814,478,323816,171,168
Jan 1 to Feb 28
788,723 3,972.652
'17 40,071,254 6,409,024 4,761,375
3.734
82,910 def8,887
99,061
Detroit & Mackinac_a_ _Feb
4,812
cr 320 def25,475
172,331 def42,400
172.889
32,210 80123,391 def25,795
Bait Ch & Ati_Feb '18
Jan 1 to Feb 28
cr10,088 def20,208
26,613 def28,005 def30,296
'17
Feb 7,210,449 6,229,685 1,008,342 1,246,698
Illinois Central_a
798 def75,143
41,758 def69,591 def74,345
2 mos '18
13,543,527 13,024,070
531,416 2,803,322
Jan 1 to Feb 28
cr 797 def27,865
17
95,333 def24,080 de128,662
'
666,956
014,137 0120,903
Minneap & St Louisa _ _Feb 818,353
50,205
24,203
74,408
81,767
290,143
Cumb'd Vali_ _Feb '18
1,693,374 1,540,515
082,663 0298,761
Jan 1 to Feb 28
117,205
18,572
149,032
135,777
323,877
'17
28,119
Minn St P & S S M _a_ _Feb 1,237,119 1,050,925 def80,269
87,282
45,388
149,748
132,670
592,186
2 mos'18
447,909
2,543,768 2,537,440 def98,371
Jan 1 to Feb 28
114,288
34,280
148,568
275,078
634,560
'17
174,263
835,425 def37,478
Chicago Division_a_ _ _Feb 799,782
36,047 def81,536
34,167 def45,489
Long Island_ _ _Feb '18 1,095,135
531,126
1.478,103 1,890,208 def145,747
Jan 1 to Feb 28
29,722 8(1168,052
34,525 def38,330
93 .416
'17
240,166
290,387
115,986 def222,164
54,261 def106,178
Nashv Chatt & St L_ b- _Feb 1,403,776 1,095,112
2 mos'18 2,210,600
528,690
386,520
2,597,444 2,298,310
128,234 de136,648
Jan 1 to Feb 28
91,586
238,812
'17 1,981,510
809 def23,111
New York Central
21,461 def21,185 def22,302
Md Del & Va_ _Feb '18
20,458
228,989
9,787
cr 393 def12,166
Kanawha & Mich_a_ _Feb 291,347
31,579 defl 1,483 def12,559
17
'
491,277
69,008
541,528
3,378
1,223 de158,734
Jan 1 to Fob 28
.
30,793 def55,327 def57,511
2 mos '18
916
def5,337
226,197
def4,421
def2,270
471,956
92,302
17
'
Cloy Cin Ch & St L_a_Feb 4,098,856 3,320,920
7,631,878 7,322,722
382,101 1,100,333
er1,588 def16,853
det4,398 def18,441
Jan 1 to Feb 28
357,678
NYPhil&Norf _Feb'18
16,955 def33,054
130,548
608,973
def7,473
317,270 def30,448 def16,099
'17
Erie & Western_ __a 564,497
Lake
7,871 def61,148
347,407
1,086,974 1,293,981 def61,103
701,507 8e125,470 def53,277
2 mos '18
Jan 1 to Fob 28
10,881 de1158,473
762,272 def176,084 def147,592
'17
430,173 def90,685 def21,280
Toledo & Ohio Cent.a.Feb 529,391
22,686
26,809
37,227
992,853
943,942 def248,081
68,250
Phil& Cam Fy _Feb'18
Jan 1 to Feb 28
23,418
27,390
62,447
'17
Feb 6,031,436 5,430,116 1,322,996 1,970,551
Northern Pacific_b
45,837
54,003
137,506
2 mos '18
12,196,266 11,719,591 2,569,076 4,632,121
Jan 1 to Feb 28
53,052
60,996
130,860
'17
85,718
72,663
Fob 528,909
345,131
Pacific Coast
15,109 de1156,837
480,805 def101,133 def141,728
W Jers& Seash _Feb'18
685,525
741,366
4,177,483 4,474,642
July 1 to Feb 28
14,827 def115,213
'17
487,487 def59,904 def100,386
75,122
37,932
471,090
30,175 de1372,656
Tol St Louis & West_a_ _Feb 482,383
940,113 def259,233 def342,481
2 mos '18
190,097
992,396 def33,910
881,815
30,087 def153,468
Jan 1 to Feb 28
977,586 8(442,432 def123,381
'17
110,595
575,374 def14,129
50,773 def448,580
Wheeling & Lake Erie_a_Feb 703,479
815,179 def374,199 def397,807
West N Y& Pa _ Feb'18
255,601
1,384,711 1,256,291 def96,123
65,439 def273,265
Jan 1 to Feb 28
880,751 def184,201 def207,826
'17
369,037
268,571
103,795 def859,444
2 mos '18 1,710,035 de1708,432 def755,649
Yazoo & Miss Valley_a_ _Feb 1,511,963 1,228,968
629,907
677,225
3,024,464 2,654,736
147,343 def303,731
'17 1,937,015 def109,137 def156.388
Jan 1 to Feb 28
Penna ltR Co-Western Lines
a Net earnings here given are after deducting taxes.
109,736811,206,153
Feb '18 4,626,354 deffil1,281811,096,417
b Net earnings here given are before deducting taxes.
49,557 de1516,394
'17 4,456,140 8ef167,808 def467,837
c After allowing for uncollectible revenues and taxes, operating income for
233,674812,924,231
2 mos'18 8,783,254812,120,444812.690,557
Feb. 1918 was $492,776, against $235,776: from Jan. 1 to Feb. 28 was
195,567 def507,547
288,040 def311,980
'17 9,794.426
$836,644 in 1918, against $492,913 last year. income was
$56,861, against
g For Feb. 1918 net income after additional
15,203 de134,926
3,440 def19,723
432,077
Cr Rap & Ind_Feb '18
'
crl ,271
4,603
$111,119 in 1917, and from Jan. 1 to Feb. 28 was $161,292 in 1918, against
17,110
def5,668
427.539
17
'
35,641 def137,227
$282,914.
800,642 de155,470 def101,586
2 mos'18
Net after
Gross
Fixed
Balance,
21,946
32,438
99,940
54,384
916,721
'17
Earnings.
Tazess.
Charges.
Surplus.
199,255 de1496,300
,
P C C& St L_ _Feb '18 4,905,695 de 67.397 de1297,045
$
$
$
$
470,744
305,649
165,095
710,700
'17 4,920,574
75,616
743,734 def668,118
Mo Kan & Texas_ _ Feb '18 3,489,972
455,570(111,711,188
2 mos'18 9,384,726 de1796,540d11,255,618
187,158
571,557 def384,399
'17 3,016,452
832,951
406,757
10,417,001 1,719,467 1,239,708
'17
201,025 1,464,926df1,263,901
2 mos '17 7,110,727
592,906 1,169,037 def576,131
'16 6,425,629
Pennsylvania System
813,384,063
563,332813,947,395
Lines East_ _Feb '18 21,466,809
682,429
20,637
111,482 def90,845
N Y Ont & West_ __Feb '18
604.196
362,843
967,039
'17 21,227,114
563,108
80,438
92,007 def11,569
'17
816,373,291 1,167,272817,540,563
2 mos '18 43,444,157
1,366,632
14,019
212,054 def198,035
2 mos '18
966,079 4,458,345
5,424,424
'17 45,196,560
199,299
'17 1,196,637
def2,561
201,860
811,436,041
319,431811,755,472
Lines West_ _Feb '18 10,120,843
Total Oper. Total Oper. Net Rev.
Net Inc.
def6,527
184,831 def191,358
'17 9,947,659
Revenue. Expenses. from Oper. after Chas.
814,124,352
706,363814,830,715
2 mos'18 19,285,806
$
$
$
3
608,939
962,481
353,542
17
' 21,429,329
151,430 def61,746
Chicago Great West_Feb '18 1,308,825 1,157,395
814,820,104
882,762(115,702,866
def8,571
910,863
'17 1.097,805
186,942
East& West _Feb '18 31,587,645
960,512
412,839
547,673
'17 31,174,773
141,926 def289,630
2 mos '18 2,449,640 2,307,714
8110497643 1,873,635 8112371278
106,454
2 mos'18 62,709,963
'17 2,429,867 1,930,766
499,101
6,386,905 1,575,017 4,811,888
'17 66,625,888
Profit in
Gross
Balance,

Receipts.
$

Rent, Int.,
Operating. Taxes, &c. Surplus.
$
$
$

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.

Reading Company882,500(111,187,776
Jan. 1 to Latest Date.
Phila & Reading_Feb '17 4,566,229 def305,276
Latest Gross Earnings.
293,895
832,500
'16 4,583,701 1,126,395
Name of Road
2 mos '7 9,138,940 def721,447 1,765,000d12,486,447
Current Previous Current . Previous
Week or
or Company.
984,005
'16 9,999,375 2.649,005 1,665,000
Year.Year.
Year.
Year.
Month.
227,883
327,833
100,000
Coal & Iron Co ,Fob '17 4,150,876
307,861
320,361
12,500
16 3,185,199
44,942
125,763 Atlantic Shore Ry__ _ February
19,093
325,763
8,261 22,040
200,000
2 mos '17 7,946,520
834,276 c Aur Elgin & Chic Ity December
859,276
25,000
1116.095 176.571 2.181.871 2.056.362
'16 7,318,930
74.684
77.776
77.776 74.684
Bangor Ry & Electric January
22,607
982,500 def959,893
Total both cos__ _Feb '17 8,717.105
20.446
21.530
21.530 20.446
601,756 Baton Rouge Elec Co January
845,000
'16 7,768,900 1,446,756
999.886
58.916 87.478 1.058,729
12 mos '17 17,085,460 def395,684 1,965,000df2,360,684 Berkshire Street Thy December
17837000 f7266000 f7,837.000 1'7.266.000
'16 17.318,305 3,508,281 1,790,000 1,818,281 Brazilian Trac. L & P January
16.730
14,751
7,192
131,540 Brock & Plym St Ry_ February 2422.455 2452; 04 30.563,718 29.304.948
598,540
467,000
Reading CompanyFeb '17
7
7 716
Bklyn Rap Tran Syst December
82,502
575,502
'16
493,000
70,591
77,722
36,294 32,010
249,008 Cape Breton Elec Co February
2 mos '17
1,198,008
919,000
26,327
28.046
January
28,046 26,327
'16
168,778 Cent Miss V El Prop January
986,000
1.154,778
107.049
133.002
133.002 107.049
Chattanooga By & Lt
Feb '17
621,147 1,449,500 def828,353 Cities Service Co__ February 1849.611 1681.1368 3.881,073 3.536.317
Total all cos
684,258 Cleve Painesy & East January
'16
2,022,258 1,338,000
36,436
40.772
40.772 36.436
2 mos '17
802,324 2,914,000df2,111,676 g Columbia Gas & El_ February 1178,033 1051.697 2,432.985 2.171.492
'16
4,663.059 2,676,000 1,987,059 Columbus(Ga) El Co January
89,607
108,978
108,978 89,607
Other
367,662
Balance,
337.571
367.662 337,571
Gross
Net after
Fixed
Gross
Colum (0) Ry. P & L January
Income.
Surplus.
Taxes.
Income, Charges.
Earnings.
Com'w'th P. Ry & Lt February 1619.202 1530.735 3.319.672 -3.148.452
837.647 808.195 10 023.162 9,566.435
$
$
$
-'December
Connecticut Co_
$
$
$
947.608
483,410 4150.279 1.004.382
Consum Pow (Mich). February
Buffalo & Susq238.719
44,607
53,075 Cumb Co(Me)P & L January
38
231.608
!
22,575
31,043
33
10 6866 16 716
2 1:10 2 7;2 9
75,650
Feb '18 199,407
3814.663
344.815
64.595
60,220 Dayton Pow & Light February
23,455
83,675
19,080
121,421
'17
104,281 g Detroit Edison
91,227
45,531
February 1142.497 1034.609 2.420.264 2.144.331
149,815
58,588
393,071
2 mos '18
17.427.939 16.036.669
129,183
128,701 Dotrnit United Lines December
46,968
175,669
46,486
261,129
'17
•
246.214
272.201
131.230 117.240
Duluth-Superior Trac February
N Y Chic & St L
292.607
299.6813
299.688 292.607
19,676 de123,303
228,813 de1252,116 East St Louts & Sub_ January
Feb '18 1,119,982 def42,979
152,359
164.868
80,409 73,007
7,318
115,269
190,677 def75,408 Eastern Texas Elec.._ February
107,951
'17 1,154,279
227,598
218,235
103,875 111,255
Co_ _ February
41,116 def305,372
462,356 8e1767,728 El Paso Electric
2 mos '18 2,107,793 dot346,488
243.878
310.344
310,344 243.878
28,603 . 344,096
408,469 def64,373 0 Federal It & Trac_ _ January
315,493
2,494,152
'17
311,360
376,005
181,822 148,284
Galv-Hous Elec Co__ February
113.108
Pitts & W Va and West Side Belt
107.1548
107 648 113.108
23,143 Grand Rapid.; By Co January
55,069
45,185
22,042

1

Feb '18

147,033




def9,884

1452
Name of Road
or Company.

THE CHRONICLE
Latest Gross Earnings.
Week or
Month.

Current 'Previous
Year.
Year.

Jan. 1 to latest date
Current
Year.

Previous
Year.

[VoL. 106.
Gross
Net after
Earnings.
Taxes.
$
$
59,910
22,582
60,206
25,339
130,665
54,049
126,416
53,647
52,629
6,918
40,319
14,023
106,470
12,275
89,254
34,428
181,822
56,208
148,284
43,314
376,005
117,478
311,360
93,173
30,000
2,066
27,594
7,591
57,412
2,200
55,293
13,239
35,101
13,473
38,101
19,494
76,183
31,985
79,237
41,628
26,645
7,519
25,249
7,615
56,068
16,388
54.002
17,685
538,938
259,288
497,800
266,473
1,114,865
543,407
1,039,095
573,435
66,004
18,759
53,932
16,619
131,561
37,255
113,093
37,456
20,054
4,818
19,030
5,798
41.920
9,469
39,927
12,760
13,149
5,499
10,682
3,864
26,924
10,330
21,985
7,428
63,493
21,636
61,545
25,609
131,763
48,799
126,296
53,192
166,705
121,511
147,722
118,602
328,367
239,385
299,592
240,749

Fixed
Balance,
Charges.
Surplus.
$
6,038
16,544
1,596
23,743
12,199
41,850
3,226
50,421
19
6,899
1
14,022
21
12,254
3
34,425
38,977
17,231
36,760
6,554
78,259
39,219
73,669
19,504
213
1,853
2
7,589
1,007
1,193
560
12,679
6,721
6,752
6,102
13,392
18,494
13,491
12,214
29,414
7,083
436
7,124
491
14,167
2,221
3,437
14,248
217.152
42,136
50,270
216,203
108,723
434,684
432,434
141,001
1,729
17,030
1,127
15,492
4,360
32,895
31,039
6,417
2,712
2,106
3,694
2,104
4,146
5,323
8,543
4,217
2,419
3,080
2,507
1,357
4,959
5,371
4,995
2,433
1,308
20,328
774
24,835
2,702
46,097
1,641
51,551
119,766
1,745
106,258
12,344
240,699
def1,314
213,945
26,804

Edison Elec Ill
Feb '18
(Brockton)
'17
$
2 mos '18
$
Great West Pow Syst February
348,451 328,982
713,724
670,667
'17
Harrisburg Railways. January .._ 99,803 92,669
99,803
92,669 Fall River Gas Wks Feb '18
Havana El By,L & P January
645,010 547,488
645,010
547,488
Honolulu R T & Land January
'17
58,356 57,984
58,356
57,984
Houghton Co Trac Co February
2 mos '18
26,645 25,249
56,068
54,002
b Hudson & Manhat_ February
'17
538,938 497,800 1,114,865 1,039,095
Illinois Traction ____ February 1165,482 1065,019 2,397,553 2,217,519 Galv-Houston Elec Feb
'18
Interboro Rap Tran_ February 3256,310 3240,154 6,825,331i 6,870,847
'17
Jacksonville Trac Co February
66,004 53,932
131,5611
113,093
2 mos '18
Keokuk Electric Co_ February
20,054 19,030
41,920
39,927
'17
Key West Electric Co February
13,149 10,682
26,924
21,985
Lake Shore Elec Ry_ January
141,555 129,505
141,555
129,505 Haverhill Gas Lt Feb '18
Lewist Aug & Watery January
'17
47,120 61,703
47,120
61,703
Long Island Electric_ December
2 mos '18
15,871 17,153
251,122
245,164
Louisville Rallway.._ December 291,955 270,131 3.281,505 3.078.297
'17
Milw El Ry & Lt Co.. February
724,874 634,375 1,498.957 1,322,031 Houghton Co El Lt Feb '18
Milw Lt. Ht & Tr Co February
206,027 160,752
399,977, 331,187
'17
Nashville Ry & Light January
204,521 209.869
204,521' 209,869
2 mos '18
NewpN & H Ry,G&E December
'17
N Y & Long Island__ December 138,864 57,980 1,357,308 1,013,712
32,785 32,577
470,197
413,986
N Y & North Shore__ December
11,265 12,115
167.906
160.216 Houghton Co Tract Feb '18
N Y & Queens Co_ _ _ December
'17
67,830 112,713 1,132,362 1,391,330
New York Railways_ January
2 mos '18
865,377 997,075
865,377
997.075
N Y & Stamford By.. December
24.377 25.296
'17
394,259
357.816
N Y Westches & Bost December
46,844 49,155
555.414
564.654 Hudson & Manhat Feb '18
Northampton Trac__ December
18,275 18,117
216,215
200,070 .
(all sources)
'17
North Ohio Elec Corp February
533,095 483,866 1,081,487
982,011
2 mos '18
North Texas Electric. February
487,665
329,678
'17
Ocean Electric (L I)._ December 237,353 158,578
6,828
158,304
6.314
153,965
Pacific Gas & Elec__ _ December 1770,392 1669,126 19,813,381 18.615.498 Jacksonville Tract Feb '18
g Paducah Tr & Lt Co February
24,722 25,550
'17
52,416
54,338
Pensacola Electric Co February
35.228 26,909
2 mos '18
72,371
53,956
Phila Rapid Transit_ February 2262.611 2205.349 4,731,510 4,633,137
'17
Port
(Ore)Ry,L&PCo. January
589,787 490,231
589,787
490.231 Keokuk Elect Co Feb '18
g Puget Sd Tr, Lt & P January
960,090 787,870
960,090
757,870
'17
gRepublic By & Light January
484.586 379,784
484,586
379,784
2 mos '18
Rhode Island Co_ ___ December 498,252 481,639 6.000,602 5,811.996
'17
Richmond Lt & RR_ December
30,416 31,945
447,538
406,738
St Jos Ry, L, H & P.. November 132,033 125,091 1,373.630
1,235.944 Key West Electric Feb '18
Santiago El Lt & Tr.. January
55,477 49,713
'17
55,477
49,713
Savannah Electric Co February
85,198 69,295
2 mos '18
178,572
144,348
Second Avenue (Bee) December
60,617 53,382
855.600
'17
766,250
Southern Boulevard._ December
15,694 15.160
218,643
182.956 Lowell Elec Lt Corp Feb '18
Southern Cal Edison_ February
530.508 659,860 1,096,279 1,370,862
'17
Staten IsI'd Midland_ December
19,321 23,571
346.642
331.428
2 mos '18
Tampa Electric Co.._ February
87,102 90,360
173,551
182,675
'17
Third Avenue By...... December 336,419 318.420 4,117,833 3,590,943
Miss River Pow Co Feb '13
DDEB&B RR_ December
37,254 32,932
455,616
421,808
42dStM&StNAv Ry December 127,651 127.491 1,766,080 1.672,888
'17
2 mos '18
Union By Co(NYC) December 209,282 222.716 2,910,070 2,544.253
'17
Yonkers Railroad__ December
65,555 41,154
824,566
564.967 Montana Power
N Y City Interb By December
Co
54,718 58,660
733,081
632,805
Belt Line Ry Corp.._ December
(Including subsidiary companies)
50,113 54,250
678.447
677.840
Third Avenue System February
3 mos to Dec 31 17 1,772,201 1,138,627
693,966 767,252 1,442317 1,596.677
363,303
775,324
Twin City Rap Tran_ February
'16 1,833,184 1,395,488
780,372 827,374 1,622.097 1,725.307
338,577 1,056,911
Virginia Ry & Power_ February
12 mos to Dec 31 '17 6,912,364 4,889,032 1,395,605 3,493,427
608.7:30 478.499 1.224,316 1,003.671
Wash Balt & Annap_ February
'16 6,244,905 4,753,282 1,319,735 3,433,547
164,302 58,052
336.740
125,011
Westchester Electric_ December
43.616 37,259
554,914
441.131 No them Ohio Elec Feb '18
533,095
176,030
140,495
35.535
WestchesterStreetR R December
17.564 14.763
246.023
483,866
225,734
'17
182,980
125,766
57.214
g West Penn Power__ November 365,238 297.012 3.576.572 2,706.802
2 mos '18 1,081,487
352,566
283,028
69,538
g West Penn Rye Co.. November 672.612 568.381 6.984,869 5.705.741
'17
982,011
392,018
253,004
139,014
York Railways
January
97.528 91,490
91.498 Northern Tex Elec Feb '18
97,528
237,353
105,748
77,509
28,239
Youngstown & Ohio_ February
29,760 24,318
60,583
49,666
'17
158,578
62,013
29,114
32,899
2 mos '18
b Represents income from all sources. c These figures are for consoli487,665
216,151
57,030
159,121
'17
dated company. f Earnings now given in mitre's. g Includes constituent
329,678. 127,898
58,346
69,552
companies.
Paducah Trac & Lt Feb '18
24,722
6,526
7,901
defl,375
'17
25,550
6.720
. 7,181
def 261
Electric Railway and Other Public Utility Net Earn2 mos '18
52,416
10,772
16,054
def5,284
54,338
'17
14,114
14,490
def376
ings.
-The following table gives the returns of ELECTRIC Pensacola Elec Co Feb '18
35,228
11,399
7,996
3,403
'17
26,909
railway and other public utility gross and net earnings with
11,826
7,800
4,026
2 mos '18
72,371
23,121
15,956
7,165
charges and surplus reported this week:
'17
53,956
23,219
15,604
7,615
Puget Sound Tree Jan '18
960,090
372,085
204,491
-Gross Earnings--Net Earnings
167,594
Light & Power
'17
787,870
316,632
191,925
Current
125,707
Previous
Current
Previous
Companies.
Republic By &
Year.
Tan '18
Year.
484,586
134,176
Year.
Year.
88,903
x55,621
Light
'17
379,782
122,677
$
78,725
$
x44,796
Atlantic Shore Ry_b_ __ _Feb
Savannah Elec Co Feb '18
8,261
22,040
55,198
def3,436
28,293
24,382
660
3,911
Jan 1 to Feb 28
'17
19,093
69,295
44,942
def5,599
26,650
23,564
6e1413
3,086
Philadelphia Co
2 mos '18
178,572
58,484
49,592
8,892
Natural Gas Dept_ _ _Feb 1,086,216 1,075,470
'17
144,348
50,796
47,642
3,154
512,327
684,537
Apr 1 to Feb 28
9,470.419 8,101,531 4,482,154 4,486,763 Sierra-Pacific Elec Feb '18
59,287
32,970
6,895
26,075
Oil Dept
'17
48,462
21,211
6,834
Feb
14,377
63,294
41,688
37,546
31,808
2 mos '18
Apr 1 to Feb 28
128,451
71,487
13,744
57,743
718,532
314,489
492,677
208,078
'17
101,663
46,809
13,781
Coal Dept
33,083
Feb 123,610
123,811
4,247
77,180 South'n Cal Edison Feb '18
Apr 1 to Feb 28
530,508
270,927
232,868 x151,009
1.549,771
650,554
'17
659,860
385,572
189,243 x203,763
Elect Lt & Pow Dept_Feb 913,435
699,564
263,967
285,557
2 mos '18 1,096,279
562,591
464,966 x308,146
Apr 1 to Feb 28
8,943,938 6,592,324 2,426,594 2,718,886
'17 1,370,862
816,527
379,525 z454,791
Street Railway Dept_ _Feb 967,925 1,053,682
e ,
293,020 Tampa Elec Co
Feb '18
87,102
39,709
5,461
34,538
Apr 1 to Feb 28
12,713,341 12,635,755 2,986,912 4,122,498
'17
-90,360
44,594
4,373
40,221
2 mos '18
173,551
74,039
10,545
63,694
a Net tarnings here given are after deducting taxes.
'17
182,675
89,330
8,628
80,702
b Net earnings here g yen are before deducting taxes.
Utah Pow & Light Feb '18
461,198
245,276
127,910
117,366
(incl West'n Col Pow) '17
401,029
213,728
113,338
100,390
Gross
Net after
Fixed
Balance,
12 mos '18 5,309,822 2,733,753 1,469,708 1,264,045
Earnings.
Taxes.
Charges.
Surplus.
'17 4,452,266 2,303,602 1,202,840 x1,130,762
$
$
$
$
Wisconsin Edison Feb '15 1,120,050
Abington & Rock! Feb '18
223,710
43,059
180,651
17,540
4.332
507
3,825
Co (subsidiary cos)
'17
946,715
Elm
335,186
& Pow
146,356
'17
188,830
17,408
5,061
199
4,862
2 mos '13 2,292,101
486,957
366,275
2 mos '18
120,682
36,017
8,843
1,030
7,813
'17 1,959.006
707,120
288.844
418,276
'17
34,952
8,097
420
7,677
Blackstone Valley Feb '18
170,418
50,938
26,114
24,824
Gross
Net
Fixed Chgs. Balance.
Gas & Electric
'17
161,412
57,094
25,211
Earnings. Earnings. & Taxes, Surplus.
31,883
2 mos '18
357,113
105,227
52,772
52,455
'17
335,610
122,232
50,575
71.657 New York Dock
Feb '18
398,684
190,153
97,728
92,425
Brockton k Plym Feb '18
7,192
def1,345
1,327
17
def2,672
316,009
155,066
81,618
73,448
'17
7,714
dot 996
2 mos 18
1,160
def2,156
821,094
386,955
187,783
199,172
2 mos '18
14,751
def3,640
2,684
17
def6,324
633,022
295,772
157,422
138,350
'17
16.730
def2,227
2,294
def4,521
Cape Breton Elect Feb '18
x After allowing for other income received.
36,294
7,295
6,534
761
'17
32,010
12,565
6,551
6,014
2 mos '18
77,722
General Gas & Electric Co.
15,466
13,069
2,397
'17
70,591
27,937
13,103
14,834
March.
Inc.
(+) or
Cent Miss Val Elec Jan '18
28,046
6,317
Estimated Gross Revenue2,707
3,520
1918.
1917.
Dec.(-).
Prop's
'17
26.327
8,643
2,117
6,526 Rutland System
$39,669
$36,331
+$3,338
Conn Power Co
Fob '18
74,884
29,029
25,000
19,348
19,722
9,681 Northwestern Ohio System
+5,278
'17
67,959
32,658
40,621
• 16,312
44,340
16,346 Sandusky System
-3,719
Binghamton System
2 mos '18
156,797
55,879
33,360
38,998
27,898
16,881 Sayre
+5,462
System
'17
139,125
69,018
11,272
33,096
8,363
35,922
+2,909
New Jersey System
Columbus(Ga) Elec Jan '18
21,199
16,668
108,978
+4,531
67,373
31,894
35,479 Interurban Gas Co
660
'•'17
549
89.607
+111
56,427
28,521
27,906
Colorado Power Co Feb '18
100,198
56,187
Total
$171,781 $153,871 +$17,910
'17
89,537
52,742
12 mos '18 1,212,092
693,531
346,283 z383,462
Eastern Power &Might Corporation.
'17 1,063.794
592,879
326,026 x304,117
Eastern Texas Elec Fob '18
80,409
March.
35,888
Inc.(-)or
9,705
26,183
Estimated Gross Revenue1918.
'17
73,007
33,827
1917.
Dec. (-I- . '
9,783
)
24,044 Reading System
2 mos '18
8301,122 $242,992 +$58.130
164,868
72,581
19,631
52,950 Pennsylvania Utilities System
125,374
'17
152,359
95,485 +29,889
73.001
19,409
53,592 West Virginia System
91,800
El Paso Electric
83,296
Feb '18
+3,504
103,875
37,400
6,512
30,888 Claremont System
31,597
24,192
'17
+7,405
111,255
'
47,187
5,312
41,875
2 mos '18
218,235
76.979
13,025
63,954
Total
$549,893 $445,965 +$103,928
'17 . 227,598
98.386
10,556
87.830 Vincennes System
$9,342




ANNUAL REPORTS
-An index to annual reports of steam
Annual Reports.
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will • not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Mar. 30. The next will appear i that of April 27.
Chicago St. Paul Minneapolis & Omaha Ry.
(36th Annual Report-Year ending Dec. 31 1917.)
The remarks)of President James T. Clark, together with
a comparative income account and the balance sheet as of
Dec. 311917, were given on pages 1360 to 1362 of "Chrone" for March 30.
EQUIPMENT STATISTICS FOR CALENDAR YEARS.
Cal. Years. Locomotives. Pass. Cars. Freight Cars. Other Cars. Total.
363
13,816
13,111
342
392
1917
326
13,216
12,548
342
388
1916
AND FREIGHT STATISTICS FOR CALENDAR YEARS.
PASSENGER
1917.
1916.
1915.
Calendar Years5,179,642
5,249,303
5,085,007
Passengers carried
268,990,390 253,521,438 250,438,225
Passengers carried 1 mile
2.136 cts.
1.974 cts.
2.134 cts.
Aver, rate paid per pass. per m_.
10,695,384
9,187,746
10,699,463
Revenue freight carried
1,678,230,772 1,714,280.167 1,411,032,382
Rev,freight carried 1 mile
0.81 eta.
0.84 cts.
0.83 cts.
Aver. rev. rec'd per ton per mile
RESULTS FOR YEARS ENDING DEC. 31.
1917.
1915.
1916.
1,749.33
1,752.81
1,752.81
Average mileage operated
Operating Revenues
$13,884,709 $13,837,306 $11,877,190
Freight
5,741,038
5,414,952 4,942,474
Passenger
1,850,762
1,603,028
1,380,950
Other transportation, &c
$21,476,509 $20,855,286 $18,200,614
Total operating revenues
Operating Expenses
$2,481,820 $2,360,323 $2,111,099
of way and structure_
Maintenance
3,016,674
2,534,794
2,451,420
Maintenance of equipment
344,106
356,121
349,171
Traffic expenses
9,279,431
6,735,068
7,680,387
Transportation expenses
719,282
677,255
609,621
Gbneral, miscellaneous, &c., expenses
Total operating expenses
Per cent oper. exp. to oper. rev
Net earnings
Railway tax accruals
Uncollectibles

$15,841,313 $13,608,879 $12,256,378
(73.76%) (65.25%) (67.347)
0
$5,635,196 $7,246,407 $5,944,236
1,327,995
994,468
1,053,393
8,662
5,817
7,033

Operating income
Other income

$4,298,538 $6,185,981 $4,943,956
478,070
413,158
539,187

Gross income
Interest on funded debt
Rentals
Other deductions
Preferred dividends (7%)
Common dividends

$4,837,725 $6,664,051 $5,357,109
$2,262,870 $2,259,665 $2.165,333
777,067
667,174
434,933
22,236
15,070
21,333
787,976
788,151
788,235
(5)927,835(7)1,298,986 (7)1,298,934

Total deductions
Balance, surplus

$4,435,122 $5,036,297 $5,244,380
$402,603 $1,627,754
$312,729

BALANCE SHEET DEC. 31.
1917.
1916.
1916.
1917.
$
$
Assets-77,633,640 76,274,511 aCommon stock_ _18,559,037 18,559,087
Road &
Sundry constr.,&e. 2,022,513 1,359,129 aPreferred stock_ _11,259,859 11,259,859
Capital stk. owned
Depos. in lieu of
by company__ 4,231,181 4,231,181
mtged. property
Long term debt_ b44,487,634 41,387,634
339,042
sold
198,037 Loans & bills pay_ 500,000
197,294
Misc. phys. prop_
348,965 Traffic, &c., bal__ 524,031
360,430
Inv. in affil. cos__ 349,598
Vouchers & wages 1,851,818 1,288,699
Scour,in treas.148,519
Preferred stock_ 1,386,074 1,386,974 Misc. accts.reedy, 343,489
55,344
53,509
Common stock_ 2,844,207 2,844,207 Mat'd int. & diva_
Accr. Int. & divs_ 1,266,481 1,452,388
Dabs. of 1930_ _ 2,000,000
liability
Tax
901,224
764,646
Eq. tr. of 1917- 1,100,000
472,809 2,518,949 Accrued depree'n. 2,930,271 2,500,913
Cash
Prem.on fund.debt 127,188
137,431
Special depos. acct
Unadjusted credits 486,418
217,154
war tax collee'ns 150,000
63,808 Add'ns to property
78,611
Traffic, &c., bal__
through surplus. 1,018,450
610,641
230,689
Agents & conduc. 894,790
Material & supp__ 3,175,718 1,463,200 Profit and loss_ .c6,167,587 5,860,325
717,944
Miscellaneous_ _ _ 1,131,685
661,050
Unadjusted debits 934,530
94,711,460 88,452,464
94,711,460 88,452,465 Total
Total
a Includes scrip. b After deducting in 1917 $3,100,634 bonds and scrip
owned by the company. c After deducting $787,761 surplus appropriated
for investment in physical property and $101,660 depreciation accrued
prior to July 1 1907 on equipment retired and changed from one class to
another and adding $572,927 profit from road and equipment sold, $218,.-V. 106, P. 1360, 1336.
736 donations and $2,416 miscellaneous (net)

Lehigh Valley Railroad Company.
(64th Annual Report-Year ended Dec. 31 1917.)
President E. E. Loomis, Phila., Apr. 1, wrote in substance:
Results.-During the year 1917 your company handled the greatest
tonnage and received the largest gross revenue in its history. Passenger
revenue showed an increase even excluding the revenue ($119,696) from
troop movements, and notwithstanding the fact that the running of special
excursion trains was discontinued.
opBecause of the serious fuel situation in the eastern part of the United
States, evidences of which appeared in the early auturnn, your company
made special efforts to keep all mines located on its lines supplied with
cars and to transport coal to market with all possible dispatch. As a result, it handled 14,916,894 net tons of anthracite during the year, 1,182,040
tons more than was handled during the preceding twelve months.
The average revenue per ton mile on merchandise freight was 17-100 of a
mill greater than the previous year, largely as a result of the rate increase
granted by the Inter-State Commerce Commission on June 27 1917 in
the "15% Rats Case."
OWBut while the cost of fuel was $2,036,373 greater than in the preceding
year, the freight rate increases netted but $608,569.
In view of the material and labor situation, few opportunities were offered for reductions or savings, but the item of hire of freight cars was one
exception. Operations for the year show a credit from this account of
$195,415, compared with a debit last year of $512,103, an increase for the
year of $707,518.
Thirty-four new industries were located on the system during the year,
31 of these having direct track connection with your railroad.
-Of the increase, $2,036,373 was caused by
Transportation Expenses.
the advances in the price of locomotive fuel. Increase in the pay of em-




1453

THE CHRONICLE

APRI 6 1918.]

ployees in train service amounted to $1,071,298. In addition, other increases necessary to keep our forces at requisite strength amounted to
$433,399.
-These aggregated $2,126,626, of which $330,937 was for FedTaxes.
eral income taxes.
-The payments on this account aggregated
Additions and Betterments.
$7,103,579, including: (a) Lines owned in fee, $3,923,318, of which $2,871,554 was for steam locomotives and $322,259 for new freight and passenger
train cars. (b) Lines of subsidiary companies, $3,180,261, notably $1,138,665 for shops and engine house. $607.622 for bridges, trestles, and culverts.
and $372,491 for floating equipment.
Among the more important items charged wholly or in part to road and
equipment are 52 rreight locomotives, 10 passenger locomotives, 25 steel
baggage cars, 183 steel underframe and steel end 80,000-lbs. capacity automobile cars.
Nine locomotives and three cars in passenger service and 268 cars in
freight service were torn down.
-The delivery of equipment under equipment trusts designated
Financial.
Series "0" and "R," authorized last year, was completed. The equipment trust certificates were purchased by your company and to make the
payment it was necessary to borrow $4,000,000, as shown in the balance
sheet opposite "loans and bills payable."
-The following matured, were redeemed and canObligations Redeemed.
,
celed: Collateral trust bonds, $1,000,000: equipment trusts of Series
"5," "K," "L," "M,' "0" and "R," $2,300,000.
Lehigh-Buffalo Terminal Ry.-This subsidiary corporation, under authority of the New York P. S. Commission, issued to your company $5,000,000 1st M. 43% bonds in exchange for $3,740,000 5% debenture
bonds, and for additional cash advances for completion of its freight and
passenger terminals at Buffalo, N. Y. Of these bonds, $442,000 have been
sold and $4,558,000 retained in the treasury (V. 104, p. 1263). •
-On Dec. 31 1917 your company had in its treasury
Treasury Securities.
the following securities of its own issue: General Consol. Mtge. bonds,
$14,000,000; collateral trust bonds, $925,000; equip. trust Series "L,"
$800,000; "M," $1,200,000; "0," $2,500,000; "R," $2,000,000; a total of
$21,425,000.
In addition your company is entitled to receive $12,000,000 of bonds
upon application to the trustee of the General Consolidated Mortgage to
reimburse it for expenditures it has made.
There are in the treasury $1,226,950 Liberty bonds, including $924,350
subscribed for by employees, who are paying for them in installments.
-The U. S. Government during the year requisiVessels Requisitioned.
tioned and brought to the seaboard for ocean service four 3,000 ton vessels
of the Lake fleet of the Lehigh Valley Transportation Co., the entire capital stock of which is owned by your company. The price to be paid has
not yet been agreed upon.
-The President of the United States issued a procGovernment Operation.
lamation on Dec. 26 1917, taking possession and control of the railroads
at noon.Dec. 28 1917, under authority of the Act of Congress approved
Aug. 29 1917. For accounting purposes the effective date was midnight '
Dec. 31 1917.
INCOME ACCOUNT FOR CALENDAR YEAIt'S.
1916.
1917.
1916.
1917.
$
1,444
1,443
Aver. miles oper__
11632,280 14,094,932
Net earnings
$
$
Rail-line revenues:
2,126,626 1,804,812
Coal freight._ _ _20,402,226 18,330,830 Taxes
10,343
2,330
Merch. freight_22,705,556 21,473,421 Uneollectibles_ _ _ 4,894,090 4,598,212
Passenger
Mail,exp.,&c... 2,777,077 2,420,175 Operating income_ 9,403,324 12,279,778
Other Income
Water line revs_ _ _ 1,170,023 1,055,974
976,247 Hire of equipment 195,415 deb512,103
1,403,574
Incidentals
Dividend income_ 3,344,546 1,317,488
Total revenues _53,358,446 43,359,909 Other income_ _ __ 1,537,195 2,181,883
Oper. Expenses-MaInt. of way,&o_ 5,353,466
Maint. of equip__ 9,999,610
1,013,395
Traffic
Transportation_ _ _24,141,699
1,317,996
General, &c

4,967,202
9,118,815
1,009,061
18,446,145
1,223,753

Gross income_ _14,480,480
Rent for leased rds. 2,144,178
Other rents, &c_ _ _ 1,231,567
Int, on fund. debt 3,790,077
Other interest__ _ _ 162,799
10,630
Pref. diva.(10%).
Corn, diva. (10%) 6,050,170

15,267,045
2,142,589
1,543,381* •
3,711,209
42,095
10,630
8,050,170

Tot. oper. exps_41,826,166 34,764,977 Total dedue'ns_13,389,421 13,500,074
Net earnings
11,532,230 14,094,932 Balance, surplus__ 1,091,059 1,786,971
BALANCE SHEET DEC. 31.
1916.
1917.
1916.
1917.
Liabilities
Assets$
Road & equipm't_87,327,656 83,404,338 Common stock__ _60,501,700 60,501,700
Preferred stock__ _ 106,300
106,300
Impts. on leased
Funded debt_ _ _ 082,911,000 84,281,669
railway property 1,746,561
Misc. phya. prop_ 2,027,290 2,044,893 Loans & bills pay_ 4,000,000
920,144
Traffic, &c., bale_ 881,551
Inv. In affil. cos.
55,051,792 46,080,582 Accounts & wages 6,139,003 4,249,179
Stocks
269,021
24,445,926 32,745,926 Misc. acc'ts pay'le 1,423,105
Bonds
405,262
226,250 3,776,490 Int. maturd,unp'd 437,409
Notes
7,671,682 2,318,178 Divs., &c., mat'd,
Advances
12,232
19,625
593,148 unpaid
Other investm'ts_ 1,820,043
Unmatured diva.
Time drafts & dep. 200,000
1,515;200 1,515,200
declared
42,222
Special deposits
603,713
4,573,057 11,423,236 Unmat'd int. accr_ 581,613
Cash
613,846 Unmatured rents
Traffic, &c., bals_ 1,070,036
351,256
356,136
Agents & cond'rs_ 2,739,593 1,736,275 accrued _____
489,122
Misc. acc'ts ree'le_ 1,389,416 1,383,593 Other cur. liabil's_ 710,174
Material & supp 6,228,778 3,563,297 Deferred liabilities 2,244,145 1,659,687
633,815
977,275
481,580 Tax liability
Int AdIvs.ree.,&c. 549,671
1,899,592 1,627,712 Acer'd deprecia'n_11,136,990 9,858,464
Deferred assets_
Unadjust. debits_ 1,293,722 2,669,218 Unadjust. credits_ 249,879 3,687,357
Profit and loss__ _ _26,112,179 24,918,212
200,303,288 194462,335
200,303,288 194462,335 Total
Total
-Y. 106.
a After deducting $21,425.000 funded debt held in treasury.
p. 1227, 607.

Maine Central Railroad.
-6 and 12 Mos. ended Dec. 311917.)
(57th Annual Report
President Morris McDonald, Mar. 13, wrote in subst.:
-The operating revenues for the six months ended Dec. 31
Results.
1917 amounted to $7,300,887, an increase of $492.779, or 7.24%, and
for the year 1917 amounted to $14,125,577, an increase of $1,300,901 or
10.14% over the corresponding figures for 1916. The company's operating
revenues for the year 1917 were the largest in its history because of the
continuation of the great industrial activity throughout the country.
The operating expenses for the six months increased $953,934 or 20.49%,
and for the year, $1,875,115 or 21.31%. The increase in operating expenses beyond the amount which might ordinarily be expected by reason
of the increase in the company's traffic during the six months was on
account of further increases in wages of different classes of employees:
the increase in cost of locomotive fuel; the increase in cost of material
and supplies entering into the maintenance and operation of the railroad;
and the additional expense occasioned by the severe weather conditions
which prevailed during Dec. 1917. National, State, city and town taxes
for the year show an increase of $106,704.
The balance of income account for the six months amounting to $67,657
has been transferred to the credit of this account and this with other
minor adjustments leaves the credit balance of the profit and lass account
at the end of the period $4,560,400 or $55,416 more than the credit balance
on June 30 1917.
-On Dec. 31 1917 the company had 2,079 common stockStockholders.
holders and the average holding was 58 shares.
-The sum of $23,533 expended during the
Improvements to Leased Roads.
six months for additions and betterments to leased roads will not be recovered from lessor companies and has been charged as rent of leased roads.
-The net amount expended during the six months for
Additions, &c.
additions and betterments was $600,804, chiefly Waterville to Clinton.
grade and second track improvement, $421,764.
The new bridge across the Kennebec River between Fairfield and Benton
has been completed. Grading for the revision of line and extensionWof
second track has been completed from Waterville Freight Yard to Parker's.

1454

THE CHRONICLE

a point about 13,1 miles east of West Benton Station. The completed
line was opened to traffic on Jan. 13 1918, and West Benton Station has
been discontinued. It is expected that the second track from Parker's
to Clinton will be ready for operation in the early summer.
Funded Debt.
-The funded debt of the company outstanding shows a
decrease in the six months of $227,500, accounted for as follows: $250,000
Sinking Fund Improvement "B" 4.4% bonds, and $225,000 Somerset
Railway 1st Mtge. 5% bonds were paid at maturity July 11917; $247,500
Somerset Railway 49 Consol., due July 2 1950, were withdrawn from
the trustee on account of payment of First Mortgage 5% bonds, and
placed in company's treasury subject to sale and added to outstanding
funded debt, leaving net decrease in funded debt as above $227,500.
[See also news item on a subsequent page.]
This company by arrangement with the Dexter & Newport RR. Co.
provided funds on Sept. 1 1917 to take up at maturity that company's
$175,000 Mortgage 4% bonds, which this company had guaranteed.
As the conditions for refunding were not favorable they are carried in
the treasury of the company uncanceled for the present. The rental
of the Dexter & Newport RR. Co. has thus been reduced, effective Sept.
1 1917, the interest on these bonds being $7,000 per annum.
Portland Terminal Co. One-Year 5% Guaranteed Notes due Sept. 15 1918.
To provide for additions, betterments, and improvements and working
capital for the Portland Terminal Co., this company on Sept. 15 1917
guaranteed the payment of principal and interest on an issue of $750,000
Portland Terminal Co. One-Year 5% notes, due Sept. 15 1918.
New Equipment.
-Three new Pacific type passenger locomotives and
50 all steel side dump hopper cars of 100,000 lbs. capacity have been received and put in service during the six months.
New equipment contracted for and undelivered: 4 six-wheel superheater
switching locomotives; 4 Mikado type superheater freight locomotives;
8 ten-wheel superheater locomotives; 500 steel underframe box and rack
cars, 80,000 lbs. capacity, and 50 steel underframe refrigerator cars, 80,000
lbs. capacity, refitted 20 for passenger and 30 for freight service.
Rate Increases.
-The increases in mileage and local fares referred to in
the last annual report became effective on Inter-State travel and on travel
In Vermont, New Hampshire and in Canada on Sept. 1 1917. The increases in mileage and local fares for Intra-State travel in the State of
Maine were permitted by the Commission to go into effect Nov. 11917.
Application has been made to the I.
-S. C. Commission for permission
(I) to increase joint passenger fares so that they will conform to the basis
of local fares now in effect. (2) In common with other carriers in Official
Classification Territory, during the latter part of 1917 for general increases
in freight rates beyond the amounts previously allowed. These applications were subject to hearings during a considerable period, but this company has not so far been granted authority to put into effect any of the
increases in rates requested.
Government Control.
-Under proclamation of Dec. 26 1917 taking over
the railroads of the country as a war and financial measure on Dec. 28,
but from an accounting standpoint effective Jan. 11918. the railroads
of this company are now being operated under Government contrbl. It
is expected that the Government will make suitable provisions for necessary additional capital for additions and betterments and will protect all
the interests of the railroad owners and allow equitable compensation
for the use of the properties during the period of Federal control.
-The stockholders on Oct. 17 voted that in future the
Annual Meeting.
annual meeting be held on the third Wednesday of April in each year.
[Compare map on page 79 of "Railway & Industrial Section."]

[VOL. 106.

Louisville & Nashville Railroad.
(67th Annual Report-Year ending Dec. 31 1917.)
The report will be cited fully next week.
Calendar Years1917.
Railway revenues
$76,907,387
Railway expenses
52,998,758
Net earnings
$23908,629
Tax accruals, &c
5,133,198
Operating income
$18,775,430
Add-Hire of equipment
3,412,525
Rents, &c
793,476
Dividend income
1,151,133
Inc. from funded securities
344,356
do
unfunded securities, &c..
501,723
Gross income
$24,978,643
Deduct-Joint facility rents, &c_ _ _ $1,019,598
Interest on funded debt
7,495,030
Sinking funds, &c
82,515
Dividends
(7%)5,040,000
Balance, surplus
$11,341,499
-V. 106, p. 1344, 1227.

1916.
$64,928,120
42,042,111
$22,886,009
2,446,143
$20,439,866
1,970,088
884,959
1,182,797
404,114
808,147
$25,689,971
$1,006,619
7,621,067
99,474
(7)5,040,000
$11,922,810

1915.
$54,026,979
38,562,819
$15,464,161
2,188,470
$13,275,690
918,124
944,284
764,133
328,774
685,306
$16,916,312
$1,066,165
7,618,878
94,367
(5)3,600,000
$4,536,902

Public Service Corporation of New Jersey.
(9th Annual Report
-Year ending Dec. 31 1917.)
The remarks of President Thomas N. McCarter will be
found at length on subsequent pages, together with the income account of the company and balance sheets of the company and its subsidiaries, and numerous interesting statistical
tables covering a number of years. A map showing the
lines of the system will be found in the "Electric Railway"
Section of Jan. 26 1918, pages 80 and 81.

EARNINGS OF PUBLIC SERVICE CORPORATION OF NEW JERSEY
AND SUBSIDIARY COMPANIES FOR YEARS ENDING DEC. 31.
1917.
1916.
1915.
1914.
Gross earnings of leased
and controlled cos_ _ _347,291,342 $42,548,775 $37,471,228 $35,924,454
Oper. exp. and taxes__ 130,529,369 25,863,854 22,094,6781 19,892,709
Amortization charges....!1,303,609
Net earnings
$16,751,973 $16,684,921 $15,376,550 $14,728,136
Non-operative income....
397,706
516,529
419,073
351,162
P. S. Corp. of N. J. inc.
from securs. pledged
.(excl. of divs. on stics.
of oper. cos.), & from
miscell. sources
*1,729,865
1,802,536
2,351,809
2,484,645
Total
$18,879,544 $19,003,986 $18,147,432 $17,563,943
DeductBd., &c., int. of sub.cos.$12,299,838 $11,963,114 $12,209,215 $12,097,110
Fixed charges of Public
TRAFFIC STATISTICS.
Service Corp. of N.J_ 4,202,307
4,099,005
3,966,965
3,841,496
-Years ending Dec. 31-6 Mos. ending
Net income
$2,377,400 $2,941,868 $1,971,252 $1,625,337
June 30'17. Dec. 31 '17.
1917.
1916.
Deduc'ns from net inc aCr.117,161
*Cr.5,826
Av. miles operated
124,947
42,248
1,217.91
1,216.07
1,216.99
1,220.67
Rev, tons carried
(8%)2.399,968(7%)1937500(63%)1562500(6)1,500,000
4,568,733
3,954,920 8,523,653 8,159,846 Dividends paid
do do carried 1 mi_453,268,255 394,691,418 847,959,673 793,644,115
Balance, surplus
$94,593 $1,010,194
$283,805
$83,089
Rev. per ton per mile_
1.020 cts. 1.104 cts. 1.059 cts. 1.046 cts.
* After deducting in 1917 $223,232 expenses and taxes.
Passengers carried
1,839,626
2,120,221
3,959,847
3,829,181
a
in 1917
(1) of
do
carried 1 mi_ 68,164,767 91,610,455 159,775,222 153.136,502 tion Includes businessappropriation accounts Jan. 1sub. cos., viz., amortizaof new
to
Rev, per pass. per mile_ 2.382 cts. 2.442 cts. 2.416 cts. 2.287 cts. justments (credit) ofexpenditures prior$140,007. 1911, $40,330, and adsurplus
(2) Appropriations acOper. rev. perm. of road
$5,604
$6,004
$11,607
$10,506 counts of Public Service Corp.account, exclusive of dividends, $17,485.
of N. J.,
INCOME ACCOUNT.
PUBLIC SERVICE CORPORATION BALANCE SHEET DEC. 31.
--6 Mos. ending
-- -Years ending Dec. 311917.
1916.
1917.
1916.
Operating Revenues- June30'17. Dec. 31 '17.
1917.
1916.
Assets
Liabilities$ •
Freight
$4,622,269 $4,358,441 $8,980,710 $8,304,289 Perpetual interestStock
29,999,600 25,000,000
Passenger
1,623,416
2,236,918 3,860,333
3,502,923
bearing cents_
867,485
864,485 Cap. stk. subset's_
4,995,000
Mail, express, &c
579,005
705,528
1,284,534
1,017,464 Securs. of sub. &
Gen. M.5% bds_ _50,000,000 50,000,000
leased cos
98,639,155 93,121,785 Perpetual interestTotal oper. revenue
$6,824,690 $7,300,887 $14,125,577 $12,824,676 Other securities
120,015
10,015
bearing certfs_ _20,050,770 20,047,770
Maint. of way, &c
$748,338
$884,474 $1,632,812 $1,733,137 Gen. M.53 in try _12,500,000 12,500,000 3-yr.5% coll.notes 7,500,000 7,500,000
Maint. of equipment_
955,879
1,117,228
2,073,107
1,764,219 Advances to cos 1,710,000 2,250,000 Adv.from other cos. 250,000
Traffic expenses
69,002
82,574
151,575
144,453 Real estate, &c.._ _ 363,478
363,445 Bills payable (see
Transportation
3,113,331
3,303,593
6,416,923
4,766,081 Cash
85,689 1,768,776
a subseq't page) 6,931,000 5,250,000
General, &c
179,464
221,994
401,458
392,871 Accr. int. & rents.. 159,924
146,229 Acc'ts payable__
1,643
12,954
Acc'ta receivable..
801
5,990 Accrued taxes......
61,207
63,615
Total oper. expenses_ $5,066,013 $5,609,863 $10,675,876 $8,800,761 Oth.suspense, &c_
9,551
999 Accrued Interest__ 852,321
845,728
Net earnings
$1,758,677 $1,691,024 $3,449,701 $4,023,915 Sinking fund
1,204,637
936,888 Other acced items
99,872
92,891
Taxes, &c
352,462 • 374,860
727,322
621,318 Other spec. funds_ 1,026,908
243,204 Prem. on stks. res_
1,500
Subscr. to cap.stk.
1,319,500 Contractual res'ves 854,736 1,162,552
Operating income__
$1,406,215 $1,316,164 $2,722,379 $3,402,597 Unamortized debt
Res.for sink. fd. of
Other income
620,240
213,195
228,339
441,534
discount & exp.. 4,027,658 4,186,897
Gen. M. bonds_ 1,257,012
Other reserves........69,406
Gross income
31,619,410 $1,544,503 $3,163,913 $4,022,837
Total
120,715,311 118218,202 Profit and loss........ 2,855,649 3,178,286
Int. on funded debt_ _ _ _
$816,609
$848,992
$413,368
$403,241
Rentals, &c
1,245,779
1,577,093 -V. 106, p. 1345, 1127.
607,617
638,161
Total
120,715,311 118218,202
Pref. divs.(5% p. a.)
75,000
75,000
150,000
150,000
Com. divs.(6% p. a.)
,
722,382
720,888
360,444
360,444
United Railways
Balance, surplus

$162,980

$67,657

$230,637

$724,370

Company of St. Louis.
(18th Annual Report-Year ended Dec. 311917.)
Pres. Richard McCulloch,St. Louis, Feb. 12, wrote in sub.:

(1) Portland Terminal Co.
'Calendar
Gross Net Aft. Other
Interest
Dividend
Balance,
Results.-Passenger revenue for 1917 was $13,008,984, an increase over
Years- Earnings. Taxes. Income. Rents, &c.
Paid.
Sur. or Def.
1917 __....$359,501 $105,479 $214,415 $300,391 (5%4.50,000 def.$30,497 1916 of $490,167, or 3.92%, and the gross operating revenue and other
1916 --__ 298,445 122,289 215,779 262,608 (5%) 50,000 sur. 25,460 income amounted to $13,220,262, an increase of $496,380, or 3.90%.
Operating expenses (including depreciation) increased $730,815, or 8.63%.
Interest charges decreased $21,383, or 0.84%, due to the retirement of
(2) Sandy River & Rangely Lakes RR.
$1,000,000 St. Louis & Meramec River RR. 6% bonds matured May 8
1917 ____$223,153 $32,239
$462 $36,673
def. $3,972 1916 and $200,000 Southern Electric RR. 5% bonds matured Aug. 11916,
1916 ____ 216,904
47,012
1,614
37.190 (2%) $6,800 sur. 4,636 also the purchase of various underlying bonds.
-The amount of money paid out in wages was $4,668,367.
Wages, &c.
(3) Bridgton & Saco River RR.
or 35.57% of the gross operating revenue. The average number of em1917 ____ $65,262 $14,209
$1,236
$7,249 (6%) $6,135 sur. $2,061 ployees in the service of the company during the year was 5,525.
Traffic.
-The total number of passengers carried during the year 1917
1916 ____ 65,632
18,456
721
6,800 (6%) 6,135 sur. 6,243
as compared with the year 1916 was as follows:
BALANCE SHEET.
Rev. Pass.1917.
1916.
1917.
1916.
Dec.31 '17. June30 '17.
Dec.31 '17. June30 '17. Passengers (5c.)257,794,495 247,706,094 Transfer pass.. _110,735,831 136,065,566
do (2;4e.)_ 4,770,370 5,340,492 Total passengers403,300.696 389,112,152
Assets$
I Liabilities2
Road & equipm't_33,590,592 37,939,788 Common stock _ _14,888,400 14,883,400
The percentage of revenue passengers using transfers during the year
Sinking funds_ _ _ _ 314,989
553,475 Preferred stock _ _ 3,000,000 3,000,000 1917 was 53.60. The average fare per ride was 3.23 cents.
Miseell. physical
Stock liability for
Adjustments to Capital Account.
-The following property, which was
296,071
property
295.646 conversion
19,217
19,217 dismantled during the years 1916 and 1917, was charged off Dec. 311917:
Stocks owned_ -__ 6,070,916 6,070,914 Funded debt
19,534,000 19,761,500 Hodiamont power plant equipment, $638,280; south boiler plant, central
Bonds ownel__ __ 1,292,753
712,534 Audited accts. pay. 739,835
893,255 power station, $165,782; battery, &c. $91,209. During 1917 $843,572
Cash
913,512 1,209,031 Traffic, &c., bats_ 555,454
389,996 was charged against the depreciation reserve account for property retired.
'
Agts.' remittances
WAges payable__
71,279
79,496
Operating Expenses.
-It may be roughly estimated that of the increase in
in transit
132,273
221,753 Miscellaneous _ _ 208,342
130,311 operating expenses, $350,000 is due to increase in rate of wages, $100,000
Agts. & conduc'ors 415,156
420,963 Int., &c., matampd. 301,012
321.002 to increase in price of coal and $200,000 to increase in price of supplies.
Loans & bills rec..
45.102
507,102 Int., &c., accrued_ 164,432
166,965
Capital Expenditures.
-These aggregated $293,475; less property retired
Special deposits.. _
34,542
453,633 Rent for leased
or sold, 8158,341: total, $135,134. 'rho principal additions consisted of
Traffic, &c., bals_ 384,979
333,161 roads. due July! 113,612
113,612 the purchase of about 12 acres at Broadway and Taylor Ave. for car storMiscellaneous _ 731.001
725.361 Equip n't of lease.
age, the construction of a now sub-station on Page Ave., the building of
Mat'l & supplies_ 1,719,107 1,622,440 hold estates_ _ __ 1,078,824 1,078,821 .40 new trail cars, new building at Park and 39th St., grading on Bartold
Equipm't of lease195,656 cut-off, special improvement taxes and new track paving.
Deferred liabilities 195,656
hold estates.. _ _ _ 1,078,821 1,078,821 Accrued deprec'n_ 4,401,182 4,301,606
-Amount set up during 1917: Taxes assignable to railway operaTaxes.
Insurance, &c.,
0th. unadj. credits 185,949
192,473 tions, $853,162; bond coupon taxos, $22,645; non-operating taxes, $4,766;
paid in advance
13,782
33,033 Add'ns to prop'ty_ x1,606,030 x1,602,723 total, $880,573. Amount paid during 1917: Federal taxes, $25,578; State
Property aband'd
Fund, debt retired x378,465 x167,064 $441,352; county. $46,154; municipal and school, $431,359; municipal
charg.to op.exp.
12,275
24,550 Skg. fd. reserves_ 347,154
555,542 franchise, $239,936; total $784,379; balance, tax reserve, $96,194. The
0th. unvii. debits 212,159
113,731 Profit and loss___ 4,560,400 4,501,981 above Is subject to determination of Federal war taxes payable June 15 1918.
Portion of taxes paid accruing to city and schools, $671,295, or 85.58%
Total
52,399,338 52,366,060 Total
52,399,338 52,366,060 of taxes paid.
During the year 2.32 miles of track were added and 3.27 miles were ro.
x All through income and surplus.
-V. 106, p. 1344.
moved, making the total mileage of single track 457.79 miles, including




APR. 6 1918.]

THE CHRONICLE

city track, 345.61, and county, 112.18. The tracks built across the new
Chouteau Viaduct, between Grand and Vandeventer Avenues, have replaced surface tracks formerly in this location.
-Track reconstructed, 19.72 miles, and re-tied and
Maintenance, &c.
re-ballasted, 3.35 miles.
the 14 years ended Dec. 31 1917 the amount of track reconstrucDuring
tion, removal and extensions of track of the company in the city and
county aggregated 370.74 miles, of which 201.49 miles were entirely new
track of the most modern construction, consisting of heavy rail laid on
concrete and paved in the most approved manner. The expenditure for
these 201.49 miles of new track was $6,016,540.
-Our power supply is obtained from three sources: (1) Water
Power.
power purchased, 22,400 kilowatts; (2) steam power purchased, 14,000
kilowatts; (3) power produced in plants of the United Railways Co. During 1917 the average distribution of power on a kilowatt hour basis was as
follows: Purchased water power, 56.2%; purchased steam power, 28.5%;
United Railways plants, 15.3170_
:
Future Power Requirements.-1 he contract under which steam power is
company are
purchased expires Dec. 31 1920. The present plants of thebe abandoned
should
of an obsolete type and poorly located, and their useand purchased power,
as soon as practicable. Considering both generated
the company has available up to Dec. 31 1920, 58,000 kilowatts capacity,
of which 14,000 kilowatts expires on that date. Provisions should be made
to meet the power situation at that time, either by the purchase of power,
or by the construction of a now power plant.
To replace the present plants and the expiring steam power contract,
power demand on acand to make reasonable allowance for an increasedshould have a capacity
count of the growth of the business, the new plant
of not less than 40,000 kilowatts.
RESULTS FOR CALENDAR YEARS. .
1914.
1915.
1916.
1917.
Calendar YearsRevenue pass. carried__262,564,865 253,046,586 232,771,390 248,040,033
127,444,829
Transfer passengers_ _ .. _140,735,831 136,065,566 124,043,205 $12,359,219
$13,038,623 $12,548,859 $11,589,488
Transportation
91,706
91,712
92,435
86,937
Other than transporta'n
Total oper. revenue_ _313,125,560 $12,641,294 $11,681,200 $12,450,925
8,644,736
Oper. exp. & deprec'n__ 9,200,895 8,470,080 8,176,356
$3,924,665 $4,171,214 $3,504,844 $3,806,189
Not earnings
767,794
749,833
821,684
853,161
Taxes
$3,071,504 $3,349,530 $2,755,011 $3,038,395
Net income
87,901
98,484
82,589
91,703
Other income
$3,166,206 $3,432,119 $2,853,495 $3,126,296
Gross income
2,618,255
2,587,968
2,544,614
2,523,230
mt., &c., charges
$508,041
$265,527
$887,505
$642,976
Balance, surplus
BALANCE SHEET DEC. 31.
1916.
1917.
1916.
1017.
$
Liabilities$
$
$
AssetsPref. shs. issued 16,333,200 16,383,200
Road & erlip't.1 11,331,302 102,141,439
Corn. slis. issued 24,913,800 24,913,800
953,513
Inv. in MM.cos.
780,000 Funded debt(see
.2% bds 1,675,000
U.S.Gov
"St.Ry."See.)_ 55,825,000 55,962,000
Other stocks and
402,602
409,125
925,723 Aud. vouch.,&c.
76,210
bonds owned_
667,550
494,178 Coupons (Pte.._
761,833
Material & supp
566,33:1 do =it'd. not
611,452
Cash
43,253
50,737
presented_ _ _ _
47,853
50,133
Cash for cup's.
121,502
135,917
Miscellaneous. _
Notes & loans,
290,276
386,470
246,445 Accrued taxes._
111,296
&c., reesl-ele
947,567
278,354
31,759 Accrued interest
109,008
UnadJus,. debits
189,956
UnadJust.credits
20,985
Special deposits.
Deprec'n res've_ 1,401,967 1,720,832
reserves__ 2,475,070 2.1'32,736
Other
Profit & loss,sur. a2,784,541 2,121,506

1455

lease from Cambria Iron Co. and improvements thereto. y After deducting $24,727,500 held for conversion of bond and $25,272,500 for general
corporate purposes. z Cambria Steel Co. guarantees an annual dividend
of4% on the above mentioned Cambria Iron Co.stock as rental for property
-year lease. * Includes also in 1917 premium and disheld under the 999
count on capital liabilities. v Includes in 1917 estimated Federal taxes.
-V. 106, p. 611, 402.

Cambria Steel Company.
(17th Annual Report-Year ending Dec. 31 1917.)
This company, in which 97% or more of the $45,000,000
capital stock is owned by the Midvale Steel & Ordnance Co.,
which see above, has issued a separate pamphlet report.
President A. C. Dinkey says:

Owing to the necessity for conserving the cash resources of the company,
so as to be prepared to meet the heavy obligations for Federal taxes which
are payable in June 1918, no important new work has been undertaken.
(Various improvements and renewals were completed during the year
and others are still in progress.)
CONSOLIDATED INCOMS ACCOUNT FOR CALENDAR YEARS.
1914.
1915.
1916.
1917.
858,580'
Pig iron
(tons)1,139,100
1,188,240
1,452,276
}Not stated. Not stated.
Ingots (tons)
783,922
1,021,462
Shipments (fin. prod.)_
,546,084J $2,991,798
xNet earns, from oper_1347,361,763 $27,511.794
121,134
1
Rents, investments, Stcl
Total net income._..$47,361,763 $27,511,794 $8,546,084 $3,115,932
$219,412
3257,617
Int. on bonds of sub.cos. $240,093
500,000
Extraord. replacements_
1,021,997
1,685,557
Depr.& accruing renew_ 2,637,719
- 137,837
229,527
135,547
Exhaustion of minerals.. 1,158,981
Provision for prospective
income & excess profits taxes
17,204,397
Balance
$26,060,573 $25,433,074 $7,075,148 $2,478.095•
Fixed chgs. under Cam517,105
671,610
338,720
bria Iron Co. ease__ _
338,720
Balance
$25,721,853 $25,094,354 $6,403,538 $1,960,990
Dividends
(12%)5,400,000(65i,)3037500(6)2,700,000 (5)2,250,000
Balance, sur. or def__sr.$20,321,853S$22,056,854 sr$3,703,538def.$289,010
x Includes in 1917, 1916 and 1915 total net earnings after deducting all
expenses, and ordinary repairs and maintenance, approximately $5,89 ,,700
in 1917, $4,818,300 in 1916, $3,158,000 in 1915 and $3,084,000 in 1914.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
(Cambria Steel Co. and Subsidiary Companies.)
1916.
1917.
1916.
1917.
Liabilities$
$
"
Assets$
Capital stock__ _ 45,000,000 45,000,000
Prop. ace't, incl.
Minority inteets
leasehold Cam2,302,074
bria Iron Co_ 82,872,401 79,075,870 in sub. cos
Camb.Ir.Co ink.
Adv.stripping at
803,485 (guar. 4%) -_ - 8,468,000 8,468,000
ore mines, &c.
175,052
y1,863,000 5,641,000
Inv. in assoc.cos
Bonds
861,500
Sundry securs__
130,121 Aec'ts pay„incl.
182,938
Inventories _ _ _ _ 17,338,641 14,567,337 est.Fed.taxes 22,405,598 4,594,062
Cash
17,379,763 2,764,213 Bills and loans
143,912
payable
Market sec.,inci.
6,124
U. S. certif. of
Dividend scrip_
a9,037,525 7,599,232:
indebtedness..., 12,655,200Reserves
12,655,200....
1)05,619,420 45,566,093
05,'7:14 Surplus
105,756,033 105,234,234 Acc'ts receivable 12,714,215
105,756,038 105,234,284 Total
Total
13111s & loans rec. 11,118,909 11,727,915
Reeve & sinking
a After making adjustments for the year, $20,059.-V. 103, p. 494.
fund assets._ _ _
196,896
323,831

Midvale Steel & Ordnance Co.
(2d Annual Report-Year ending Dec. 31 1917.)
The report, signed by Chairman William E. Corey and
President A. C. Dinkey is given in full on subsequent pages,
including text, income account and balance sheet.

155,622,455 119,176,585
Total
155,622,455 119,176,535
y Includes $3,258,000 bonds of the Manufacturers Water Co., $1,300,000
Johnstown Steamship Co., and $310,000 Beaver Steamship Co.
a Includes reserve for depreciation and exhaustion of minerals, $6,530.352, and reserve for blast furnace relining and other operating accounts
and contingencies $2,557,173.
b After deducting $845,755 proportion of $45,566,093 surplus as of
CONSOLIDATED INCOME ACCOUNT.
-Years end. Dec.31- 3 Mos. end. Dec. 31 1916 applicable to affiliated companies, less than 95% owned,
included in consolidated accounts at Dec. 31 1916, now excluded in pursu1916.
Dec. 31 '15
1917.
and
$607,229
a$69,838,254 $36,718,819 $1,669,488 ance of treasury regulation defining affiliated companies:Dec.also1916 over
Net earnings from operations
31
887,199
14,359 reserves sot aside from profits for ore depletion prior to as a deduction for
Other income-Interest earned, &c__ 1,567,522
and above the usual amount allowed by the Government
$71,405,776 $37,606,018 $1,683,847 income tax purposes now added back to surplus. as a part of the rental
Total
-Under the lease the Cambria Steel Co.,
Note.
$407,940
3188,904
$13,410
-Interest paid, &c
Deduct
thereunder, agrees to pay annually for 999 years a sum equal to 4% on the
Prov. for depreciation, exhaustion of
-V. 106, p. 1233, 931.
6,826,421
3,560,277
228,550 $8,468,000 (par) stock of the Cambria Iron Co.
minerals, &c
Prov. for prospective income and
25,731,910
Sloss-Sheffield Steel 85 Iron Co.
profits taxes
excess
Bond int.: Midvale S. & 0. Co., $2,(18th Report-Thirteen Months ending Dec. 31 1917.)
2,086,133
244,734: subsid. cos., $279,493_ _ _ _ 2,524,227
Guaranteed dividend on Cambria
The report of President J. W. McQueen for the late fiscal
338,720
310,493
Iron Co. stock
$35,576,558 $31,460,211 $1,441,886 year, with the balance sheet and income account, will be
Balance
found at length on a subsequent page.
Add-Excess of prem. on stock sold
over discount on bonds and organINCOME ACCOUNT.
754,513
ization expenses
Years ending Nov.
13 Mos. to
$35,576,558 $32,214,724 $1,441,886
Total
1914.
1915.
1916.
Dec. 31 '17.
18,656,610
1,441,887
Previous surplus brought forward_
$327,467$432,259
$1,675,549
Profits on pig a
for ore depletion added
Add-Reserves
Profits on coal after deb131,827
back to surplus
92,781
95,357
59,350
duction for deprec'n_ _
164,391
127,358
188,765
Not
$54,364,995 $33,656,610 $1,441,886 Profits on coke, &c
Total
Rents, royalties, stores separated
Deduct-Special deprecn. charged off
243,674
244,692
383,499
& miscellaneous, &c_ _ for this
15,000,000
property & plant account
15,292 .
9,409
12,369
Divs.on treas.stocks,&c. period.
903,434
Transferred to appropriated surplus_ _
$843,605.
$909,075
$2,319,532
Total
12,000,000
Dividends paid (12%)
Deduct gen. exp. acc'
143,466
176,687
118,858
taxes, licenses, &c___ J
$41,461,561 $18,656,610 $1,441,886
Total surplus Dec. 31
$700,139'
$732,388
deducting all expenses incident to
$3,370,614 $2,200,674
Net profit
a Net earnings from operations afterordinary repairs and maintenance,
665,741 Deducted from "Net Profit" above.
Deprec'n & depletion_
incuding in 1917 those for
operations
deamounting to $13, 36,597. b Reserves set aside from profits for ore the Prov. for income, war and
amount allowed by
excess prof. taxes (est.) 325,000
pletion prior to Dec. 31 1916 over and above theto
$210,000
$210,000
$210,000
surplus.
$227,500
Bond interest
for income tax purposes now added
Government
573,881 (7)469,000(5 )351,750 (7)469,000
Preferred dividend_ _(8%%)
The results for 1917 of the Cambr a Steel Co. will be found below.
Common dividends__(1 35%)148,869
,
BALANCE SHEET DEC. 31.
CONSOLIDATED
$21,139
$170,638
$1,429,623 $1,521,674
Balance, surplus
1910.
1917.
1916.
1917.
Liabilities$
$
'$
$
Assetson coal and iron ore and 35 cents per
a
:Prop. & plant.158,009,900 135,703,933 y Capital stock _100,000,000 100,000,000 ton After deducting for depreciation
profit on coke manufactured.
Cap. stk. of sue.
Investments in
cos. not held
649,772
503,930
BALANCE SHEET.
other cos__
by M. S. &O.
18,833,078 11,828,916
Cash
[For details of Dec. 31 1917, balance sheet, see a subsequent page.)
Co. (Par)- --. 2,033,450
Customers' accts 20,807,785 14,531,891
Dec. 31 '17 Nov.30'16
31 '17 Nov. 30'16.
Dec.
Guarant'd stockAdvance pay'ts
$
$
1 Liabilities-3
Resources$
Cam. Ir. Co_ z3,463,000 z8,463,000
on ore purch.,
Property account _ 23,830,752 23,434,335 Preferred stock_ _ _ 6,700,000 6,700,000
5% cony. s. f.
4,342,081 0,839,215
&c
216,792;Common stock _ _10,000,000 10,000,000
Securities owned__ 259,135
bonds of Midv
Bills and loans
_ _ _11,651,902f' 1,159,751 8:03S I.& S. Co. Os 2.000,000 2,000,000
S. dr 0.
receivable _ _ 1,460,246 8,987,384 Bonds of Co_ _w44,566,000 45,736,000 Inventories _ storesf
1 133,750 Sloss Iron & Steel
aub.cos 13,342,000 9,141,000 mock in Co's
Marketable sec.
244,3201 Co.44% bonds 2,000,000 2,000,000
Vouch.dcpayrolls 7,310,415 5,490,406 Treasury securities
cost, incl.
at
872,971
Accounts payable_ 738,909
203,0911
Bills& loans pay. 393,124
330,213 Cash
In 1017 U. S.
715,000
75,000
95.942) 1,610,323,Notes payable_ _ _ _
Notes receivable
ctfs. of indebt 27,590,196 1,375,821 Depos. received
75,725
:Accrued accounts_
477,740 7,902,650 Accounts receivle. 1,403,7611
33,422,636 on contracts_
Inventories-_ _ 36,753,371
?Reserve for war
Accruals, &c_ _ .v29,412,532 3,880,035 U. S. Liberty his. 193,379
Adv. stripping
4,703! taxes (eat.).... 325,000
52,147
867,501 Depr., &c., res. 14,200,319 8,054,069 Insurance & taxes_
763,390
ore mines, &c.
188,407
i Other reserves
33,191
Cont.,&c.,res've 4,512,724 3,059,509 Other assets
125,320
Sink,fund cash_
:Extraord. repair &
633,251 Surf). applicable
Ins, fund assets
51,443
renewal account
to minority stk.
Profit and loss__ _ _ .5,741,314 4,465,070
interests, &c__ .3,921,451 4,126,851
Surplus balance. 41,461,561 18,656,610
27,844,354 26,804,483
27,844,354 26,804,483 Total
Total
270,099,316 214,845,433
270.099 316 214,845.413 Total
Total
* After deducting $153,379 adjustments relating to prior periods (net).
After deducting in 1917 $1,508,000 in treasury, $545,000 redeemed in
w
1917 and $3,381,000 unissued. x Includes property leased under 999 years V. 106, p. 1349. 1236.




Total

1456

THE CHRONICLE

Willys-OverlandiCo., Toledo, Ohio.
(Report for Fiscal Year ending Dec. 31 1917.)
President J. N.Willys says in substance:
Operations

[VOL. 106.

Consolidation Coal Co.
(54th Annual Report-Year ending Dec. 31 1917.)
On subsequent pages will be foundithe remarks of President
J. H. Wheelwright, together with the tonnage and other
statistics, the income account for the calendar year 1917 and
also the balance sheet as of Dee. 31 1917. Earnings last
year were the greatest in the history of the company. the
gross being $26,113,204, against $17,342,366 in 1916.

-War Business.
-In 1917 the
its desire
its great facilities for war work, branched outcompany, innew lines. to Use
into several
Automobile sales were ahead of 1916 for the first nine months, but
sharply in the last quarter of the year. This closing period of declined
the
was one of rapid and sweeping readjustment from a peace to a war year
b asis.
Curtiss Aeroplane & Motor Corporation.
-Our purchase of a substantial
interest in this company proved of distinct strategic advantage
though the Curtiss Aeroplane & Motor Corp. was possessed in the in that,
summer
of 1917 of the greatest potentialities of any American aircraft
Coal Mined by the Company by Divisions (Net Tons).
these could not have been quickly realized for emergency organization,
needs
1V. Va.
Penna. Mill Cr. Elkhorn.
through a tremendous increase in motor-manufacturing capacity.except 1917_ Maryland.
Total.
_1,288,488 4,159,923 1,496,920 465,710 2,122,502
This
the Whys-Overland Co. and its allied organizations, with their
9,533,543
immense 1916_ _1,682,264 4,866,851 1,484,140 563,002 2,511,427 11,107,684
plants at Toledo, Elmira, Elyria and Pontiac, were able
thus bridge the gap between experimentation and big-scal to provide, and 1915_ _2,263,341 5,206,079 1,923,487 602,025 1,727,451 11,722,383
e production.
1913_ _2,382,387 5,215,437 1,952,750 514,306
New Stock and Notes for Aforesaid Purchase.
-In connection with the 1912_ _2,422,556 5,125,662 1,957.862 585,648 1,090,098 11,154,987
acquisition of an interest in the Curtiss Aeroplane & Motor
255,372 10,347,100
Corp., the 1911__2,439,798 4,306,369 1,872,236 511,329
Willys-Overland Co. sold at par to private interests $3,475,000
9,219,732
of its 7% 1910_ _2,605,456 5,967,877 1,921,777
preferred stock authorized in 1915, but unissued since then.
10,495.110
(V.105, p. 826).
The coal mined by lessees in 1917 aggregated 835,355 net tons, against
The proceeds of this sale, together with $1,600,000 of
6% one-year .Willys- 583,372 net tons in 1916. Coal manufactured by company,
Overland Co. notes, were used to purchase 24,000 shares of
175,129 net
stock and 60,000 shares of common stock and $1,600,000 7% cum. pref. tons, against 112,018 net tons in 1916.
of -year 6%
notes of the Curtiss-Aeroplane & Motor Corp. Since Jan. 10
RESULTS FOR YEAR ENDING DEC. 31 (INCL. SUBSIDIAR
IES).
Curtiss Corporation has redeemed these 10-year notes at 102M 1 1918 the
and interest.
1917.
1916.
1915.
1914.
Orders for Aeroplanes and Munitions-Trucks.
-Orders of
to date for aeroplane motors and parts amount to in excess this company Gross earns., all sources_$26,113,204 $17,342,366 $15,617,968 $14,828,981
of $12,000,000 Oper. exp., ord.tax.,&c_$13,320,855 $10,701,369 $11,175,117 $11,022,090
and further heavy orders are assured. An important ordnance
contract Depreciation
953,531
435,562
438,053
has been undertaken amounting to over $15.000,000
414,245
. Negotiation
501,857
been completed for a large munition contract, for the execution s have Depletion
of which
Net earnings
$11,336,961 $6,205,435 34,004,798 $3,392,646
the company's machine shops are admirably fitted and at an
early date Int. on fund. debt, &c_ $1,334,670 $1,799,000 $1,208,020
the company expects to have in hand for early delivery
$1,113,576
orders, which can be handled without interference withsubstantial truck Sk.fd. Cons. Coal bonds1
330,879
261,097f
167,633
other war work. Sk.fd. sub. cos. bonds f
The company is thus prepared to counteract any probable
1
101,704
curtailment of Reserve for income and
passenger car production.
excess profits tax_ _ _
Automobiles.
1,491,067
-The automobile business
tory. Sales for the first nine months werefor the past year was satisfac- Cash dividends
"
(9)3.121,290(6)1,500,781(6)1,500,000(6)1,500,000
well in excess of
iod of the previous year, and for the full twelve months mightthe same perTotal
have reached Balance, deductions__ __ $5,947,028 $3,630,661 $2,969,117 $2,882,913
a new high total were it not for the readjustment to war
surplus
$5,389,933 $2,574,774 $1,035,681
conditions, as here$509,733
inbefore referred to.
Previous surplus
12,625,525 10,160,617
9,213,328
8,774,252
Unfilled orders on hand to date are in excess of the same period
Total
of a year
$18,015,458 $12,735,391 $10,249,009 $9,283,985
ago. This fact, together with the advanced stage of
1918 schedule of au- Div.in stk.pd.Feb.2'17(5%)1671,780
tomobile production, points clearly to the conclusion that plant
and branch Adjustment of accounts..
246,513
109,866
house inventories will be very largely reduced before the end
88,392
70,657
of the summer.
Balance
This release of funds, now in progress, will enable the
$16,097,165 $12,625,525 $10,160,617 $9,213,328
company to reduce Revaluation of coal lands
materially the outstanding current indebtedness.
as of Mar. 11913, less
Additions.
-An expansion in property account of
adjustments
000 occurred during the year, represented mainlyapproximately $3,691,x38,925,972
by plant
Elmira, and additional equipment there and at Toledo forextensions at
Total p. &I.surplus-x$55,023,137 $12,625,525 $10,160,617 $9,213,328
Government
orders. Of this amount, $2,500,000 was advnaced by the
x A dividend of 14% in stock ($4,916,982) has been declared, payable
Government.
No further important outlays are contemplated.
to holders of record March 30 1918 out of special surplus arising from
Balance Sheet.
-The increase in "Investments
advances" is repre- revaluation of the coal lands.
sented by the securities of the Curtiss AeroplaneandMotor
&
Corp. and by
advances to subsidiary companies.
COMBINED GENERAL BALANCE SHEET DEC. 31.
Earnings.
-The net earnings for 1917 received no
work program, but, on the contrary, were adverselybenefit from the war
1917.
1016.
1917.
affected throughout
11)16.
the second half
Assets
-year, notably in the final quarter, when
Liabilities
tory readjustment was most intense and when difficulties the strain of fac- Property acc't_a 95,882,696 51,511,023 Capital stock.e_ 45,000,000
39,190,500
incidental thereto Adv. paynets on
were increased by unprecedented traffic and material
Outstanding, see footnote "e."
coal land pur_ 2,544,003 2,253,220 Bonded debt... 26,170,000 24,072,000
quarterly dividend of 1% was paid Feb. 11918; V. 105, conditions. (A
ja. 304.]
Due from 1st dc
Depreciation, &c.
-Following the company's practice, liberal
7% cony. (lobs_
6,997,000
from earnings were made for accruing renewals and depreciation deductions
ref. M.trustee
0446,463 Convertible Os__ 6,028,000 6,477,500
,
for tool replacements and for parts of discontinued models, a totalproviding Stock reserved
Car trust bonds
of nearly
for conversion
$3,000,000. Also development expenses amounting to over $900,000,
assumed by C.
of bonds, &c_ e9,878,696 14,165,900 & P. an..
attributable to war work for 1918 delivery was written off and deducted
76,000
152,000
Stocks allied cos. d6,902,095 4,640,084 Purchase money
from surplus account.
Other investm'ts
802,418
War Policy.
493,232
-Our production policy for 1918 will be dictated largely
obligations_ _ _
1,365
2,615
the intention of the management to co-operate with the Government by Sinking funds__ 1,237,404
936,578 Acc'ts payable_
836,040
785,843
to
the fullest possible extent in carrying on the war to a successful conclusion. Bonds in treas'y 4,710,000 2,293,000 Pay-roll
305,609
160,313
The financial policy is definitely conservative, looking to reduction of in- Sec.pur. de held_
394,294
Royalties pay'le
11,554
Liberty bonds.. 1,529.400
ventories and of outstanding debts.
let. coup.dedivs.
do for empl_
293,276
not presented
CONSOLIDATED INCOME ACCOUNT (INCL. SUBSIDIARY COS.). Coal and coke_ _
412,755 1,204,027 for payment_
75,188
70,688
Mat'ls,supp.,&c. 2,000,835 1,248,154 Bond int. tweed
Calendar Years373,384
337,854
1917.
1916.
1915.
Bills receivable_
107,368
155,034 Sink,funds accr.
*Net earnings and income
142,659
158,659
*510,193,490 $11,995,932
Not
Ace'ts receivable 6,553,584 6,799,424 Ord. taxes accr_
Reserve for accr'g renew. & deprec_
531
$1,330,798
15,500
$951,380 separated
Cash in bks.,&e. 3,686,217 2,673,479 Accr.}Wine.&
Provision for tool replacements
1,030.000
1,028,132
Cash for bond
Parts discont'd models written off.. _ _
exc. prof. tax_ 1,491,067
559,940
1915.
int.& dile. due
208,338
70,688 Div.PaY.Jan.31.
526,764
375,839
Balance
$7,272,752a$10,016,420 $10,201,256 Special depos. to
Extra cash div.
Interest paid
1,151,208
450,702
cover royalties
330,578
11,554
11,554 (3%) payable
Balance
113,221
$6,121,544 a$9,565,718 $9,870,678 Deferred items_
173,183
Feb. 111918. 1,054,206
Preferred dividends
(3 )$121,065
Individ. & cos._
639,152
595,658
7% cum. convert. pref. divs
Insurance res..
(7%)1,017,275 (7)994,705 (7)322,164
25.583
Common dividends (cash)
(12%)4,885,237 (9)2,503,249 (6)1,229,895
Profit and loss.. 55,023,137 12,625,525
Balance, surplus
$97,967 a$6,067,763 $8,318,619
Total
137,768.686 92,079,048 Total
Previous surplus
137,768,6313 92,079,048
27,596,594 14,720,550 7,651,931
Prem. received on securities issued_
a Property account. ($95,882,696) includes: Coal lands and other real
b7,963,971
estate,
Total
$27,694,561 $28,752,284 $15,970,550 land & 574,631,675; mining plant and equipment, $16,518,193; CumberPenn.
Common diT. (in stock)
(5%)$1,965,991(5)31155,690(5)31000,000 $1,620,019; andRR., $2,307,088; Cumberland & Penn. RR. equipment,
floating equipment, $805,721.
Prov. for redemption of bonds
450,000
250,000
b For 75% of cost of improvements, extensions, &c., $353,548, and for
Good-will of sub, cos. purchased and
expenditures on Northern Coal lands, $92,920.
written off
74,243
c Includes in 1917 $5,740,976 stock reserved for conversion of 6% bonds
Development exp. acc't of new work
and $4,137,720 stock reserved for future corporate purposes, against
for 1918 delivery, written off
902,942
$6,169,300 and $7,996,600 in 1916.
1):1 Total profit and loss surplus
$24,301,384 $27,596,594 $14,720,550
d Stocks of other companies owned include 18,000 shares of corn. stock
* After deducting repairs and maintenance of the properties, b7d
and 5,400 shares Northwestern Fuel Co. pref. stock;
doubtful accounts receivable and in 1917 provision for Federal taxes. and politan Coal Co. common stock and 13,018 shares of 13,323 shares MetroCoastwise TransporExclusive of profit on shipments to distributing branches which were tation Co. stock.
a
unsold Dec. 311916, amounting to $1,318,665. If the net profits for the
e Capital stock outstanding Dec. 31 1917 was $35,121,304 after deductyear had been compiled on the same basis as in 1915, they would have been ing items mentioned
$1,318,665 larger than reported.
b Premiums received on securities issued less premiums paid on securities American Smelting & Refining Company, New York.
retired, expenses of refinancing and good-will of affiliated cos. purchased
(19th Annual Report-Year endin'a Dec. 31 1917.)
during the year and written off (net).
CONSOLIDATED BALANCE SHEET DEC. 31.
President Daniel Guggenheim says in substance:
lIfor details of 1917 balance sheet, see "Advertising pages."]
Results.
-The earnings of the company, and its subsidiaries for the year
after deducting general expenses, fixed charges and corporate,taxes, aggre1917.
1916.
1917.
1915.
Assas-gated $25,035,938, being $206,358 less than in 1916. The increase in cor$
Liabilities$
porate taxes, however, was 52,864.005. After deducting the annual
Real estate, bidgs.,
Prof. (auth. 510,charge for depreciation and depletion of ore reserves, $4,954,482, for
mach'y,
_31,290,156 28,779,013 000,000)stock_
Good-will,pat.,&c.14,059,932 14,059,932 Cony. pref. (antic. 3,473,600
life insurance and pension funds $600,000, miscellaneous charges 3985,Inv.,&s.,in oth.cos. 8,021,326 2,291,642 $15,000,000)stk.14,532,500 15,000,000 831, and preferred dividends of $4,712,666, there remains applicable to
Inventories
40,550,308 38,589,540 Common stock_ _ _39,385,462 37,273,844 dividends on the common stock $13,782,959, equal to 223 % theron.
Regular quarterly dividends at the rate of 6% per annum and an extra
Due from agents
112,756
624,490 Real estate mtges.
Notes receivable_ 1,831,952 1,786,290 assumed
225,000
165,000 Rod Cross dividend of 1% were declared on the common stock, calling for
Acc'ts rec„leis res. 3,642,563 4,435,081 Notes payable_ .._ _20,437,861 11,849,067 $4,269,860, and the directors believed it wise to make a special appropriaMisc. Invest., &c_y3,588,130
757,788 Acc'ts payable__ _ 6,920,635 7,538,411 tion of $6,000,000 to care for enlargement and extension, all of which has
been planned to be expended during the year 1918. The profit and loss
Cash
9,593,870 14,404,951 Dealers'initial payPrepaid int., Fee. _ 509,202
1917 was
331,279
ments
628,065
808,325 surplus which on Jan. 1accounts, 323,442,295, was on Dec. 31, $26,955,394.
A comparison of the
herewith submitted, with the semi-annual
Accrued int., &c_ _x1,599,586
842,041
Reserve funds_ _ _ _z1,467,500 1,774,224 report made as of June 30 1917 will show gross earnings for the first half
the
Pref. stock div__ _ 315,107
262,500 of Highyear, $18.757,899, and for the last half, $12,844,716.
Prices far Metals.
-The peak, except for zinc, was reached during
Profit and loss_ _ _ _24,301,334 27,590,594
the first half of the year. Since then there have been very serious declines
in all
Total
113,292,701 103110,006 Total
113,292,701 103110,006 silver metals, as follows: Copper from 33c. to 23 Mc.; lead from 11c. to 53c.
from $1 09 to 78c., and zinc from 13c. to 7Mc. Those results have
x Includes In 1917 taxes and interest accrued, provision for premiums
been partly brought about by Governmental actions.
to distributors and dealers, reserve for repairs under
Increase in Expenses.
-On the other hand, all of our expenses of operation
245,841, and pay-rolls and salaries accrued, $353,745. guaranty, &c., $1,y Includes in 1917 Guaranty Securities Corp. certificates of beneficial have constantly increased and are still increasing. But our greatest diffiinterest in customers' deferred installment notes, $978,250: Liberty bonds culties have been, and are, in connection with the lack of supply and the
purchased for employees, less payments thereon, $515,166, and miscel- constantly increasing demand for labor. Therefore, our casts of smelting
and refining are greater month by month, but our receipts are fixed.
laneous investments, $2,094,714.
Effect of Governmental Action.
-It has always been our policy to make
z Includes in 1917 reserve for future contingencies, $1,000,000: for redemption of pref. stock, $450.000, and for surplus arising from redemption long-time contracts for ore and bullion, at a fixed price for smelting and
refining. While the charge in such contracts was fixed, the company
of pref. stock,$17,500.
had
As to reduction of the quarterly dividend rate on the common stock to a certain interest in the metal recoveries, which under ordinary economic
conditions would have afforded increased returns equal to the
1%,see report on another page and also V. 106. p. 304.
increased
cast of smelting and refining.
I" On an advertising page will be found the income account
We are now suffering from the entire lack of economic law, and are
for 1917 and balance sheet of Dec.31 1917.-V.106, p.1236. operating under the direction of Governmental commissions, whereby the
value of our metal products is fixed, but theltcost of labor and supplies is




APR. 6 1918.]

THE CHRONICLE

shipnot fixed; in fact, owing to the various Governmental contracts for made
magnitude, which have
building and other construction of great the contractors have no been
interest in
plus a commission,
on the basis of cost
holding labor costs at a point where a profit can be made, and, in fact,
their own interests are in favor of as high a cost as can be justified. of our
By these two Governmental actions, first, by reducing the value
product, and, second, by constantly increasing our cost, this great corporation, producing what is absolutely necessary to the Government in carrying
on the war, is having its ability to pay a fair return to its stockholders
seriously jeopardized.
-While it may be said that the previous profits were exEnlargements.
cessive, had it not been for such profits the company would not have been
output, all of which has been
able to enlarge its works and increase itsThese
enlargements have been
of vital necessity to the Government.
been taken out of
effected at a cost of fully $15.000,000, all of which has be entirely useless
earnings and the enlarged capacity will doubtless
the
after the war demand ceases.
-The three smelting works in Mexico, located reMexican Properties.
up in
spectively at Monterey, Matehuala and Aguascalientes, were started
a small way during the first half of 1917, and it is hoped that the smelter
of
at Chihuahua will soon be blown in. There is no immediate prospect
the smelter at Velardena being put into commission, or of the mining properties in that section being opened, as bands of bandits are still disagreeably
valuable mines around
active in that vicinity. None of our very is true with the copperChihuahua
properties
have been operated as yet, and the same
around Matehuala. Our smelting works have not been worked to capacity,
the fact
as to transportation and fuel, together with country,
and the uncertainties
that costs have been quite as grealy increased in Mexico as in this
a
have not made for a profitable outcome. Nevertheless, there has been of
gradual improvement in this direction. During 1918 the requirements
our Mexican properties will be large for labor-saving devices, and other installations looking to reduction of cost.
-The various expenditures charged to property account during
Additions.
the year have been largely along the lines referred to in the last annual
this, approximately
report. The total expenditures were $6,605,691. Ofthe copper smelting
$4,700,000 was expended in extending and enlarging
works at Garfield El Paso and Hayden, and the copper refining works at
Baltimore, Perth Amboy and Tacoma. have brought the smelting and
Copper Otttput.-These expenditures
refining capacity of the company up to 1,150,000,000 lbs. of electrolytic
menterateor0giperacompany isivallmoduclAgatth Governoymi307m,andthe nnaliowlicrssauneebyour
and its allies.
-The company has added one more zinc plant to its operaZinc Plant.
tions, located at IIenryetta, Okla. credited to
this account during the
-There has been
Property Account.
year: Property sold, $19,417; ore depletion, $1,247,391; depreciation,
$3,707,091 ; and enlargement and extension, $6,000,000. This leaves
the property account at $136,797,476, or a reduction of $4,368,208. usual
-The metal stocks of the company, valued at the
Metal Stocks.
conservative figures, amount to $36,339,499, or an increase of $8,861,849.
-The decrease in cash, of $6,039,774, is more than offset
Current Assets.
by the holding of Liberty bonds of a par value of $6,419,250.
GROSS RECEIPTS FOR CAL. YEARS [1916 and 1915 Inserted by Editor).
1917.
1915.
1916.
4
$
xFrom sales of metals51,471,459 54,656,120 54,952,106
Gold
49,044,505 41,179,791 35,454,210
Silver
43,772,391 37,421,880 27,027,012
Lead
248,552,766 185,919,397 92,356,662
Copper
4,381,530
7,558,556 4,372,145
Zinc
6,460,047
1,730,811
Tin
1,831,397
1,338,105
1,933,468
Other metals

l

1437

CONSOLIDATED BALANCE SHEET DECEMBER 31.
(Incl. American Smelting & Refining Co. and Amer. Smelters Secur, Co.)
1916.
1917.
1916.
1917.
$
Liabilities$
$
$S
AssetsPref. stk. Am.S.
a Cost of plants,
& Ref. Co_ _ _ _ 50,000,000 50,000,000
prop.&sub.cos.
136,797,476 141,165,684 Common do 60,998,000 54,299,000
&c
827,277 Amer. S. S. Co.:
Secs. of oth. cos. 1,057,313
Pref. "A" stk_ 9,992,300 16,458,800
Ore bullion, &c.,
Pref. "B" stk.. d3,682,500 30,000,000
on hand and in
b36,339,500 27,477,650 Bonds:
transit
10,901,718 16,941,492 Am.B.& R.Co 31,881,400
Cash
6,699,000
Secured loans c2,041,184 4,119,412 Am.S.S. Co_
Ace'nts, drafts,
Notes & accts.
17,826,876 20,593,603 &c., payable__ 20,819,671 23,319,926
receivable
775,699 Int., &c., unAdv.to affIl.cos. 1,091,781
215,852
103,882
Mater. & supp_ 7,478,121 4,263,210 claimed
Accr. bond int.
Liberty bonds__ 6,419,250
375,000
407,270
not due
insuece,
Prepaid
1,986,373 2,275,168
338,101 Divs. payable
531,113
taxes, &c
623,319 Accr. taxes not
884,679
Pension fund_ __
due (war taxes
478,924
Life insur. fund_
4,372,670 1,282,343
est.)
Sink, fund cash
96,935 Ins., &c., res've 2,010,942 1,639,049
9,820
with trustees__
Res. for enlargeAccrued Interest
102,750 ment & exten_ 6,000,000 6,000,000
in sinking fund
Other reserves_ _ 2,642,353 1,318,701
Profit and loss__ 26,955,394 2:3,442,295
221,857,754 217,325,133
221,857,754 217,325,133 Total
Total
and addia Also includes additions and improvements, less depreciation deducting
off to profit and loss. b After
tions and improvements written
in 1917 $43,987,303 approximate value of metals purchased and on hand,
payment of which is to be made in refined metals and not in cash, and
$9,402,736 unearned treatment charges. c Includes in 1917 loans secured
by Stock Exchange collateral and bankers' acceptances, $1,829,892, and
loans secured by copper in process of refining, $211,292. d After deducting.
-V. 106, p. 1346. 925.
in 1917 $26,317,500 held in treasury.

May Department Stores Co., New York.
(Report for Fiscal Year ending Jan. 31 1918.)
1914-15.
1915-16.
1916-17.
1917-18.
$35,631,660 $30,347,482 $23,309,802 $20,514,712
$4,246,691 $3,422,362 $2,161,101 $1.902,889
22,215
25,964
22,696
31,257
$4,277,948 L $3,445,058 $2,187,065 $1.925,104
Total
$60,000
$50,903
$61,000
$62,500
Officers' salaries
12,254
20,487
18,363
25,410
General expenses
'
&c., taxes,
Fed'l income,
incl. war income and
excess profits taxes in
31,758
27,664
80,671
878,078
1917-18 ($850,000)
59,844
52,298
44,318
71,340
Bad debts
201,084
176,342
190,507
195,857
Deprec'n & amortiza'n_
150,124
126,362
12,988
22,829
Interest, bal. of acc't
4,704
2,467
4,861
13,625
Reduc. in val. of invest's
544,320
534,187
512,531
499,538
Preferred divs. (7%)_ _ _
)412,500(5%)750.000
Common dividends_ _ _(5%)750,000(2X)412,500(2X
Jan. 31 YearsNet sales
Net profits
Other income

Total deductions_ _ _ $2,519,176 $1,337,738 31,403,210 $1,814,088
5111,016
$783,855
$1,758.772 $2,107.320
Balance, surplus
_405,616,167 330,297,952 215,500,241
CONSOLIDATED BALANCE SHEET JAN. 31.
Total
4,289,620
5,661,198
8,788,455
1917.
1918.
From mining properties
1917.
1918.
4,103,229
22,785,294 16,304,914
From manufactured products
Assets
Preferred stock.. _ _ 7,012,500 V,260,000
From misc. income, rents, interest,
Real estate, im2,818,082
1,791,511
3,407,688
commissions, &c
provements,&c. 5,275,927 5,185,668 Common stock__ A5,000,000 15,000,000
150,000
Pur. money mtge_ 150,000
Good-will, trade
Total from sales & misc. income_ _ _440,597,604 355,082,146 225,684,601
names, &c_x_ _ _14,510,827 14,510.827 Notes payable___ 1,100,000 1,000,000
kind.
855,601 Accounts payable.. 1,244,853 1,310,530
896,710
x Does not include value of metals treated and delivered insubstantial Investments
510,155
6,652,413 5,669,089 Sundry creditors__ 907,722
Inventories
While the cash transactions as herein related show a very
was very
increase over 1916. unfortunately this our cash largely due to increased Acc'ts & notes rec.. 3,413,371 2,956,642 Reserve for trading 132,041/
resources. The following Delivery equipm't
92,918 st'ps, coup., &c_
77,434
values, which were only a burden on
111,933 Res. for war taxes 850,0001 251,903
statistics will, therefore, give a more correct idea as to actual business Sundry debtors__ _ 176,173
Special surplus acdone at the smelters and refineries of the company.
.= Prepaid expenses, 141,377
...:
1,687,500 1,440,000
129,164 count
insurance, &c
FOR CALENDAR YEARS.
OPERATING STATISTICS
y5,215,139 3,719,706
Surplus
bds_ 253,500
U.S. Liberty
1916.
1917.
1915.
1,902,023 1,130,447
21,073
15,556 Cash
24.698
No. of men employed, excl. Mexico_
Total wages & salaries, excl. Mexico_324,497,836 $17,047,944 $11,392,503
33,299,755 30,642,294
Total
33,299,755 30,642,294
Total
$3.31
$2.70
$2.44
-hour day
Average wages per 8
4,153,092
5.918,924
4,789,474
Charge smelted (tons)
x Consists of good-will and trade names, inclyding cost of acquisition,
706,875
677,460
579,080
Bullion refined (tons)
of good-will of the M.
2,318,925
1,638,566
1,578,611 subsequent to the organization of this company,
Ore mined (tons)
& Co., Akron.
235,222
259,499
224,807
Coal mined (tons)
deducting $15,841 premium on acquisition of pref. stock for retirey After
120,660
186.107
140.961
-T. 106, p. 505.
Coke produced (tons)
account.
2,496,
2,672,702 ment and $247,500 transferred to special surplus
Gold produced (oz.)
69,841,061 71,868,451 76.117,453
Silver produced (oz.)
Birmingham, Ala.
Gulf States Steel Co.,
693
1,597
868
Platinum & paladium produced (oz.)_
296,986
275,266
279,144
Lead produced (tons)
(Fourth Annual Report-Year ended Dec. 311917.)
848,888,000 789,438,000 551,798,000
Copper produced (lbs.)
68,086,000
Best select copper produced (lbs.)
President James Bowron says in substance:
52.522,000 47,807,547 36,154,000
Spatter produced (lbs.)
-The salient features of our business during 1917 were
Additions, &c.
1,120,556
682,715
1,224,328
Nickel produced (lbs.)
of the by-product coke ovens,
12,130,000
---- --- the completion and successful operation additional coal reserves to guar4,522,000
Tin produced (lbs.)
beginning in April and the acquisition of
66,174,000 25,842,000 34.124,000
Sulphuric acid produced (lbs.)
recovered in coke over one-fourth
As
9,132,000 9,090,000 7,269,000 antee their continued supply. thanthere is
Arsenic produced (lbs.)
was formerly recovered in the beehive
7,598,000 13,046,000 8,366,000 of the coal carbonized more increase of 25% in the lifetime of the Virginia
Copper sulphate produced (lbs.) _
2,229.887 ovens, this is equivalent to an
5,671,827
4,131,709
By-product metals (lbs.)
quality of coking coal in the State. In
8,763,480 mines, which possess the highestfuel economies by the use of the oven gas
m'f'd products (lbs.).. 39,767,274 31,597,489
Copper & brass
355,229 addition we are effecting various
426,472
417,898
Test lead & lithargo sold (lbs.)
14,180,000 15,338,000 12,898,000 after extraction of the by-products.
Loaded cartridges sold (No.)
In order that the coking coal reserves, now estimated at 11,000.000 tons,
9,638,205
13,678,245 21,713,331
sold (lbs.)
Sheet lead, pipe, &c.,
reserves, estimated at1125.000,000
more
1,
5,188,045
2,831,617' 1 2,566,255 mightthe nearly equalize the iron orecoal property, consisting of 15,277
Mixed metals sold (lbs.)
directors acquired the Sayre
tons,
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS. acres, divided as follows: Fee simple, 8,365 acres; mineral rights, 6.543
acres; surface rights, 369 acres. Of this area 4,500 acres carry the "big
(Incl. Amer. Smelting & Refining Co. and Amer. Smelt. Securities Co.)
seam," the main coking scam of the Birmingham district, and are esti1915.
1917.
1916.
Net Earningsis now commencing,
$14,472,612 mated to contain from 16 to 18 million tons. Drilling
324,125,684 $22,574,527
Smelting and refining plants, &c
of the lower measures preliminary to opening
1,984,977 to ascertain the thickness A preliminary estimate of the lower seams would
4,069,243
2,725,222
Mining properties
them at a suitable point.
Creek gas coal and possibly a similar amount
be 30,000,000 tons of
$28,194,927 $25,299,749 $16,457,589 of the Jefferson steamBlack seam, although both seams are seldom found
Total not earnings
coal
1,788,142
3,407,689
2,818,082
Other income (not)
of workable thickness in the same locality. The acquisition of these lands
the company not more than 3c. per ton, predicating the cost
$31,602,616 $28,117,831 $18.245,731 has cost the "big seam." This property is in full active operation. A
Gross income
$831,033 only on
$923,121
Deductions-Administrative expenses $1,235,886
& Nashville
71,263 slope producing 600 tons a day is located on the Louisville
exp_ __ 239,266
246,572
Research and examination
280,645 RR at the town of Sayre. mentioned coke ovens and equipment are at
985,965
Corporate taxes (incl. est. Fed.tax) • 3,849,971
lilts mine and the above
Int. on Am. Sm. Secur. Co. debento June 30 1918.
770,371 present in the occupation of another company under lease
25,450
677,182
ture bonds with public
at which date this company will assume the active operation. The output
Int. on Am. Sm. & Ref. Co. bonds
may be raised without difficulty to a figure sufficient to maintain our
1,208,798
with public
coke ovens in full operation and to supply the steel works with such steam
' 500,000
Life insurance fund
mines.
the product
1,839,687 coal as is needed to supplement up additional of Altoona available terri1,990,048
4,954,483
Deproc. & deple. of ore reserves
parts of the
-To open
Altoona Coal Mines.
50,000
50,000
Amort. of discount on bonds
of narrow-gauge railroad has been laid along the outcrop of
795,000 tory 1% miles
1,000,000
100,000
Employees' bonuses,&c
of two
554,428 the seam, together with construction of a new tipple and driving
100,000
985,831
Miscellaneous
new mine openings.
-The prosecution of the permanent slope has gone
Shannon Ore Mine.
$13,106,990 $5,965,582 $5,192,427
Total deductions
it was completed
$18,495,625 $22,152,249 $13,053,304 steadily forward without interruption. On Dec. 31 1917 roof, the slope
Net income
1,330 linear feet, protected by reinforced concrete sides and 70-1b. rails laid
Preferred dividends:
with double tracks,
3,500,000 being 18 ft. wide and 9 ft. 10 in. high, the slope requiring concrete pro3,500,000
Amor. Smelt. & Refg. Co.(7%)_ - 3,500,000
1,001,844 on concrete stringers. Tho portions of
993,258
699,572
Am.Sm.Secur. Co. pref."A' (6%)
The last portions will not require
) 513,094 1,500,000 1,500,000 tection are about 65% completed. rapidly. The outside equipment is
do pref."B"(5%
do
do
2,001,080 concreting and will proceed more
& Ref. Co. common diva_ -(7)4,269,860(6)3,140,576
Am.Sm.
practically ready for operation, except as to grading and laying of per$9,513,099 $13,018,415 $5,050,380 manent tracks.
ir Income balance
-This mine, under lease, has been operated steadily
Clinton Ore Mines.
23,442,295 19,560,438 19,510,057
Previous surplus
and has furnished the most important part of our ore supply for the blast
,
III
purchased in open market on short term
$32,955,394 $32,578,854 $24,560,438 furnace, the remainder being of the Shannon mine. Through the operaPi Total
$3,136,559 $1,100,000 contracts, pending the opening
Special approp. for prop. acc't, &c
for amortization the debit against our investment
3,900,000 tion of a suitable charge
6,000,000
Reserve for enlargement & extension_ 6,000,000
in the Clinton Mining Co. stock has reduced from $143,432, reported last
Y. Profit and loss surplus Dec. 31- __326,955,394 $23,442,295 $19,560,438 year, to $87,445.




1458

THE CHRONICLE

Sales and Shipments.
-Total shipments of steel were, in 1916, 155,147
tons; in 1917, 176,949 tons. Of the shipments in 1917, 73,250 tons were
domestic and 103,699 tons foreign. The extent of our market is shown
by the widespread distribution, this tonnage having gone to 21 States
and 35 foreign countries. The gross sales in 1917 amounted to $11,763,476,
an increase over 1916 of $4,137,226.
TONNAGE PRODUCED, IN GROSS AND NET TONS.
Mines.1917. 1916.
Alabama City (Conc.)- 1917. 1916.
Coal-Va. mines (net)_ _ 275,945 223,441 Wire rods (net)
78,287 72,309
do Altoona (net.) _ _ _107,566 101,835 Wire, plain (ne, )
,
71,011
Coke-Va. mines (net)_ 54,957 120,811 Wire, galvanized (net) 84,024 28,672
36,977
do Altoona (net) _ _ _127,542
Wire, barbed (painted).. 5,049 8,033
Alabama City
Wire,barbed (galvanized) 21,999 19,333
Pig iron (gross)
99,438 95,063 Woven wire fence
10,160 7,156
do Attala (gross)_ _ _ 6,743
Bars, plain
26,525 20,982
Ingots (gross)
209,312 195,957 Bars, twisted
671 2,671
Billets & slabs (gross)_180,40() 162,239 Tie plates
_180,40()
3,743 2,822
Bale ties
586
553 Nails
35,847 29,880
Staples
2,117 1,981 Galvanized nails
123
122
INCOME ACCOUNT FOR CALENDAR YEARS.
1917.
1916.
1915.
Gross sales
$11,763,476 $7,626,250 $4,406,618
Gross profits
$4,199,925
$633,105
Depreciation, taxes, &c., reserves__ _ 1,328,446 $2,650,007
197,496
24,162
First preferred dividends
(7%)140,000(7%)140,000(151-6)191,100
Second preferred dividends
(6%)64.543(534)207,068
Common dividends
(11%)874,188(2%)141,660
Balance, surplus
$1,792,748 $1,963,783
$417,843
Previous surplus
2,656,549
692,766
274,923
Total surplus
$4,449,297 $2,656,549
Note.-The 11% dividends on common stock deducted from the$692,766
of 1917 includes. 2% April 2; 3% July 2; 1% Red Cross July earnings
2; 234%
Oct. 1 1917 and 234% Jan. 2 1918.
-Ed.
BALANCE SHEET DEC. 31.
1917.
1916.
1917.
1916.
Assef
Liabilities-3
Works&prop.based
'First pref. stock_ 2,000,000 2,000,000
on stock purch_14,182,895 10,597,749 *Second pref. stk_ 860,800
1,685,600
Investments
87,445
143,432 'Common stock__ 8,139,200 7,314,400
U.S.etfs.of indebt. 500,000
Self Flux Ore Co.
Libei•ty bonds_
310,400
bonds
210,000
239,000
999,947 1,881,478 Land purch. notes 475,000
Notes & amts. rec. 1,350,486
796,611 Accounts payable_ 325,019
384,739
invontorte-Accrued items__ _ 110,010
126,106
Snlable _
_626,017
_
311,57 Dividends paylble
Convertible__
1,121,536
604,639
Jan. and Feb
201,415
Consumable _ _ _ 540,978
261,930 Reserves
03,176,401
66,418
Cash for divs.*
63,755 Surplus
4,449,297 2,656,519
Unexp.Insur., &c.
26,097
13,676
Total

19,745,800 11,678,627

Total

19,745,800 14,678,627

* After deducting in 1917 $1,000,000 1st prof., $1,000,000 2d pref.
$2,500,000 common stocks hold in treasury. a Includes in 1917 reserveand
for
depreciation and extinguishment, $448.852; for special reserve against property, $1,647,681; for taxes, $1,000,000; for replacements and sundries,
$72.342, and for bad debts, 37,529.-V. 106, p. 1348, 1234.

The White Motor Co., Cleveland, Ohio.
(Second Annual Report-Year ending Dec. 31 1917.)
Pres. Windsor T. White, Cleveland, Mar. 16, wrote in sub.:

[Vol,. 106.

The transition of the country during the year from a condition of peace
to a state of war has had a marked and increasing effect upon our business.
While in January 1917 only about 28% of your output was used by the
U. S. Government and the countries with which she is now allied, at the
end of the year this proportion had risen to over 51%, and an additional
16% was being consumed by railroads, shipyards, munition plants and
other vital industries. The effort of your representatives is to serve the
Government in every way possible.
INCOME ACCOUNT FOR CALENDAR YEARS.
1917.
1916.
1915.
1914.
Profits for year
$12,559,500 $9,371,258 $5,381,902
$940,741
Apprec. of inventory__
371,946
256,998
210,523deb1,932,143
Dividends paid_- _ _(20%
0)1,000,000(20)1,000,000(20)1,000,000 (5)250,000
,
Federal income and excess profits tax
3,925,136
Balance, sur. or def_sr.$8,006,310sr.$8,628,256sr.$4,592,425df$1 ,241,402
BALANCE SHEET DEC. 31.
1917.
1916.
1917.
1916.
Assas-$
$
Plant account__ _123,900,473 12,757,124 Capital stock
5,000,000 5,000,000.
Cash
750,995
873,548 Accounts payable_ 4,861,304 1,969,210
Other investments 979,080
652,553 Employees Liberty
y Reserve fund__ _ 431,625 4,992,250
bond payments_ 102,433
Notes & accts. rec.12,066.065 6,834,833 Accrued int., &c
119,946
Mdse. dr material_18,925,150 12,226,088 Insurance, &c_"__ _ 2,219,717 1,037,221
Prep'd ins., &c__ _ 207.835
27,265 Profit and loss__ _x48,468,526 33,976,192'
Adv. to acct. of
raw materials to
be finished
3,232,8181 3,618,961
Adv. to other cos_ 175,4521
Employ. Lib. bds. 102,433
Total
60,771,927 41.982,622
Total
60,771,927 41,982,62a
x After deducting $11,350,496 depreciation and $317,776 on revaluation
prior to 1917. y Denotes reserve fund to cover steamships and plant
extensions under construction. z Includes in 1917 $45,007,638 accumulated from income and $2,560,889 increase by revaluation of plant.
V. 106, D. 1232. 399.

Pierce-Arrow Motor Car Co., Buffalo, N. Y.
(First Annual Report-Year ending Dec. 311917.)
Pres. Charles Clifton, Buffalo, Mar. 26, wrote in subst.:
Results.
-The net profits of $3,598,748 wore arrived at after fully maintaining plant, after providing $487,560 for depreciation and after deducting
$1,161,802 for Federal excess war profits and income taxes as well as additional amounts for largely increased local and State taxes. There were
declared during the year four dividends of $2 per share on the preferred
stock and two dividends of $1 25 per share on the common stock. There
was added to surplus the net amount of $2,173,748.
Gross sales amounted to $32,565,908, as against $18,687,287 for 1916.
This increase was due in largo part to war orders from the United States
and Allied Governments.
Inventories-Financing.
-This increase of nearly 75% in volume of gross
business has been accomplished with an increase in inventory of about 53%.
Inventory increased $5,157,729, due in part to the expansion of business
and in part to (1) higher costs of raw material, (2) larger stocks of raw
materials on hand and in transit required by difficulties of railroad transportation and by competition for orders from overworked material manufacturers, and (3) difficulties of railroad transportation for shipments.
Your company's extraordinary requirements in connection with these
inventories have been financed at the banks, as have the like requirements
of other industries with large temporary business and inventory expansion.
Orders.
-Unfilled orders on hand for trucks and passenger cars aggregated 5,098 on Jan. 1 1918, as against 1,343 on Jan. 1 1917.
Additions.
-Charges to capital account during the year, for additions to
real estate, plant and equipment, aggregated $.1,360,166.
Early in the year your company purchased 17 acres of land adjoining its
property on the east. This purchase completes the block of land
by Elmwood, Great Arrow and Delaware avenues and the N. Y. bounded
Central,
Belt lines. A new building I in the uniform style of reinforced concrete,
four stories in height, and containing 100,000 sq. ft. of floor surface, was
constructed and was ready for service by July 1 1917. Additional construction, largely for storage purposes, was also completed, and new
machinery and other factory equipment was installed.
An increase in gross business of more than $14,000,000 was taken care
of by these capital expenditures aggregating only $1,360,166.
Outlook.
-In conformity with the desires of the U. S. Government growing
out of the war, the current output of passenger cars has been curtailed.
Your company will, however, continue a moderate schedule of passenger
car production sufficient to supply the current demand and to maintain
the integrity of the sales organization. Every endeavor will be made to
serve the requirements of the United States and Allied Governments with
trucks as well as to stimulate the sale of trucks for commercial use.
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING DEC. 31.
Calendar Years1917.
a1916.
Gross sales
$32,565,908 $18,687,287
Net manufacturing profit, after providing in 1917
$487,560 for depreciation of properties
$4,791,274 $4,076,166
Deduct-Excess war profits and income taxes_..1,161,802
Balance
$3,629,472 $4,076,166
Other income: Dividend from affiliated selling
company, $10,200; miscellaneous, $1,658
11,858
63,843
Total
$3,641,330 $4,140,009
Deduct-Interest (net)
42,582
69,750
Net profit for the year
$3.598,748 $4,070,259
Preferred dividends paid
(8%)800,000
b57,778
Common dividends paid ($234)
625,000
Balance, surplus for year
$2,173,748 $4,012,481
Previous surplus
242,215
Total
$2,415,963 $4,012,481
Applicable to operations of predecessor company..
$3,770,266
Total surplus as per balance sheet below
$2,415,963
$242,215

Additions.
-The capital assets of the company and its subsidiaries
have
been increased during the year 1917 to the extent of $822,415, chiefly for:
(1) purchase of land for new service station at 20th St. and Erie Ave., Phila.;
(2)final payments on the new sales building at Park Ave. and 57th St.,N.Y.;
(3) erection of a new factory building at Cleveland, to provide about 120,000
sq. ft. additional manufacturing space; this building is in addition to
the
one erected in 1916; (4) additions to machinery and equipment.
The new service station is now in course of construction in Philadelphia,
and in addition to the now factory building at Cleveland, 0., just completed,
arrangements have been made for the erection of an additional factory
building, which will provide 180,000 sq. ft. of manufacturin
of these additions will be completed during the year 1918. g space. Both
Payment.
-Purchase money obligations of $175,000 were paid when due.
Results.
-The grass sales. for 1917 were $25,749,446, and for 1916 $18,-307,756. an increase of 37,441,689, equivalent to 40.65%. The profits
were $4,830,309: deducting the reserve for Federal income, war and excess
profits taxes of $1 030,000, and dividends of $1,280,000 (8%), leaves
balance for the yea' 1917 to be carried to surplus account of $2,520,309. a
Balance Sheet.
-The surplus Dec. 31 1916 was $2,541,041;
be added an adjustment of taxes applicable to prior periodto this should
making the surplus at Dec. 311916, as corrected, $2,695,992. of $154,951,
Adding
balance of profits for 1917, $2,520,309, makes the surplus accountthe
at
Dec. 31 1917 $5,216,301, as shown.
Outlook.
-Orders on hand for our own and allied Governments which
take most of our output for the first half of this year. The demand will
our product for domestic business is also particularly heavy. Pricesfor
of
labor and material are constantly advancing and railroad congestion makes
deliveries uncertain. However, we feel that the outlook for the year
1918
is promising.
CONSOLIDATED RESULTS FOR CALENDAR YEARS.
1917.
1916.
1917.
1916.
Net earnings
$4,494,749 $4,037,027 Federal income dr
Other income_ _ _ _ 335,559
354,014 exc. prof.tax.(est)$1,030,000
Dividends
1,280,000 1,160,000
Total income_ _ _$4,830,309 $4,441,041
Rate per cent_
(8%)
(714%)
Res. to reduce val.
of inventory_x
$740,000
Balance, surplus$2,520,309 $2,541,041
x Reserve to reduce value of inventory to value based on prices current
Dec. 31 1915.
CONSOLIDATED BALANCE SHEET DEC 31.
1917.
1916.
1917.
1916.
AssetsLiabilities-Bldgs.& real est. _n4,235,380 3,845,019 Capital stock.. _ _ _16,000,000 16,000,000
Cost of good-will,
Notes payable for
pat., modele,dre_ 5,338,910 5,388,910
borrowed money 300,000
175,000
Secur. In other con. 210,060
Accts. payable &
Cash
694,600 1,944,379
pay-rolls
2,118,212
952,750
Notes receivable
1,409,145 1,041,696 Deposits on cars
a Includes operations of predecessor co. b At the rate of 8% per annum
101.549
147,017
Accts. reeeivable_ 3,629,589 1,809,621 Accrued int.. &c. _
64,435
479,469 from Dec. 6 to Dec. 311916.
Inventories
9,638,129 6,835,176 Reserve to reduce
U. S. Liberty Ms_ 125,448
BALANCE SHEET DEC. 31.
value of inven'y 740,000
740,000
Deferred charges_
113,296
126,507 Reserve for war
1917.
1916.
1917.
1916.
taxes (est.). _
1,030,000
Assets$
$
Surplus
b5,216,301 2,541,011 Plant site, bldgs.,
8% ctun. convert.
machinery, &c _x5,425,087 4,437,055
pref. stock
10,000,000 10,000,000
Total
25,573,537 21,035.07
Total
25,573,537 21,035,307 Patents, tradeCorn. stock (250,marks, &e
6.351
6,351
000 shares of no
a After deducting in 1917 $363,526 reserve for depreciation. b After Invest. In affiliated
par value, but of
deducting $154,951 adjustment'Of taxes of prior period.
-V. 106. P. 509.
selling co
40,000
40,000
the declared val.
Bond redemp.fund
1,287,500
of $5 per share) _ 1,250,000 1,250,000
(The) Atlantic Refining Co., Philadelphia, Pa.
.
Finished vehTs,&e 3,800,1631 ,
Capital surplus_
4,081,412 4,081,596
Work in process_ _ 4,103,531 9,680,057 Bonded debt
(Annual Report for Fiscal Year ending Dec. 31.)
1,250,000
Raw mat'l & 811111). 6,929,0871
Bank loans
4,500,000
Notes & accts. rec. 3,665,633 1,450,929 Bank loans see. by
Pres. J. W. Van Dyke, April 1, wrote in substance:
Misc.inv.& depos. 86,463
43,322
tiep. of Lib. bds. 641,533
A comparison of the important items with those of former statements
1,192,697 1,463,677 Accounts payable_ 1,914,402 1,422,585
also reflects the changing business conditions. From such comparison Cash
Customers' depos_
119,800
124,994
you will note a large increase in investment, both for merchandise and Liberty bonds_ _ _ _ 634.99i
Accr. excess war
plant, and a decrease in the fund available for the latter purpose. This Deferred charges_ 195,904
prof. & Inc. taxes 1,161,802
change is the natural effect of a larger volume of business at a higher price
Accrued bond int_
37,500
level, as indicated by a 23% increase in crude oils consumed and a 43%
Surplus (see table
Increase in sales values as compared with 1916. At the same time Federal
above)
2,415,903
242,215
taxes have been increased from about $200,000 for 1916 to about $4,000,000
for 1917. The result has been that the profits from operations available
Total
26,084,913 18,403,890
Total
26, 84,913 18,408,890
for investment in the business have been barely sufficient to meet the
demands for additional working capital.
x After deducting in 1917 $1,720,576 reserve for depr'n.-V. 106, p. 403.




1459

THE CHRONICLE

APR. 6 1918.]

Kelsey Wheel Co., Inc., (Incl. Subsid'y Cos.), Detroit. Standard Oil Cloth Co. and Meritas Mills(of Ohio), N.Y.
(Report for Fiscal Year ending Dec. 31 1917.)
(Report for Fiscal Year ending Dec. 31 1917.)
COMBINED RESULTS FOR CALENDAR YEAR 1917.
Pres. John Kelsey, Detroit, Mar. 13, wrote in substance:
Our net increase over 1916 was 38% in sales. For the year 1918 we have
sold approximately 80% of our entire output and consequently this year
should show a very satisfactory result.
CONSOLIDATED RESULTS FOR YEARS ENDING DEC. 31.
1917.
1916.
$11,321,356 $8,178,921
Sales less returns, allowances, &c
7,267,619
Mfg. cost of sales, administrative, &c., expenses_ 9,647,738
$1,673,618
49,246

Balance
Add-Miscellaneous income

$911,303
196,299

$1,722,864 $1,107,602
Total
$219,932
$342,963
Amount reserved for depreciation
Provision for Federal excess profits and inpme
305,000
taxes and business profits war taxes
29,030
34,646
Interest on borrowed money
(7%)210,000 (1U)52,500
Preferred dividends paid
Dividends paid on stocks of constituent companies
123,719
prior to reincorporation
Organization expenses incurred, $32,724; appraisal
28,001
adjustment credit, $4,723
$830,255
Balance, surplus for year
CONSOLIDATED BALANCE SHEET DEC. 31.

$654,420

1916.
1917.
1916.
1917.
f4abilities-$
Assets
%
Property acct. &c.a2,519,507 2,041,339 7 cum. pref. stk. 3,000,000 3,000,000
Common stock__ _10,000,000 10,000,000
Trade-names, good10,000,000 10,000,000 Notes payable
will, &c
(bank loans)
484,000
290,000
2,212,840 1,788,073
Inventories
833,765 Accounts payable
Notes & accts. rec. 932,509
361,111
(trade creditors) 788,315
b63,347
Liberty bonds. _ _
Sundry creditors &
c2,000
Victory bonds_ _ _ _
407,144
accrued Habit's_
234,383
168,594
69,929
Deferred assets,&c.
326,587
74,903 Prov. for war tax_
333,830
Cash
Surplus
1,484,675
654,420
Total

18,123,960 14,908,674

Total

16,123,960 14,906,674

(Including Standard Oil Cloth Co. and Meritas Mills.)

$10,901,550 Gross income
$1,300,070
9,019,222 Cash discount reserve and
fixed charges
$428,717
$1,882,323 Dividends paid and dedared
613,286
526,399
Transferred to reserves
291,560
$1,269,013
31,027

Net sales
Cost of sales
Gross earnings
General expense
Net earnings
Other income

Gross income
Balance, surplus
$1,300,070
$53,394
The net sales for the calendar year 1916 aggregated $9,236,583, and the

balance, after all charges and dividends, $767,012.
COMBINED BALANCE SHEET DECEMBER 31.
(Including Standard Oil Cloth Co. and Meritas Mills.)
1917.
1916.
1917.
Assets
Liabil
Land, bidgs., &c_ 8,662,489 7,709,982 Pref. "A- stock__ 2,970,700
Furniture, Stc____
19,930
16,040 Pref. "B" stock__ 3,000,000
Cash
500,885
153,703 Common stock... 3,000,000
Receivables
917,100
709,869 1st Mtge. bondsInventories(at cost)5,163,812 3,299,602
Meritas Mills__
940,000
Development
-deNotes payable__ _ _ 2,840,000
sign & publicity
62,998
71,353 Accts. pay.&accr'd 198,404
Unearned insur.,
Deferred credits_
taxes & interest_
100,903
79,424 Deprec'n reserve_
660,0641
Cash foreonstrueOther reserves....681,332f
tion, ckc
210,932 Surplus
a1,137,618
Total

16;128,118 12,249,910

Total

1916.
3,000,000
2,000,000
3,000,000
1,000,000
900,000
193,267
223,472
892,877
1,040,294

15,428,118 12,249,910

a After adding $43,930 reserve adjustments.
-V. 106, p. 1236, 714.

Porto Rican-American Tobacco Co. of New Jersey.
(Annual Report-For Fiscal Year ending Dec. 311917.)
Treasurer A. H. Noble, Mar. 14, wrote in substance:

a Includes land, buildings, mach nery, equipment, comprising manuThere has been no change in the capital stock during the year, the amount
facturing plants at Detroit, Memphis (Tenn.) and Windsor (Ont.), valued
at cost, less reserve for depreciation aggregating $1,058,814 in 1917. now outstanding being $3,632,750.
Our business has suffered very materially during the year from strikes
b After deducting $17,220 unpaid installments not due and $32,483 payments by employees. c After deducting $18;000 unpaid installments not that prevailed in Porto Rico, resulting in practically no production in our
factories for more than three months. It final agreement was reached
-V. 106, p. 1234, 504.
due.
with the labor organizations at the end of the year, and operations have
conducted
Oklahoma Producing & Refining Co. (of Del.), N. Y. since been earnings for at full capacity.
The net
the year, after deducting all charges and expenses
of operations, were
and after adding dividends from the Indus(Report for Fiscal Year ending Dec. 31 1917.)
3450,851'
1917, including sub, operating cos__$2,982,710 trial Co. of Porto Rico and Porto Rican Leaf Tobacco Co., $60,480, the
Earnings for calendar year
net income,
to surplus and
263,781 the year two applicable dividends of 4% dividends was $511,331. During
Dividends on stock of Union dos Petroles d'Oklahoma
each were paid in cash amounting
quarterly
$3,246,491 to $290,620, and two quarterly dividends of 4% each in scrip, $290,620.
Total income for year ending Dec. 31 1917
-Depreciation, $966,481; depletion, $521,557; total__ _$1,488,038
Deduct
INCOME ACCOUNT.
319,025
War excess profits and income taxes
12 Mos. to 6 Mos. to 12 Mos. to
355,583
Proportion of earns, of sub. cos. applicable to stock not owned_
Dec. 31 '17. Dec. 31 '16. June 30 '16.
677,745
Dividends paid
Not reported $3,972,912 $5,705,129
Sales
•
$406,101 Net earnings (after providing for obBalance, surplus, for the calendar year 1917
solete machinery, &c.)
$450,851
$221.176
3536,235
In Aug. 1917 the company purchased stock of the Union des Pertoles
60,480
109,740
30,525
d'Oklahoma at a cost of $4,727,311. The proportion of the earnings Dividends from other companies__ _
26,429
48,621
applicable to stock owned by the Oklahoma Prcd. & Ref. Co. has not been Interest on loans, deposits, &c
144,649
198,809
taken into the profit and loss account; credit has only been taken for the Miscellaneous
dividends received, amounting to, as above stattd, $263.781.
Total net income
$511,331
$501,994
$814,190
BALANCE SHEET DEC. 31 (INCL. SUB. COS.).
U. S. Government corporation tax_
$11,734
$7,211
1916.
1917.
1916.
Dividends (cash
1917.
*(16%)581,240(8%)264,212 (16)528,450
Liabilities$
$
$
Dividends (stock)
3
Assets(10)330,260
Capital stock ____ 9,670,440 5,000,000
Oper'g properties,
pipe lines, &c...11,827,326 4,154,792 Cap. stock of sub.
cos. with public
Osage-Hominy 011
at book value__
3,187,500
298,322
2,737
Co. stock
Prem. on capital
Union des Petroles
stock issued, less
d'Okla. stock__ 4,727,311
6,723
underwr. comm. 3,714,813 1,097,549
11,454
Misc. investments
212,369 Bills payable
699,315
3,366,000 2,500,000
Oil, materials, &c_
433,765 1,080,989 Accounts payable_
297,791
158,628
Cash
252,234 Prov'n for excess
Acets receivable.. 398,211
prof., &c., taxes 319,025
6,485
25,287
Deferred charges_
Surplus
557,278
151,178
Total

18,122,668 8,910,092

Total

18,122,668 8,910,092

* Includes in 1917 operated properties, $11,174,148; undeveloped lands
and leases, $250,399, and pipe lines, buildings, machinery, tank cars, &c.,
$1,484,318; total, $12,908,865, less $1,081,539 reserve for depreciation.
-V. 106, p. 826, 302.

United Alloy Steel Corporation, Canton, 0.
(Report for Fiscal Year ending Dec. 31 1917.)
RESULTS FOR CAL. YEAR 1917 AND FROM OCT.25 1916 TO DEC. 31 '16
Year '17. Period '16.
Year '17. Period 16
' .

Manufact'g profits.$6,505,266 $729,438 Depreciation
$516,296
$27,083
38,121 Resery'd for Federal
104,943
Other Income
income dr excess
prof. taxes (est.). 1,500,000
$6,810,209 $767,559
Total
Dividends paid... 2,050,000
500,000
Rate per cent
Profit sharing, Red
($4)
($1)
$207,842 $65,217
Cross, &o
1,355 Balance, surplus. _$2,328,490 $173,904
7,580
Int., discount, &c.

Initial dividend of $1 per share, was paid Jan. 10 1917; April, July and
Oct., $1; Jan. 1918, $1.
BALANCE SHEET DEC. 31.
1916.
1917.
AssetsReal estate, buildings, machinery, equipment, &c.$14,614,650 $8,269,966
3,186,402
Cash on hand and on deposit
1,163,756
$2,258; accounts
Bills receivable, miscellaneous,
1,806,882
receivable (customers accounts), $3,036,3393,038,597
-raw in process and finished material
Inventories
2,356.277
6,572,070
at cost
Trustee of employees' stock, $937,043; personal
949,244
and advances, $12,201
Investments-United Furnace Co., representing
50% of the stock, excl, of directors' qualifying
1,509,438
shares, $1,499,700; stocks & bonds, $167,800.. 1,667,500
Deferred-Prepald expenses
67,727
67,403

Total
$28,073,220 $17,196,692
Liabilities1916.
1917.
Capital stock-Declared capital in accordance with
stock corp. law of N. Y. represented by an
auth. issue of 525,000 shares, all outstanding
$2,625,000 $2,625,000
Notes payable, $514,603; accounts payable, $1,2,148,660
916,203; total
2,430,806
Personal and miscellaneous, $17,975; deferred payment on Liberty bonds, $58,000
75,975
Dividend, 4th quarter, payable Jan. 20 1918
525,000
Accrued accounts-Local taxes, $9,301; reserve
for Federal income, war and excess profits tax,
86,280
(est.), 31,500,000; health & accid. res., $20,142- 1,529,442
56,832
Reserves-for repairs and renewals
9,602
us
a20.877,395 12,279,920
Capital-Surplus

Balance, surplus or deficit
def.$69,909 def.$104,212sur.$278,529
* Includes two quarterly dividends of 4% paid in scrip and two quarterly dividends of 4% paid in cash.
,
BALANCE SHEET DEC. 31.
1917.
1916.
1917.
1916.
Assets$
$
Real est., bldgs,&o.11,424,009 $857,484
1217,311
Mach., fixtures, Arc.f
206,600 161,600
Good-will, &c
Mid. stk., sup., Art1.14,280,4981 533,123
11,511,280
Leaf stock
I
P.R. Leaf TO. Co- 785,969 689,388
Stock in other cos__ 271,653 365,654
327,779 201,198
Cash
Bills & accts. receiv_1,031,208 1,545,268
8,307,716 6,082,306

Total

Total

8,307,716 6,032,308

-V. 106, p. 1132. 826.

Diamond Match Company.
(Report for Fiscal Year ending Dec. 31 1917.)
1916.
1915.
• 1914.
1917.
Net profits, all sources_ _ $5,637,925 $2,925,806 $2,284,564 $1,872,165
Deprecia'n, repairs, &c..
429,440
252,944
291,188
329,931
192,350
Res've against inventory 1,700,000
388,368
1,103,098
U S. Gov't taxes
Reserve against cost of
potash plants
400.391
Reserve to protect stocks
against price decline
300,000
Not earnings
$2.405,387 $2,780,121
Profit from sale of Bryant & May,Ltd., ord.
stock
279,475

$1,605,009 $1,542,234

Total
$2,684,862 $2.780,121 $1,605,009 31,542,234
Approp. for gen. reserve
____
$250,000
$250,000
Depreciation reserve.._ $180,000
$150.0110
150,000
150,000
Dividends
(9%)1,526,859(7%)1314795(7)1,130,599 (7)1.126,342
$978,003 $1,315,326
454,730
520,056

$74,410
880,320

$15,892
864,428

Total
$1,498,059 $1,770,056
Patents, &c., written off
749,999
1.250,000

$954,730
500,000

$880,320

3520.056
$748,060
$454,730
BALANCE SHEET DEC. 31.
1916.
1917.
1917.

$880,320

Surplus
Previous surplus

Surplus Dec 31

Assets
5,859,686
Plants, ace
Pine lands, &c
2,668,769
1
Pat'ts, rights, &c_
Foreign,&c.,invest. 691,618
Def.chgs. to open, 132,969
9,202,
144
Inventory
Notes & accts. rec.
less reserve_ _ _ _ 1,908,158
1,136,668
Cash

$
4,345,228
2,626,615
750,000
936,811
46,629
4,808,312

1916.
Liabilities
Capital stock ___ A6,965,100 16,965,100
Attc'ts payable__ _
232,992
487,275
54,037
Pay-rolls
63,628
Taxes accr'd (est.) 1,214,332
95,828
Reserves
465,985
2,120,406
Surplus & profits_ 748,060
520,056

2,234,651

2,685,832
$28,073,220 $17,196,692
Total
a Includes $2,328,490 net profit for year 1917 after paying $2,050,000
21,598,802 18,333,978
Total
cash dividends and providing as a reserve $1.500,000 for Federal taxes.
-Nr. 106, p. 1371. 1143.
-V. 106, p. 1129, 604.




Liabilities-$
Capital stock
3,632,750 3,632,750
Scrip
290,690
90
Bills and accounts
payable
2,334,436 348,236
Provisions for corn.,
obsolete mach'y
and,other funds
446,693 428,176
Surplus
1,603,147 1,673,065

Total

21,598,802 18,333,978

THE CHRONICLE

1460

Electric Storage Battery Co., Philadelphia.
(Statement for Fiscal Year ending Dec. 31 1917.)
1914.
1916.
1915.
1917.'*"
Sales, less mfg. cost, &c_ $3,140,560 $2,069,978 $1,770,188 $1,395,793
547,165
751,182
581,570
919,947
Operating expenses, &c_
$2,220,613 $1,318,796 $1,188,618
172,130
263,257
257,269

Net earnings
Other income

Total net income... $2,477,883
450,000
Res. for 1917 Fed. taxes
649,967
Dividends (4%)
Balance, surplus

$1,377,916

$848,628
254,610

$1,582,053 $1,360,748 $1,103,238
649,964

649,964

649,964

$932,089

$710,784

$453,274

CONDENSED BALANCE SHEET DEC. 31.
1917.
1916.
1916.
1917.
Liabilities$
$
Assets.
Plant investment- 3,762,517 2,676,688 x Capital stock_ _ _16,249,425 16,249,425
486,139
Stocks and bonds_ 1.023,636 1,658,955 Accounts payable_ 819,785
Sundry liabilities_ 173,949
52,213
U.S.Govt.securs. 990,000
Notes payable, 1-2
tradePatents,
300,000
11,000,000 11,000,000 6% year notes_ 2,000,000
marks, &c
364,697
319,307 Deprec'n reserve__ 1,086,565 1,015,423
Cash
Accts. receivable_ 2,517,287 1,974,415 Res. for unfinished
216,367
contr. & contin_ 333,614
121,032
2,109
Notes receivable
Inventory acc'ts 4,928,760 3,020,441 Res.for Fed Ames. 450,000
13,662
Advanced rentals_
y3,594,592 2,318,686
Surplus
Total

24,707,929 20,651,915

Total

24,707,929 20,651,915

x Includes common stock, $17,880 500, and pref. stock, $119,500; total,
$18,000,000, less stock held in treasury, $1,750,575; balance, as above,
316,249,425. y After deducting $102,009 adjustments of accounts and
-V. 106, p. 1233, 926.
all items not incident to the current year.

Interstate Iron & Steel Co., Chicago.
(Report for Fiscal Year ending Dec. 31 1917.)
PresidentiS. J. Llewellyn says in substance:
This, the first year of our enlarged activities, has been profitable and
satisfactory. Our new open-hearth steel capacity was put into operation
in July and August and has been doing good work since that time. After
payment of all operating expenses, taxes and fixed charges, and after ample
provision for depreciation, preferred stock dividends and preferred stock
sinking fund requirements, the net earnings were equal to 24.7% upon the
outstanding common stock.
In normal times, therefore, a substantial dividend upon the common
stock would be justified. However, in view of the extremely unsettled
financial conditions and the many unknown factors in the business situation throughout the world, your directors believe that it is to the best interests of the stockholders to conserve our cash resources so as to adequately
meet any unforeseen demands, rather than to pay a dividend at this time.
World conditions are such that it is difficult or impossible to make any
predictions as to the future of this business. So much depends upon
Governmental activities and regulations, that ordinary principles of business do not apply. We are going ahead with full confidence that we can
master the problems and difficulties that may appear and hope to make a
satisfactory showing.
The surplus net income after taxes,&c.,for the calendar year 1917 was
$1.050,687, and after deducting $61,659 pref. dividends paid, the balance
carried forward was $989,028. (See bond offering, &c., V. 104,p. 168,867.)
-V.106, p. 1039..
BALANCE SHEET DEC. 31 1917(TOTAL EACH SIDE $9,885,999)•
Assets ($9,885,999)
a$5,795,9!
Land, buildings plant, machinery, good-will, &c
1,813,608
Materials, supplies, finished product, &c
1,082,404
Accounts and bills receivable, less reserve
475,000
U. S. Liberty Loan bonds, 4s
500,000
U. S. Treasury certificates, 48
210,432
Cash in banks, &c
.8,617
Deferred charges
lI
Liabilities ($9,885,999)
04866,600
issued 31,000,0001
7% cum. pref. stock [auth. $3,000,000,
4,000,000
Common stock authorized and issued
2,189,000
First mortgage 6% serial sinking fund bonds
402,487
Accounts payable and pay-rolls accrued
25,343
Reserve for accident liability
48,140
General taxes and interest accrued
700.000
Provision for Federal income„and war excess profits tax
c502,662
Reserves
1,151,767
Surplus
a After deducting $523,978 depreciation reserve and $44,450 proportion
of abnormal cost of construction during 1917 written off. b After deducting $133,400 pref. stock held in treasury. c Includes reserves for relining
open hearth furnaces, $24,505; for special inventory reserve, $128,157;
for pref. stock sinking fund, $50,000, and for contingencies,0300,000.V. 106,.p. 1039.

IBy-Products Coke Corporation, Syracuse, N. Y.
(12th Annual Report-Year ending Dec. 3111917.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1915.
1916.
1917.
$768,544
Total earns,from oper__ $3,373,904 $2,433,345
12,180
40,000
41,356
Earns,from investments

1914.
$472.480
36,863

$509,343
$780,724
$3,415,260 $2,473,345
Total earnings
$68,467
$67,966
$69,582
$80,965
Expenses, &c
108,399
103,157
185,736
244,512
_ __
Bond, &c., interest_
. 153,758
298,023
452,517
699,304
Depreciation, &c
900,000
Reserve for war taxes
155,864
392,648
267,263
755,732
Dividends
(6%)
(”i%)
(4%)
8& 4stock
Per cent
$42,699
$22,856
Balance for year$734,746 $1,374,479
Trii=the eainirtrof 1917
- - grd5
- --raf drfide7iCts,17 SW,Chiiir
1'hritein 5
below includes: May 1917, 13i% and 1 extra; Aug., 1M and 1 extra; Nov.,
1X and an extra 2% in stock; Feb. 15 1918, 13i% in cash and 2 in stock,
in all 8% in cash and 4% in stock.]
[Compare offering of new stock among news items on a subsequent page.
BALANCE SHEET DEC. 31.
1916.
1917.
1916.
1917.
Liabilities
$
$S
AssetsPlant accounts__ 8,1'27,010 6,247,742 Capital stock-. _ _ 6,629,200 5,235,300
212,750
41,498
630,704 Stock scrip
929,209
Real estate
*3,135,000 3,190,000
743,837 Bonds
Invest. in oth.cos_ 938,857
463,834 Pur. money notes_ 1,700,000
561,043
Sinking fund
400,000
1,218,167
531,370 Bills payable
1,174,439
Cash
60,392
91,802
Mat'l & supplies 2,910,725 1,759,100 Accrued bond int_
63,601
138,637
receivable 2,198,962 1,565,237 Wages
Acc'ts
182,210
161,108
44,821 Miscellaneous_
183,257
Miscellaneous_
Res've for income
147,500
.
Liberty bonds_ _ _
& excess prof.tax 900,000
827,435
Accounts payable_ 1,161,744
Undivided earns_ _x2,604,154 1,804,651

[Vol,. 106.

American Graphophone Co.
(Report for Fiscal Year ending Dec. 31 1917.)
Pres. Francis S. Whitten,Feb. 18 1918, wrote in substance:
Your company was operated on an extensive scale during the year,
the gross sales showing a handsome increase over 1916. The East Plant
has been completed and the West Plant has been well maintained and
much improved, while the organization has been built up and strengthened
at many points.
The year has been one of great inconvenience of operation, due to frequent
embargoes on transportation, difficulty in obtaining fuel and raw materials,
the lack of efficient labor, transportation difficulties and the necessity for
carrying extraordinarily heavy supplies of finished product and raw.
While a 10% advance in the price of Grafonolas was made in Oct. 1917,
the advance was not adequate as compared with rising costs and increased
taxes; the intense competition in the industry, however, has made it impossible to advance the price of the finished product sufficient to offset
the increased costs of operating expenses, raw materials and taxes.
Notwithstanding the rising cost of fuel, labor and raw materials (in
many cases 200% to 400%), economies aggregating hundreds of thousands
of dollars have been put into operation which have somewhat offset these
advances.
Heavy taxes, consisting of 3% on gross sales, have been levied by the
national Government on your company and have been paid. These taxes
are a direct tax on capital and in no sense a tax on income.
[An additional $2,558,895 common stock was offered to common and pref.
shareholders at par early in 1917 and was all subscribed for, making $5,186,685 outstanding after April 16 1917.-V. 104, p. 1146, 1389.
In regard to the plan now operative for change in name to the Columbia
Graphophone Mfg. Co. in connection with the recapitalization of the
enterprise, see V. 106, p. 1128. 1037.
INCOME ACCOUNT FOR CALENDAR YEAR.
1916.
1915.
x1917.
1914.
Net earnings, all sources $1,722,772 32,176,475 $1,988,401
$637,036
Int.on fund.& float.debt $417,944
3272,876
$125,744
$125,374
Gen'l invent. reserve__ _
150,000
Depreciation
330,000
330,659
491,854
161,330
Other reserves, &c
50,000
y339,974
Preferred dividend (7%)
161,045
150,169
175,000
146,764
Common dividend (7%) z318,164
183,946
183,946
Total
$951,713
$1,581,741 $1,147,867
Surplus for year
3141.031 $1,028,608 $1,036,688
Surplus & reserve accts.
beginning of year_ _ _ _ 2,047,147
1,590,351
1,070,156

$433,468
$203,568
866,58&

Total
$2,188,178 $2,618,959 $2,106,844 $1,070,156
Charged off, patents,&c.
571,812
516,493
Total surplus Dec. 31 $2,188,178 $2,047,147 $1,590,351 $1,070,156.
x The statement in 1917 does not include any profits of the London company which were included in 1916 to the extent of $51,000. The statement
for the full year for the London company is not yet finally completed,
but the earnings for 1917 will probably equal if they do not exceed the
earnings for 1917. y Includes reserve for bad accounts and notes receivable
written off, $111,779 and other charges, $228,195. z Includes 13(%
on the $2,627,790 common stock and 53.1 % on the $5,186,685 common
stock.
BALANCE SHEET DEC. 31.
1917.
1916.
.
1917.
1916.
Liabilities
Assets$
Common stock._ _ 5,186,685 2,627,790
Patents,franchises,
good-will,&c__ - 1,000,000 1,000,000 Preferred stock__ 2,500,000 2,500,00'
Mtge. bds.1910-30 1,936,800 1,936,800
Real est., bldgs.,
&c.,less deprec'n 4,295,931 4,114,165 6% serial notes_ _ 2,500,000 2,500,000
Current accts., WInvest, in aM.cos. 686,635
Inventories
*7,874,521 *5,389,740 eed int. & taxes
& notes payable 4,768,765 3,139,235
Accts.& notes rec.
3,726,321 3,466,812 Surplus & reserve
less reserve
664,011
accounts
1,377,965
Cash
2,188,178 2,047,147
116,244
119,055
Deferred assets_ _ _
Total
Total
19,080428 14,750,972
19,080,428 14,750,972
* Includes at cost raw materials, goods in process and finished goods.
$2,835,568.-V. 106, p. 1128. 1037.

ALLOCATION OF FOREIGN DIVIDENDS.
The following telegram from the Internal Revenue Commissioner in regard to allocation of 1917 dividends of foreign
corporations, was received too late for publication in last
week's "Chronicle":
Dividends paid by foreign corporation to citizens or residents United
States may be allocated in accordance with Treasury decisions 2659 and
2678. Where foreign corporation has earnings from sources within,United
States, foreign dividends in hands of stockholders who are citizens or,residents of United States [are] subject to additional tax to the extent that
[the] dividend represents earnings from sources within United States, and
[the] remainder [of the] dividend [is] subject to both normal and additional
tax. If foreign corporation has no earnings from sources within United
States, [the] entire dividend in hands of such shareholder [is] subject to
both normal and additional tax. Dividends of foreign corporations paid
to individuals who are non-resident aliens in accordance with Treasury
Decision 2242 [are] not subject to Federal income tax. (Compare_notice
in last week's issue, page 1342.)

GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Atchison Topeka & Santa Fe RR.
-Resignations.

Walker D. Hines (Chairman) and Carl R. Gray have resigned as directors. Edward Chambers has resigned as Vice-President. Their successors
-V. 106, p. 817.
have not yet been chosen.

Bangor (Me.) Ry. & Electric Co.-Consol. Earnings.
1917.
1916.
Calendar Years$886,120 $829,988 Interest &a
Gross earnings
Oper. exp. & taxes__ _ 502,053 460,878 Pref. dive. (7%)
$384,007 $369,110 Bal. for com.
Net earnings
-V. 106, p. 497.

1917.
1916.
$228,442 $214,912
105,000 105,000
$50,625 $49,198

-Fare Schedule.
Bay State Street Ry., Boston.
Receiver Donham has filed with the P. S. Commission a new schedule of
fares and plans to put into effect April 26 a new mileage system, by which
the city patrons will par a faro of 6 cents within a new city zone, an area
of about three miles in the middle of each city, and those riding beyond the
city zone will pay 73i cents, or in tickets six for 45 cents. Those who ride
still further in the country section will pay from 2 to 3 cents a mile, depending upon the density of traffic.
Receiver Donham estimates that for 1918 additional revenue of $2,202,767 is required to give a fair return, while for the year next ensuing increased
fare schedules filed Oct. 9 1917 should yield, he believes, $575,000, and the
aforesaid zone system for the coming year $1,300,000, making a total increase of $2,021,000.-V. 106,p. 1125, 1036.

-Earnings.
Capital Traction Co., Washington, D. C.
17,771,002 11,986,646
1917.
1916.
1917.
1916.
Cal. Years$2,000,000, and Federal Gross earnings_ .$2,783,538 $2,289,251 Gross Income_ _ -$1,266,471 $1,060,768
* Includes By-Products Coke Corp. bonds,
_ _ 469,941
424,592
Furnace Co. bonds, $1,135,000. x Before deducting regular dividend of Net earnings _ _ _ $1,250,209 $1,051,840 Int., taxes, Am_ (6 )750,000
income_
16,262
8,928 Dividends
aggregating
$1 50 per share and $2 in stock paid Feb. 15 1918, of dividends$232,456. Other income_ _51,266,471 $1,060,768 Balance,surplus.-. Yi $46,530 (5)600,000
$36,177
for 1917. Gross
This amount is included in table above under item
-V.106, p. 497.
totaling $755,732. [Ed.]
-V. 106, P. 717, 399.
Total

17,771,002'11,986,646




Total

APR. 6 1918.1

THE CHRONICLE

Charleston & Western Carolina Ry.-New Treasurer.
-

John T. Reid has been elected Treasurer with office at Wilmington, N.C..
succeeding J. F. Post.
-V. 105, p. 2453. !

Chattanooga (Tenn.) Ry. & Light Co.
-Earnings.
Calendar
Gross
Oepr. Exp.
Net
Interest,
Balance for
YearsEarnings.
etc.
& Taxes. Earnings.
Divs., etc.
1917
$1,356,342 $1,138,903 $217,439 $359,785 def.$142,346
1916
1,235,623
823,444
412,178
356,324 stir. 55,855
-V. 100, p. 497.

Chicago Railways Co.
-Earnings, Jan. 31 Years.
Joint Account with the City.
Jan. 31.
Balance
Net (after
Int., 5%
Of Which toYearTaxes).
on Invest t. Divisible. City, 55%. Co., 45%•
1917-18_ _ _ _$6,839,556 $4,418,135 $2,421,421 $1,331,782 $1,089,639
1916-17_ _ _ _ 7,536,983
3,217,200 , 1,769,460
4,319,783
1,447,740
After adding (to the 45%, or the company's proportion, $1,089,639 in
1917-18) $4,418,137 interst allowed on valuation of property and $146,584
miscellaneous credits, total $5,654,359, and deducting interest, &c., deductions, excluding interest on income bonds amounting to $5,244,383.
the net income is $409,976. Interest onitadjustment and dividends on
Series 1 participation certificates amounted to $352,600, including interest
on adjustment bonds, $100,000, leaving a surplus for year $57,376. The
total surplus Jan. 31 1918 was $511,143.

Adjustment Income Interest.
The directors have declared 4% (annual) interest on the $2,500,000
Adjustment Income bonds for the year ended Jan. 31 1918, payable May
1.-V. 106, p. 601.

Chicago Rock Island & Pacific RR.
-Govt. Operation.
-

The shareholders will vote May 2nd authorizing the signing of an agreement between the company and the Government for operation of the road
under Federal control.
-V. 106, p. 1036, 295.

Cincinnati Dayton & Toledo Traction Co.
-Plan of
Reorganization.
-The bondholders' protective committee,
J. M. Hutton, President, announces that they have purchased the property and have adopted a plan of reorganization, as follows:

1461

Georgia Ry. &iPower Co., Atlanta.
-Earnings.
--

Cal. Years1917.
Gross earnings___$7,807,039
Net (after taxes) $2,015,597
Other income_ _ __
189,271
Gross income_ _$3,104,868
Bond,&c.,int__ 1,520,384
106, 710.

p.

1916.
$6,985,709
$3,076,929
120,359
8.3,197,28S
1,459,244

1917.
1916.
Rental divs
$801,168 $801,168
1%liscell. charges
161,688
123,270
1st pref. dive.(6%) 120,000
do acc't accum. (4)80,000 (3)60,000
Surplus
$419,626 $753,607

Grand Trunk Ry. of Canada.
-Earnings.
Press reports

state that the gross earnings for the calendar year 1917
were £10,725,500, contrasting with £9,819,700 in 1916 and £8,292,688
in
1915; but that, owing to the increase in operating expenses, the net
income
was only £1,790,600, against £2,654,100 and E2,154,631, respectively,
in
the earlier years. Consequently, the surplus from the operations of
1917
after deducting all charges, but with no allowance for dividends, was
duced to £26,300, against 1802,300 and 1510,704, respectively, in 1916 reand
1915.-V. 106, p. 1344, 1230.

Hartford Street Ry.-Six-Cent Fare Sustained.
-

The Connecticut P. S. Commission has announced a
the company's six-cent fare and denying the petition offindinF upholding
the city of Hartford for a reduction.
-V. 81, p. 1043.

Hudson & Manhattan RR.
-Connection with Shipyards.
-

The Federal authorities, in order to avoid the necessity of
homes for the numerous hands engaged in shipbuilding and providing
munition
plants on the Newark meadows, have under consideration plans
building of a surface electric railway which would be virtually an for the
extension
of this company's Hudson River Tubes, and thus permit through
to and from Manhattan and the district mentioned. The new service
road is
projected to extend from a point midway between
Passaic rivers to a point opposite the main gate of the the Hackensack and
Federal Shipbuilding
Co. on Lincoln Highway and other plants in the adjacent neighborhood,
such as Henry Ford Co., Foundation Co.. New Jersey Zinc Co.
and the
proposed Niles-Bement-Pond Co. plant. The plans
extension south by the Public Service Ry. to the also include a further
yards of the Submarine Boat Corporation.
It is said that the new line will, when completed, provide
facilities for about 50,000 workers. Running time from the transportation
yards
landt St., N. Y., is estimated at 16 minutes, and to 33d St. 26 to Cortminutes.
No definite action has yet been taken declaring the plan operative.
V. 106, p. 929, 822.

A now corporation with $1,250,000 common stock will be formed to take
Illinois Central RR.
over the property, and will issue $250,000 5% 10
-year bonds on the lino
-Dividend.
from Spring Grove Ave. to College Hill, with branch to Mt. Healthy;
A quarterly dividend of 14% has been declared on the stock
payable
$500,000 like bonds on the Lindenwald power house and plant, and $250,000 June 1 to holders of record, it is stated, as of May 3. A like
amount was
like bonds on the equity in the Hamilton city lines.
paid on Mar. 1 when the rate was increased from 1%%
quarterly.
-V.
All the above stock and bonds go to the committee as part payment for 106, p. 929.
the property, but will be held to insure completion of tho plan, which conInter-State Rys., Philadelphia.
templates exchanging all the above bonds and all the $2,300,000 under-Deferred Rental.
lying bonds for like amounts of an issue of $4,500,000 First & Refunding
See United Power & Transportation Co. below.
-V. 106, p. 1036, 924.
Consolidated Mtge. 5% 20
-year bonds, secured by the entire property.
Kansas City Ry. & Light Co.
Of the remaining bonds, $450,000 go to the committee to complete
-Strike Off.
payment for the property and $750,000 will be reserved by the new comThe general sympathetic strike in Kansas City has
pany for future improvements, &c.
on Apr. 3, strikers returning under unchanged conditions.been declared off'
-V.103,p, 1118.
On the completion of the plan the committee will distribute among the
depositing bondholders, after paying expenses and compensation as proLehigh-Buffalo Terminal Ry.-Sale of Bonds.
vided in said agreement, the securities so received for the property or the
See Lehigh Valley RR. under "Annual Reports" above.V. 104,
p. 1263.
proceeds thereof.
Those not approving the above plan may withdraw their bonds, as proLehigh Valley RR.
-New Treasurer-Report.
vided in the agreement, to and including April 111918.-V. 106, p. 295.
E. 0. Mann has been appointed Treasurer, succeeding C.
J. Kulp.
deceased.
-V. 106, p. 1227, 607.
Cleveland (Electric), Ry.-Fares Raised.
The Court of Appeals at Cleveland, Ohio, has reversed the decision of
Lincoln (Neb.) Traction Co.
Common Pleas Court, which granted the city an
Judge Pearson in the
-Suit Follows Omission of
injunction restraining the company from increasing fares on April 1. The Feb. 1 1918 Dividend on Pref. Stock.
railway company announces the new schedule of fare 4 cents cash, seven
The dividend due Feb. 1 last on the $1.149,400 67, cumulative
tickets for a quarter and 1 cent for a transfer with a rebate, will go into stock
pref.
remaining unpaid, certain of the holders of this issue have brought
effect at once. The present fare is 4 cents cash, six tickets for 20 cents suit against
the company, its officers and several of the common share-V. 106, P. 1230, 929.
and 1 cent for a transfer without rebate.
holders, demanding that they refund about $190,000 alleged
improperly diverted to dividends in 1916 and earlier on the to have been
Colorado Midland Ry.-Decree Value.common stock,
and
William L. Dayton, Special Master, by adv. dated April 1 1918, an- ants $140,000 claimed to have been spent in improvements. The defendnounces that the amounts payable out of the proceeds of the foreclosure due assert that the failure to pay dividends on pref. stock Feb. 1 1918 was
to the
sale to the holders of the First Mtge. bonds and appurtenant coupons payment. fact that the net earnings were not sufficient to justify such.
-V.97,
1898, 521.
maturing Jan. 1 1913 and July 1 1913 having been determined, payment
will be mado at the office of Central Trust Co., New York City, on April 22
Maine Central RR.
-Bonds
1918, and thereafter by the Clerk of the U. S. District Court at Denver.
-Annual Report.
The stockholders will vote April 17 on authorizing the directors
The amount to be paid is not known in N. Y. City, but is supposed to be
to issue
about $74 per $1,000 bond. Compare V. 104, p. 1701, 2010.-V.105,p.2455 from time to time not exceeding $3,000,000 of First & Refunding Mortgage gold bonds under provisions of Sec. 4 and [or] 5 of Article II of
the
Columbus (0.) Ry., Power & Light Co.
First & Refunding Mtge., dated Dec. 1 1915, for the purposes
-Earnings.
specified
Calendar Gross
Net (after Interest, -Pref. Divs. Paid- Bal.for in either or both of said sections. and to designate the serial letter or letters
under which said bonds shall be issued, and fix the rate or rates of
&c. Prior Pref. Series A. Corn. &c.
Years- Earnings.
Taxes).
interest
1917___$4,024,186 $1,080,257 $558,589 $520 $98,691 $209,155 $213,302 which they shall bear and the premium or premiums and time or times at
1916_-- 3,537,399 1,432,275 516,373 520 76,218 209,170 629,994 which they shall be redeemable.
See annual report under "Reports" above.
-V. 106.
-V. 106, p. 1344, 1036.
1344.

p.

--1

p.

Connecticut Company.
-Sub. Co. Fare Increase.
below.

See Hartford Street Ry.

-V. 105, p. 2365.

Cumberland County Power & Light Co.
-Earnings.
-

Cal. Years1916.
1917.
1917.
1916.
Gross earnings___$3,081,927 $2,866,997 Pref. divs.(6%)-- 6138,000 $138,000
Net after taxes___ 1,027,881 1,091,510 Common dIvs____ (3)81,000 (1)27,000
809,342 Bal. for deprec'n_def.$11,519sur$116,168
820,400
Interest,&c
-V. 106, p. 503.

-Default.
Denver & Rio Grande RR.
-The interest due
April 1 on the Rio Grande Western $15,080,000 4% First
Consol. Mtge. bonds of 1899 and on the Denver & Rio
Grande $10,000,000 7% Adjustment Mtge. income bonds
of 1912 has been deferred. It is understood that the default
is merely temporary until arrangements have been made
with the U. S. Government to advance funds under the contract shortly to be drawn. The judgment obtained by old
Western Pacific bondholders tied up funds that might otherwise have been used.
-V. 106, p. 1126, 1036.
Detroit United Ry.-Definitive Notes.
The Guaranty Trust Co., N. Y. is now delivering the definitive 5
-year
7% coll, trust gold notes in exchange for the syndicate managers' interim
receipts.
-V. 106, p. 1126, 929.

Missouri Kansas & Texas Ry.-General Manager.
F. W. Taylor has been appointed

General Manager, with office at Parsons, Kan., succeeding H. F. Anderson.
-V. 106, p. 1344, 822.

Mohawk Valley Co.
-Dividend Action Deferred.-Presi-.
dent Horace E. Andrews, in circular of Mar. 18, says:
The net earnings of your subsidiary, the Rochester Ry. &
for
the year ended Feb. 28 1918, were, with the exception ofLight Co. thethose for
'
year ended Feb. 28 1917, the largest in its history. That company has,
however, been greatly extending and modernizing its plants so as to
increase
its output of both gas and electricity to meet the constant growth
business. Because of conditions due to the war, it has not heretoforeof its
been
practicable to provide all tht necessary moneys for these improvements
by
the sale of securities, and so the company has also used its surplus earnings, and proceeds of notes for this purpose. This being the situation,
the
directors of that company thought it wise to defer, for the present,
payment
of dividends on the common stock.
As your company needs the dividends which it receives from its holdings
of Rochester Ry. & LiFght Co. common stock for the
dividends, the directors have taken like action and havepayment of its own
ation of a dividend on the Mohawk Valley Co. stock. deferred the declar-V.106, p. 814.

Morgan's Louisiana & Texas ER.
-Payment of Bonds.

The "Chronicle" is officially advised that the $4,935,000
hcfids,
due April 1 1918 will be paid off at maturity on or after April7%1918 a.
1
office of Southern Pacific Co., N. Y. C., from cash on hand. No new
securities, it is stated, will be issued.
-V. 103. p. 1210.
Nashville (Tenn.) Ry. & Light Co.
-Earnings.
-

Calendar
Gross
Net (after Interest, Pf. Divs. Bal.for
YearsEarnings.
Taxes).
(5%). Corn., c*c.
c.
1916.
1917.
1917
Cal. Years$2,458,321 $868,903 $490,071 $125,000 $253,832
1917.
1916.
Gross earnings_ _ _$3,692,471 $3,027,699 Interest, do
2,383,041
$785,382 $755,033 1916
929,853
508,971
125,000
295,882
Oper. exp. & taxes 2,481,519 1,820,774 Preferred dIvs.. (3)180,000 (3)180,000 -V. 106, p. 602.
$1,210,952 $1,206,925 Bal.for deprec'n
Net earnings
$245,570 $271,892
-V. 106, p. 499.
New York Central RR.
-Additional Stock.
Following a decision of the Ohio
Court denying an application
-New Interests-Possible Re- of James Pollity and Clarence H. Supreme minority stockholders
Georgia & Florida RR.
Venner,
,for an
organization.
-J. F. Lewis, President of the Citizens Bank, order preventing the proposed issue of capital stock, the Ohio P. U. Commission re-allowed the company's application to issue $4,219,976
Valdosta, Ga., writes the "Chronicle" as of Mar.28asfollows: capital stock to reimburse the treasury for various purposes. additional
-V. 106, P.
My brother, E. B. Lewis of Montezuma, Ga., and I have bought quite a 1231, 607.
large interest in the Georgia & Florida RR., having taken over the interest
New York State Rys.-Rochester Fare Decision.
of the Baltimore Trust Co. and some other Baltimore interests. We have
not made any definite plans as yet for the future. The road owes a great
Judge Cuthbert W. Pounds in the New York State
deal and it will probably be several weeks before we can complete our plans. at Albany has handed down an opinion holding that theCourt of Appeals
New York P. S.
do not know, just at this time, whether we will reorganize it or not Commission for the Second District cannot increase
We
fares in Rochester
as it will take a great deal of money to do so and this the road hasn't got. on surface roads to 6 cents.
-V. 106, p. 607, 499.
We will probably determine more definite plans in the course of a month
or so as to just what, if anything, will be done in financial reorganization.
Ocean Shore RR. (California).-Directors Not Liable.
In the meantime, we are trying to increase the business of the road, using
The U. S. Supreme Court on Mar. 25 upheld California
the utmost economy and trying in every way to increase its efficiency.
- the right of bondholders to recover from the directors of decrees denying
the company.
1344.
V. 106,
which had been declared insolvent.
-V. 105, p. 2094.

East St. Louis IS6 Suburban Co.
-Earnings.
-

p.




1462

THE CHRONICLE

Orleans-Kenner Electric Ry.-Reorganized.This company's property, sold at foreclosure (V. 106, p. 500, 86), has
-Kenner Traction Co., the reorganized combeen transferred to the Orleans
pany. Compare V. 106, p. 500, 86.

[VOL. 106.

A. J. Hemphill, Chairman of the board of Guaranty Trust Co. of N. Y.,
and Mr. Baker will act as reorganization managers whenever a plan is
ready.
-V. 97, p. 177.

-Valuation Fixed.
Third Avenue Ry., N. Y. City.

At the hearing April 2 on the company's application for authority to
charge 2 cents for transfers, the following appraised value of the entire
See Orleans-Kenner Electric Ry. above.
system, including the lines in Manhattan and the Bronx and Westchester
President of
-Sale of Stock. County, was presented, having been made by E. J. Connette,average unit
Pacific Gas & Elec. Co., San Francisco.
Corp., based on the
The California RR. Commission has changed its order authorizing the the United Gas & Electric Engineering years as to materials necessary in
of prices prevailing in the last 5, 8 and 10
'company to sell the 4,022 remaining unsold shares at $82 50. A total
reproducing the system:
25,000 shares had been authorized to be sold at 90.-V. 106, p. 925, 715.
Deductions. Net Value.
Gross Property.
-years aver_ _$66,449,051). Depreciation, obso-{$10,084,199 $56,364,852
5
Litigation Ended.
-Canal Co.
Pennsylvania RR.
9,454,856 53,465,703
lesence and madeea
8-yrs aver__ 62,920,599
-V. 106, p. 1345.
See Penna. Canal Co. under "Industrials" below.
quacy
9,228,830 52,520,885
10-years aver__ 61,749,715
-V. 106, p. 930, 823.
-Earnings.
Pere Marquette Railway.
1916.
1916.
1917.
1917.
9 Mos. to
-Stockholders' Suit.
Toledo St. Louis & Western RR.
Dec. 31
In the stockholders' suit involving the validity of the Collateral Trust
Gross earnings_ _ _18,232,648 17,356,691 x Bond interest_ _ _ 1,265,820 1,265,820 bonds, Series "A" and "B," evidence is still being taken, checking the re5,551,2011 5,393,194 Rents, Acc
1,225,158 1,297,046 organization. The company issued their bonds in payment when controlNet earnings
110,237
159,479 Divs. ot prior pref.
Other income_ _ _ _
ling interest in the stock of the Chicago & Alton RR. was purchased from
326,667
stock
5,661,436 5,552,673
Total Income
the Chicago Rock Island & Pacific (V. 85, p. 1647, V. 86, p. 1468).2,317,171 2,537,047 V. 105, p. 384.
452,760 Surplus
Deduct
-Taxes _-526,620
x For the purpose of comparison the 1916 figures are stated on the basis
of the new company.
-V. 106. P. 601, 597.
•of the interest charges
Toronto Ry.-Control.-Holdings of Pres. Mackenzie.
Regarding the report that he had been disposing of his stock holdings
-Fare Increase.
Philadelphia & Reading RR.
in the company, Pres. Sir William Mackenzie is quoted in an interview
I. S. C. Commission has allowed increased fares between Philadelphia by the Canadian "Financial Post, Toronto, in substance as follows:
The
.
and New Jersey points, for 150 trip tickets on the Atlantic City branch.
'I am, and always have been, the biggest shareholder, or one of the
Points affected are Atlantic City, Cape May, Ocean City, Sea Island, biggest, of the company. My present holdings are 2,182 shares. I
Stone Harbor and Wildwood.-V. 106, P• 88.
have not been selling recently.
"For 27 years, I have been at the head of this company. I have always
Pittsburgh Chartiers & Youghiogheny Ry.worked for the interests of the shareholders, and I ask whether it would be
J. J. Turner has been elected President to succeed J. M. Schoonmaker, seemingly good policy to make a change when there is but three years for
E. B. Taylor has been made Vice-President, both with offices at Pitts- the franchise to continue. The interests of the shareholders are being well
guarded and their position is better than would appear on the surface.
burgh, Pa.
-V. 82, p. 1269.
The proposition to increase the board is an idea of Eastern shareholders.
-Annual Report.
Portland (Ore.) Ry., Lt. & Power Co.
"During the last five years there never was a chance for getting together
with the city. But things are changing. It may come to a problem of
1916.
1917.
1916.
1917.
$2,152,052 $2,178,258 finance. Already the city is facing a thirty-mill rate, and if capital remains
Gross earnings_ _ -$6,023,510 $5,483,110 Interest, &c
$294,865 $266,598 tight it may be in the interests of both the citizens and the shareholders
Net after taxes_ __ 2,446,917 2,444,856 Balance, surplus
to got together on this proposition.
-V. 106, p. 1345, 1037.
The reduction in the dividend was necessary in order to secure the renewal of the short-term notes which the company, owing to the conditions
--Guaranteed Notes.
Portland (Me.) Terminal Co.
-V. 106, p. 930, 608.
The company has outstanding an issue of $750,000 One-year 5% guar- created by the war, has been compelled to float."
anteed notes due Sept. 15 1918-guaranteed principal and interest by
Trenton Lakewood & Seacoast Ry.-No Receiver.
the Maine Central RR. It is understood that the notes were recently
Vice-Chancellor Foster in the Now Jersey courts has denied the applicaoffered by the Fidelity Trust Co. of Portland. Me. See Maine Central
this company. Compare V. 106, p. 1345.
tion for a receiver for
-V. 95, p. 1404.
under "Annual Reports" above.

Orleans-Kenner Traction Co.
-Successor Co.

--Annual Report.
-Fares
Public Service Corp. of N. J.
-cent
At a hearing in Trenton, N. J., on the company's application for a 7
-cent charge for transfers and a 1-cent charge for a transfer upon a
fare, a 2
-cent fare
transfer, Pres. T. N. McCarter expressed the opinion that a 6
-cent
would produce a 10% increase in revenue, or $1,850,000, and a 7
-cent transfer charge was estimated
fare a 1.5% increase, or $2,800,000. A 2
to yield $850,000, making a total of $3,650,000. The revenue from the
1-cent extra transfer charge, included above, was put at only $20,000 or
-V. 106, p. 1345.
$30,000. See annua, report in full on subsequent pages.

-Rental.
Trenton & Mercer County Traction Co.
-V. 106, p. 1345.
See United Power & Transmission Co. below.

-Dividend Omitted.
Trinidad Electric Co.

An official circular, regarding the omission of the quarterly dividend
due Apr. 10, says in substance: "In 1915 the directors passed the dividends
and did not resume payment thereof until July 1917. By this time they
had accumulated a sum of money enough, as they thought, to refit and
enlarge the plant in Trinidad, and they recommenced the payment of the
usual quarterly dividends in July 1917, believing that after the long stoppage
Govern-No Sub. Co. Sale. thereof such a step would not have to be taken again. In 1917 thecompany
Puget Sound Trac. Lt. & Pow. Co.
ment of Trinidad imposed a War Contribution Tax, which the
'
-V. 106, p. 1231, 930.
See Tacoma By. & Power Co. below.
has been compelled to pay, amounting to $20,018. This has upset all our
- financial calculations. Your directors consider the tax a most inequitable
-New Treasurer.
Quincy Omaha & Kansas City RR.
-V. 101, p. 1015.
Charles D. Norton has been elected Treasurer, with office at New York, one and are pressing the matter with all diligence."
to succeed Samuel H. Miller. who continues as Secretary.
-V.75. p. 794.
-Former Secretary Dies.
Union Pacific RR.
Alexander Millar, for 45 years connected with the Union Pacific BR. Co.,
-Operations, &c.
Rapid Transit in New York.
The New York P. S. Commission has announced that the new Culver died on Mar. 31. Mr. Millar was Secretary of the company for 20 years
rapid transit line in Brooklyn would be put into operation within three prior to July 1917, when he retired owing to impaired health. Edwin M.
-V. 106, p. 1231, 1037.
months and that bids would be opened on Apr. 15 for an extension of the Kindler has been elected Asst. Sec.
line from Avenue X to Coney Island.
-Vice-President & Director.
United Gas & Electric Corp.
Strike Situation-Bill for Completion of Lines.
Tracy A. Johnson has been elected Vice-President in charge of finance,
Rapid transit construction in New York has been interfered with by and a director and has also been appointed a member of the Finance Comstrikes of laborers, a whole or partial strike being reported at six points.
mittee. Mr. Johnson was formerly a member of the firm of Rhoades &
A bib enabling the Public Service Commission and the Board of Estimate Co.
-V. 106, p. 1127, 602.
to make arrangements with the contractors on the new subways so that the
-Rental Extended.
United Power & Transportation Co.
completion of the work may be assured, was sent to Albany Apr.3.-V. 106,
This company has granted the Trenton Sc Mercer County Traction
p. 1345, 1231.
Corp. a further extension until July 1 for payment of the rental due Jan. 1
-Sub. Co. Bonds.
Reading Transit & Light Co.
1918 on account of the Trenton Street By. properties (compare Inter-V.106, p. 297. State Rys., V. 106, p. 189; V. 91, p. 1512.) V. 106, p. 925, 608.
See Metropolitan Edison Co. under "Industrial" below.

Rio Grande Western Ry.-Interest Defaulted.
-V. 106, p. 608.
See Denver & Rio Grande RR. above.

-Oakland Terminal Rys.-Sub. Co. Coupons.
San Fran.

Coupons due Mar. 15 from the First Mtge. 6% gold bonds due Mar. 15
1923 of the Twenty-third Ave. Electric Ry. are being paid upon presentation to the National Park Bank, N. Y., or the Wells-Fargo-Nevada National Bank, San Francisco.
A San Francisco paper quotes F.W. Frost, Secretary-Treasurer, as anannouncing that the company is paying the interest, due Jan. 18 1917,
amounting to $79,425, on the Oakland Traction Co. General Consol.
Mtge. 5% gold bonds, due 1935.-V. 106, p. 397.

Selma (Ala.) Street & Suburban Ry.-Successor.-

This company's property, recently sold, has been transferred to the Selma
Traction Co., a new organization, which will operate the property and, it
is said, make certain improvements. J. D. Woodward, -Warren, Pa., is
-V. 106, p. 823.
President.

-New Company.
Selma (Ala.) Traction Co.
See Selma Street & Suburban By. above.

Valdosta Moultrie & Western Ry.-New Officers.

The following officers were recently elected: C. L. Jones, Pres.; 0. D.
Dalton, 1st V.-Pres.; L. E. Jones, Gen. Mgr.; S. W. Jones, Sec. & Treas.,
all with offices at Valdosta, Ga.-V. 104, p. 1389.

--Regular Dividend.
Wabash Railway.

The directors on Apr. 3 declared the usual quarterly dividend of 15' on
the "A" preferred stock, payable April 30 to holders of record Apr. 10.V. 106, p. 1345, 924.

-President Resigns.
Washington Ry. & Electric Co.

Clarence P. King on Mar. 31 retired as President of this company and
the Potomac Electric Power Co., Washington, D. C., a subsidiary. William F. Ham, Vice-President and Comptroller, will be the active head of
-V. 106, p. 602.
the company until Mr. King's successor is chosen.

-New Secretary-Treasurer.Western Alleghany RR.

Doescher has been elected Sec. & Treas., with office at Pittsburgh,
-V. 95, p. 610.
Pa., to succeed C. A. Young.

Western Maryland Ry.-New President.

-New Director.
Government Control

Lawrence Greer, Vice-Pres. & General Counsel, has been elected Pres.
and Chairman of the board to succeed Carl R. Gray, who has been appointed Director of Transportation in the U. S. Railroad Administration.
V. 106, p. 88.

Springfield (Mass.) Street Ry.-Fare Zone System.

Interest, Add'ns& Ba ance,
Other
Net after
Gross
Calendar
Deficit.
Taxes. Income. Rents, &c. Betls.
Years. Earnings.
1917_ __ _$14,710,397 $701,687 $37,934 $2,739,300 --- -$1,909,678
668,513
1916_ 13,682.410 2,583,677 41,173 2,543,968 749,395
-V. 104, p. 1389.

-Payment of Bonds.
Southern Pacific Co.
See Morgan's Louisiana & Texas RR. above.
At the annual stockholders' meeting on April 3 the directors were authorized to execute the control agreement with the President of the United
States. All the old directors also were re-elected.
J. Horace Harding has succeeded Robert Goelet as member of the
-V. 106, p. 297.
executive committee.
The Mass. P. S. Commission has handed down a decision permitting the
company to put in operation a zone system allowing for increases in fares.
-V. 105, p. 1999.

-No Sale.
Tacoma (Wash.) Ry. & Power Co.

Voters of Tacoma, Wash., have defeated a proposal that the city issue
-V.106,p.930.
$5,000,000 in bonds for the purchase of the co a. property.

-Nashville Station.
Tennessee Central RR.

Western New York & Pennsylvania Ry.-Earnings.-

Winnipeg Electric (Street) Ry.-Jitney Competition.

City authorities have voted to abolish jitney service, thus removing this
-V. 106, p0 1232.
form of competition against the company.

INDUSTRIAL AND MISCELLANEOUS.
-To Continue Operations.
Acadia Sugar Refining Co.
been made to con-

Canadian dispatches state that arrangements have
C. H. Markham, Regional Director of Railroads, has ordered the consolidation of all the passenger and freight terminal facilities in Nashville, duct operations another year without resorting to reorganization. It is
will shortly use the union passenger station understood that the loan of between $2,000,000 and $3,000,000 has been
and accordingly this company
facilities of the Nashville Chattanooga & St. Louis By. and Louisville & extended. F. K. Warren and D. R. Turnbull (Secretary-Manager) have
-V.106,P.298.
Nashville RR. The Nashville Terminal Co. owns a bridge across the succeeded T. S. Rogers, K.0., and J. B. Kenny, directors.
Cumberland River and 20.17 miles of track. Leased for 99 years to Tenn.
-Earnings.
Advance-Rumely Co.
-V. 106, p. 1345.
Central RR.
1916.
1017.
1916.
1917.
Years- Cal. earnings_ _ _$2,101,832 $1,757,544 Gross Income__ _ $715,758 $488,379
-Combined Earns.
Tennessee Ry., Light & Power Co.
Gross
165,201
204,901
1916.
1917.
1916.
1917.
Cal. Years$67,603 Interest
$398,364
Net earnings
$550,557 $283,478
420,776 Surplus
Gross earnings_ _ _$5,258,659 $4,883,636 Divs, on stocks of conOther Income_ _ _ 317,394
stlt. cos. not owned.$108,235 $108,235 -V. 105, p. 2544.
Net aft. taxes, &c_$1,798,923 $2,094,256
8180,637 $645,849
1,510,051 1,340,172 Balance, surplus
Interest, &c
-New Stockholders Committee.
-V. 104, p. 1894.
Aetna Explosives Co., Inc.
representatives of over
The following committee, as owners or direct have issued a circular.
-Foreclosure.
Tennessee Railway.
(both common and preferred),
This road, extending from Oneida to Rosedale, Tenn., 39 miles, was 100,000 shares stating their reasons for opposing the proposed readjustdated Mar. 30,
recently sold under foreclosure proceedings to J. N. Baker, trustee, for
for proxies in the name of F. E. Fenton:
$425,000. It is said that H. B. Spencer, Vice-Pres. of Southern R y.. ment and asking




APR. 6 1918.1

THE CHRONICLE

1463

By-Products Coke Corporation, Syracuse, N. Y.
Committee (office, 30 Broad St., N. Y.): Joseph N. Lovell, Lovell &
-Annual Report.
Co. Members Now York, Boston and Chicago Stock Exchanges; Charles Option to Subscribefor 25% New Stock at Par.
Now York; Chas. L. Davenport, Eastern Salt
'
W. Baker, 120 Broadway,
S. Smith, President
This company having capital stock authorized $10,000,000 and outstand
Co.; G. Tracy Rogers, Binghamton, New York; Charles Edward T. White,
ing, $6,803,530 in circular of Mar. 26, signed by President H. S. Handy,
Old Dominion Copper Mining & Smelting Co., and
says in substance:
Pell & White, New York.
"In order to provide funds to aid in the financing of the new plant at
[Judge Mayer in United States District Court at N. Y. authorized
properties referred to in circular letter
Receivers Odell and Holt to (a) enter into a contract with the Government Indiana Harbor as well as the coalhave decided to offer ($1,700,900) new
pounds of picric acid; and (b) to make an dated Feb. 26 1918, the directors
of France for sale of 875,000
a western capital stock at par to stockholders of record at 3 p. m. on Apr. 9
adjustment of a claim of $35,0()0 held against the company by
1918. Subscriptions will be received at Bankers Trust Co., N. Y., on or
gas company.]-V. 106, p. 1345, 1232.
before May 10 in amounts equal to 25% of the stock in present holdings
15)
No. 10.-Dividend
only on subscription warrants which will be issued on
American Cyanamid Company. the preferred stock payable (butpayment must be made at said trust company; 50%or about Apr.and
on May 10,
and
3% has been declared on
A dividend of
An official circular says:
, on Aug. 1 1918. [Passed upon by Capital Issues Committee.]
50%
May 1 to holders of record April 20.
-V. 106, p. 717, 399.
dividend is for the six months' period ended Dec. 31 1916 [not 19171."- See 'Reports" above.
V. 106, p. 716.
-1917 Results.
Caddo Oil & Ref. Co. of La., Inc.
--Earnings.
Interest. Bai.forDep
Net.
Exp.,Taxes,&c.
Cal. Yr. Gross.
American Gas Co., Philadelphia.
$414,264
- 1917._...$2,089,114
Gas Co.
3142,191
$556,455
$1,532,659
-American
Affiliated Companies
Oper. Bond Int., Balance, Int.,&C., Divs. Bat.,Sur. -V. 104, p. 259.
Gross
Cal.
(7k) or Def.
Year: Income. Expenses. Depr.,&c. Surplus. Am.G.Co.
-New Directors.
Copper Mining Co.
Centennial
$$
d86,357
Ernest B. Dane and John T. Burnett have been elected directors to
974,328
1917_5,971,523 3,235,498 1,768,697 1,038,382 535,680 525,005
-V.106, p. 1342.
386,391 515,953s136,037 succeed Benjamin Joy and E. V. R. Thayer.
1916-4,987,051 2,568,898 1,379,771
$264,624, and
Gross income as above includes miscellaneous income, 1037. 608.
-Earnings.Central Foundry Co.
sundry income items (Amer. Gas Co.), $426,192.-V. 106, p.
1916.
1917.
1916.
1917.
-Wm. Cal. Years-Sale of Notes.
American Gas & Electric Co.
Gross income ____$2,203,911 $971,106 Federal taxes ____ $558,562
39,977
Preferred divs____
Read & Co. give notice by advertisement on another Sinking fund and
A.
Ordinary divs____ 230,000
depreciation ___
page of the sale at a subscription price of 95M and int., to Interest charges__. 286,289 112,463 Surplus
$958,464 $675,710
182,933
130,610
net about 7%%, of$1,430,000 Three-year 6% Secured Con- -V. 106, p. 604, 399.

vertible gold notes, due Mar. 1 1921. A full description
-t--Offering of One-Year Notes.
Central Sugar Corp.
of this issue may be found in last week's issue. Compare Spencer Trask & Co., A. B. Leach & Co., the Engineering
V. 106, p. 1345, 1232.
Securities Corp. and Boettcher, Porter & Co. are offering at
-Dividend in "liberty" Bonds. payable 99 and interest, yielding over 8%,the small unsold balance of
American Glue Co.
dated Mar. 1 1918, due
An extra dividend of 5% has been declared on the common stock,
in cash), in addition $1,000,000 one-year 7% gold notes,
in Liberty Loan bonds (with adjustment of fractions to holders of record Mar. 1 1919, but callable all or part on 30 days' notice on
to a semi-annual dividend of 5%,both payable May 1
or before Aug. 31 1918 at 1006 and interest, and thereafter
April 13.-V. 106, p. 930, 819.
at par and interest.
-New Stock Ready.
American Graphophone Co.
-V. 106, p. 1128.
See Columbia Graphophone Mfg. Co. below.

-Order
American International Shipbuilding Corp.
for Sixty Additional Ships-Officers.

with the
A contract from the Emergency Fleet Corp. has been placed "A" type
company calling for the construction of 60 steel cargo ships of the
of 8,300 tons displacement.
Dwight P.
Frederick Holbrook has been elected President to succeed
-V. 106, p. 1346, 1232.
Robinson, resigned.

Pipe & Construc'n Co., Phila.-Receivership.

American
has sustained
Judge McPherson in the U. S. Circuit Court of Appealsin his appointJudge Dickinson of the U. S. District Court at Philadelphia 105, p. 2457.
-V.
Wetherill as receiver for this company.
ment of Robert
-Operations.
Pneumatic Service Co.

American
part) as
The Cpngressional Investigating Committee has reported (in the cities
mail in
follows: 'The tubes carry a large portion of the first-class
with the sole purpose of facilitawhere established. They were constructed
with automobiles
ting the delivery of letter mail. To replace the tubes & Webster, enby Stone
would doubtless effect an economy, estimated is of the opinion, however,
gineers, at $114,522 per year. The commission of letter mail would result
that delays in the delivery of large quantities
even
from this action. The engineers say: 'No number of automobiles,
and tube service,
at a cost exceeding that of the best combined automobile
obtain all the advantages of a combined service.'"
could
The engineers reported that it costs the companies $512,200 to operate
the same for $453,500.
the tubes, but the Government could have operated hour and are sent eight
an
Carriers go at an average speed of 20 to 25 miles2,880 lbs. an hour for each
of the tubes is
to ton seconds apart. Capacity
-V. 106,
line, and some 24,000,000 letters are carried daily by the tubes.
p. 1124, 1037.
-Stock
American Rolling Mill Co., Middletown, O.
Listed on Pittsburgh Stock Exchange.

Issue passed by the Capital Issues Committee of the Federal Reserve
Board (opinion No. 51) as not incompatible with the interest of the U. S.,
but without approval of the merit, security or legality.
Interest M. & S. in N. Y. City. Denom. $1,000c. Trustee: the
Equitable Trust Co. of N. Y. Company assumes normal Federal income
tax up to 2%. No mortgage permitted (other than purchase money mortgage) while these notes remain outstanding.
-Incorporated Dec. 22 1916 in N. Y., and as of Dec. 6
Organization.
1916, acquired the sugar estate of "Central Fe", located at Salamanca,
Santa Clara Province, Cuba.
-A well equipped factory, annual capacity 250.000 bags, about
Property.
24 miles of railroad and 32,935 acres of cane lands, of which 16,683 are
owned in fee and 16,252 acres held under leases, chiefly for long terms.
A largo additional cane zone is tributary to Central Fe. Assets are conservatively valued at $5,000,000.
-Authorized. Outstanding.
Capitalization (No Mtge. during life of Notes)
$1,000,000 $1,000,000
One-year 7% gold notes (this issue)
3,000.000 3,000,000
7% cumulative cony. pref. stock (par $100)
*80,000 shs. 44,000 shs.
Common shares (no par value)
* Includes 30,000 shares reserved for conversion of preferred stock, and
6,000 shares reserved for general corporate purposes.
-For year ended Oct. 31 1917 the balance which would have
Earnings.
been applicable to the payment of interest on these notes was $443,204.
It is estimated that the present crop will yield 200,000 bags and show profits
for the year ending Oct. 31 1918 substantially over the previous year, and
a balance available for interest on these notes of about $700,000.
-The arrangement put into effect by the International
Purposes of Issue.
Sugar Committee, whereby deliveries of sugar are prorated over a period
of ten months, prevents the corporation from realizing on its product as
soon as it is manufactured and makes necessary additional working capital,
which will be provided by part of this issue. The balance will reimburse
the treasury for the excess cost (due to war conditions) of additions to the
factory and radroad.-V. 106, p. 1342, 299.

-Production (lbs.).Cerro de Pasco Copper Corp.

Increase.
Increased 1918-3 Mos.-1917.
9 0
1918-March-19l7.
The Pittsburgh Stock Exchange on April 4 listed this company's shares, 6,66,00
1,498,000
17,598,000
892,000 19,096,000
6,074,000
the capitalization being reported as follows:
Authorized. Outstanding. -V. 106, p. 1129. 1038.
Capitalization$20,000,000 $9,441,075
Common stock (par,$25)
-Application to List.
-J. 15)
Certain-teed Products Corp.
Pref. stock 6% cum. non-voting (div. Q.
1,300,000
1,500,000
Application has been made to the New York Stock Exchange for authority
(par, $100)
A. & 0.) due April 1
First pref. stock, $2,000,000 7% cum. Second
to list $4,350000 7% cum.
Gold notes of 1915 (interest
pref. convertible stock and 100,000 shares of common stock without par
• 1919 and 1920 4750,000 paid off Oct. 1 1916 2,500,000
1,166,500 value. Practically all of these amounts as stated are now outstanding.
and $500,000 April 1 1917)
Juno 29 1917 and absorbed the Colum- V. 106, p. 1038, 926.
The company was reincorporated
bus Iron & Steel Company s property per plan in V. 104, p. 1900.-President Resigns.
V. 106, p. 925.
Chicago Pneumatic Tool Co.
-V. 106. p. 1347. 824.
W.0. Duntley has resigned as President.
-New Director.
American Smelters Securities Co. fill a vacancy. -V. 106,
Frank W. Hills has been elected a director to
-Majority Assent to Sale of Property
Chevrolet Motor Co.
p. 925, 298.
Shareholders.

-Circular to Other
-New Directors-Report. to General Motors Co.
American Smelting & Ref. Co.
Secretary John T. Smith, in circular of Mar. 25, says:

W. E. Moriss, Secretary of the company and Evander B. Schley have
been elected directors to fill vacancies.
-V. 106, p. 1346, 925.
The annual report is cited on a previous page.

General Motors Corporation has made an offer to your company to
purchase all of its assets, property and good will, exclusive of 450,000
,
shares of General Motors common stock now owned by your company
-Dividends.
American Thermos Bottle Co.
(See V. 106, p. 824.) The purchase price is to be 282,684 shares of General
A dividend of 6% has been declared on the stock payable Apr. 15 to Motors common stock, and in addition it is proposed that the liabilities
holders of record as of Apr. 5. This compares with 5% in June 1917 the of the Chrevrelet Co. are to be assumed by General Motors Corporation.
last dividend paid. See V. 106, p. 926.
At a meeting of your board of directors it was deemed advisable to accept
stockholders. If
- the offer subject to the approval of the company'sof General Motors
-Government Control
American Tobacco Co. on April 3 took over the of Plant.
entire output accepted, the Chevrolet Co. would own 732.684 shares
,
The United States Government
such as might arise
cigarette tobacco, manufactured by this company, at common stock and be free of all liabilities, except
of "Bull Durham'
the Durham, N. C., factories to be devoted to the needs of the American after the date of transfer.
.
The proposed sale has already been consented to by a majority in interest
soldiers and sailors abroad.
of the stockholders of the Chevrolet Co. and a form of consent is enclosed
The company will receive the same price for its goods as it charged herewith for your signature if approved by you.
-V.100, p. 1038, 823.
or in the mails for this brand
domestic jobbers and all orders now on handbe
accepted until such time as
will be cancelled, and no further orders will
-New Stock Certif.-Div.Cleveland Worsted Mills Co.
there may be a supply in excess of the demands of the Government.
The company has notified the Cleveland Stock Exchange that certificates
-V.106,p. 1121,608.
for the new stock issued as stock dividend are now being delivered and the
-New Director.
next dividend, 134%, will go to all holders of full shares of record as of
Associated Oil Co.
McLaughlin has been made assistant to the March 20.-1r. 106, P. 1129.
Reports state that A. L.
President and a director, and that R. P. Schwerin has resigned as Vice-Sub. Co. Bonds Called.
Colorado Fuel & Iron Co.
-V. 106, P. 819, 501.
President and General Manager.
Sixteen ($16,000) First Mtge. 5% sinking fund gold bonds of Rocky
Co.,e been called for
-Dividend Action Deferred.
Mountain Coal & Iron Co. (outstanding $411,000)
Barnett Oil & Gas Co.
N. Y.
-V.106,P.
4May 1 at par and int. at Columbia Trust
The directors have decided to defer action on the dividends for a period ytrfAll
-V. 106, p. 502.
of 30 days.

-Bonus System n Sanctioned.
Bethlehem Steel Corp.

Shareholders on Apr. 2 adopted a by-law providing for the payment of
bonuses on an established basis of not to exceed 8% per year. Charles'M.
Following the annual meeting of the shareholders, Chairman
a
Schwab was quoted as saying that the company's output "is showingin
splendid improvement, as compared with the previous earlier months
owing to the improvement in transportation facilities."
the year,
"Steel plants are now running at 80% capacity, compared with only
100%
50% in January. Our shipbuilding departments are running at States
capacity. Practically all our plants are working for the United
-V.106, p. 1346, 1338, 1227.
Government and the Allies."

-Earnings.
Brunswick-Balke-Collender Co.
1917.
1916.
1917.
Cal. Years$1.309,798 $1,165,409 Common divs____ $180,000
Net income
(3%)
Rate per cent__
97,909
Federal taxes
$092,687
349,675 Surplus
Pref. diva. (7%)_ - 339,202
-V.106, p. 712.




-Earnings.
Colt's Patent Fire Arms Mfg. Co.
1916.
1917.
1916.
1917.
Cal. Years$2,400,000 $1,575,000
Gross income __$6,506,506 $6,847,670 Dividends
4,604,390 6,345,731 Balance, surplus $2,204,390 $4,770,731
Net income
-V. 106, p. 1124.

-New Certifs. Ready.
Columbia Graphophone Mfg. Co.

The stock certificates of this new company are now ready for delivery at
the New York Trust Co., 26 Broad St., N. Y., in exchange for the stock
of the American Graphophone Co. on the basis of the options accepted by
the several owners of the latter, under plan of Dec. 14 (V. 105, p. 2367)•
It is not yet possible to say how much stock of each class will be issued, as
more of tho old shares are coming in every day.
1916.
Officers: Pres., Francis S. Whitten; Vice-Pres., Wm. M. Johnson;
$270,000
Vice-Pros. & Gen. Mgr., 11. L.
(04%) Vice-Pres. & Treas., C. Wm. Woddrop;
Compare
$545,734 Wilson; Sec., 0. W. Cox. N. Y. office, Woolworth Building.
1129.
V.
'106. p.

1464

THE CHRONICLE

Consolidated Arizona Smelting Co.
-Earnings.
-

[VoL. 106.

East Butte Copper Mining Co.
-Earnings.
-

Cal. Years1917.
1916.
1917.
1916.
Cal. Year1917.
1916.
1916.
1917.
Gross earnings__ _$5,606,640 $3,686,535 Deductions
$854,485 $258,889 Gross income -$5,397,868 $5,523,688 Deprec'n, ecc
$286,196 $759,602
Operating profits_ 8881,816 $872,765 Dividends
166,300
Net income
1,308,158 2,325,371 Balance, surplus_ _$1,021,962 $1,565,769
Other income_ _ _ _
2,397
Balance
del.$136,572 sr.$613.876
Total copper produced in 1917 was 20,013,900 lbs. against 18,340,713
The output of domestic copper in 1917 was 8,213,615 lbs. (against lbs. in 1916, and the price received per lb. was 25.4603 cts. in 1917, against
'
5,829,500 lbs. in 1916), produced at a cost of $0.1498 per lb. (against 28.1978 cts. in 1916.-V. 106, p. 1038. 610.
$0.139) and sold at an average price of 80.263427 per lb.(against $0.28872).
-V. 106, p. 1129, 610.
Fall River (Mass.) Elec. Lt, Co.
-Proposed Stock Increase.
The shareholders of this company have voted to petition the Mass. Gas
Consolidated Gas Co. of N. Y.
-Daylight Saving.
& Electric Light Commission for permission to increase the capital stock
The "Daylight Saving" Act, which is expected to effect a reduction in from
$1,400,000 to $2,100,000 to provide for outstanding indebtedness
the use of gas and electricity and thus in the consumption of coal, went
Into effect on Mar. 31. See general news dept., last weeks' "Chronicle," and also for the new high-tension transmission system that is to be erected
over the Taunton River.
-V. 106, p. 301.
page 1274.-V. 106, p. 601, 392.

Consolidation Coal Co., Baltimore.
-Annual Report
Allocation.
-The company's report for the calendar year
is given in full on other pages of this issue.
A belated allocation notice dated Mar. 1, valuable for record, shows:
Dividends paid during the year 1917 should be treated as follows:
Cash Dividend.
-$1 50 per share on the capital stock was paid Jan. 31
1917 out of earnings as follows: 77.21%. or 61.1582 per share, paid out of
the earnings for 1917. and 22.79%, or 34.18 cents per share, out of the
earnings for 1916.
Stock Dividend.
-5%, or $5 per share, was paid Feb. 2 1917 out of the
earnings for 1916.
Cash Dividends of $1 50 each were paid out of the earnings for 1917 on
April 30, July 31 and Oct. 31.

To be Listed.
This company has applied to the N. Y. Stock Exchange for authority
to list $5,720,800 additional capital stock chiefly on account of the 14%
dividend payable in stock to shareholders of record Mar. 30 (V. 106, p.
1233). This will make about $40,867,000 stock listed to date.

Fifth Avenue Coach Co.
-New President.
-

See N. Y. Transportation Co. below.
-V. 106, p. 90.

(Robert) Gair Co., Bklyn. N. Y.
-Earnings 9 Mos. to
Dec. 31 1917; 14 mos. 3nding Mar. 31 1917 and years ending
Feb. 5.
Net earnings
Preferred dividends

Months. 14 Months.
$915,493 $727,335
151,200
193,354

1916.
$403,684
173,600

1915.
$321,722
173,600

Balance, surplus
$764,293 $533,981 $230,084 $148,122
The company charged to depreciation in 1917 $258,172 and on Dec. 31
bills payable were $553,055, against $1,146,192 on March 31, and since,
it is said, have been reduced to $200,000.-V. 106, p. 820.

General Motors Co.
-Proposed Purchase.
-

See Chevrolet Motor Co. above.
-V. 106, p. 1228, 1224.

Goodrich Transit Co.
-New Secretary-Treasurer.
-

D. Fairbank has been elected Secretary & Treasurer, with office at
Chicago, succeeding W. L. Phelps.
-V. 100, p. 1922.

Annual Report.
See other pages of this issue.
-V. 106, p. 1233, 193.

Continental Paper Bag Co.
-New Secretary-Director.
-

Thomas Fynes has been elected Secretary. F. B. Jennings of Stetson,
Jennings & Russell, succeeds Ogden L. Mills as a director.
-V. 104, p. 2643.

Corn Products Refining Co.
-Wage Advance.
-

Effective Apr. 1, the 1,500 employees of this company's Argo plant were
granted a 10% increase in wages.
-V.106, p. 1347, 1033.

Cosden & Co., Baltimore.
-Quarterly Dividend Again
Paid in Stock.
-

Gordon, Ironside & Fares Co., Ltd.
-Control.
-

See Harris Abbatoir Co., Ltd., below.
-V.95, p. 820.

Grass Creek Petroleum Co.
-Extra Dividend.
An extra dividend of 3% has been declared on the stock in addition to
the regular quarterly 3%, both payable May 1 to, it is said, holders of
record Apr. 15. In Feb. last an extra of 2% was paid.
-V. 105. p. 1423,
502.

Griffin Wheel Co., Chicago.
-Earnings.
-

1917.
1916.
1917.
1916.
In order to conserve cash resources, a stock dividend of 57 has again Gross earnings_ _.$1,452,547 $1,764,025 Common divs____ $611,492 $610,750
0
been declared on the $15,973,285 common stock payable in common Net, after depreo_ 1,143,240 1,649,018 Bal., surplus
686,857
180,370
stock on May 1 to holders of record, it is stated, as of Apr. 10, in lieu of Pref. dividends__ _ 351,378
351,411 Total surplus
2,239,939 2,059,569.
the regular cash distribution. A like amount was paid in stock on Feb. -V. 104, p. 1262.
-V. 106, p. 1228, 1038.
1 last.

Curtiss Aeroplane & Motor Co.
-Report-Particulars as
to Purchase of Stock by Willys-Overland Co.
-Production.
See Willys-Overland Co. under "Annual Reports" above.
Production at the Curtiss plant it is reported, has been considerably retarded through the efforts of German sympathizers, but it is understood
that shipments are now being speeded up.
-V. 106, p. 1038, 824.

Daly-Judge Mining Co.
-No Amalgamation.
-

See Daly-West Mining Co. below.
-V.106, p. 1233.

Daly-West Mining Co.
-No Control by Daly-Judge Co.
-

Harris Abbatoir Co., Ltd., Toronto.-Controt.-

This company recently purchased 51% of the stock of the Gordon;
Ironside & Fares Co. (V. 95, p. 820).-V. 97. p. 731.

Hartman Corporation.
-Earnings for Calendar Years.
1917.
1916.
Net income__ ___ 3500,315 $2,014,406 Depreciation, Aro_
Interest charges
24,374 Balance,surplus__
Dividends (3 y,%) 450,000
-V. 106, p. 713.

1917.

1916.
$188,000
$59.319 $1,802,033

Havana Tobacco Co.
-Earnings.
-

We are officially informed that there is no truth in the report published
Calendar Years1917.
1915.
1916.
1914.
by a leading mining journal as coming from Salt Lake City and reprinted
$299,278 $479.245 $277,362 $204,748
in the "Chronicle" to the effect that the shareholders at their recent Dividends received
371,338 347,302 341,516
299,728
meeting "voted to pass control of the property to the Daly-Judge Mining Operating expenses, &c
375,000 375,000
375,000
375,000
Co." 'While H. Otto Henke of Cincinnati, President of the last-named Bond interest
successful enterprise, is understood to have been elected President of
Balance, deficit
$447,060 $243,057 $439,154 $469,980
the Daly-West Mining Co. and with associates to have come into control
of that company, it is pronounced absolutely untrue that the Daly-Judge -V. 104, p. 951.
Mining Co. has taken over control or that a conso.idation of the properties
Honolulu Consolidated Oil Co.
-Receiver.
Is proposed. It appearsthat what has taken place was merely to carry out
Federal Judge Frank H. Itudlcin recently appointed Grata Helm receiver
the policy advocated some months ago by the stockholders' protective
committee in the expectation that the property might once more be for the company.
placed on a profitable basis. Compare V. 1136, p. 400.-V. 106, p. 1233.
Huntington (W. Va.) Development & Gas Co.
-Earns.
Damascus Brake Beam Co., Cleveland.
Gross Net. (aft. Interest Depre- P'. Div. Balance,
-Dividend.
-Barns. Taxes,&c.) Charges. cation. 6%). Surplus.
Period endingA quarterly dividend of 2% was paid on the common stock on Apr. 1.
This, it Is stated, compares with 2%% quarterly since Apr. 1917. At last 12 mo.to Dec.31'173644,289 $365,038 $190,816 $82,125 $00,000 $58,548
7 mo.to Dec.31'16- 277,407 155,720 99,269
accounts there was $500,000 common stock auth.and outstanding;$250,000
56,452
-V. 106, p. 90.
pref. stock auth. and $200,000 outstanding.

Dayton (Ohio) Power & Light Co.
-Bonds Authorized.
-

The Ohio P. U. Commission has granted this company authority to issue
$1,750,000 7% Two-year bonds, notice of the offering of which by Drexel
& Co., has been given in these columns. Compare V. 106, p. 1347, 1129.

Detroit Iron & Steel Co.
-Extra Dividend.
-

An extra dividend of 2%% has been declared on the common stock in
addition to the regular quarterly 23% on the common and 13(% on the
pref. stocks, all payable Apr. 15 to holders of record.
-V. 105, p. 1524.

(Joseph) Dixon Crucible Co.
-Earningsfor Year 1917.
Total sales
$10,931,449 Dividends paid
Net after depreciation, FedBalance, surplus
oral taxes, dm
$2,439,176 -V. 106, p. 712.

$2,000,000
$439,176

Dominion Iron & Steel Corp.
-Rolling Mill Plant.
-

Arrangements have been completed between this company and Hon.
C. C. Ballantyne, Canadian Minister of Marine, for the construction of a
rolling mill for steel plates, capable of producing 150,000 tons of ship steel
annually. Under this arrangement the Montreal "Gazette" of Mar. 27
says the company will receive orders for its product from the Government,
and will also be free to fill private commercial orders.
The plant, it is said, will entail an expenditure by the corporation of from
three to five million dollars and will be ready for operation in from fifteen
to eighteen months.
No direct financial aid is being given by the Government toward the
construction of the plant, but, it is said, is guaranteeing sufficient Government orders to insure a return on the investment. The plant, it is said,
will be located at Sydney, Cape Breton.
-V. 105, p. 1806.

Dominion Textile Co.: Common Dividend Reduced.
-

Huron Milling Co., Harbor Beach, Mich.
-1917 Divs.-

The company as of Mar. 27 confirms its original statement issued Feb. 1,
that the dividend of $4 per share paid on Mar. 28 1917 was earned, 15.62%
In 1917, 69.76% in 1916 and 14.62% in 1915. All of this dividend, it is
explained, could not have come out of 1917 earnings because at the time
the dividend was paid the earnings for the year 1917 consisted of the earnings for only Jan. and Feb. Compare V. 106, p. 1342.
[The company manufactures wheat and corn starches, flour products,
edible pastes, albumens and gums. G. J. Jenks is Pres., G. G. Scranton.
V.
-P. and Gen. Mgr.; B. W. Jenks, Treas., and R. M. Jenks, Sec.i-V.
106, p. 1342.

Interlake Steamship Co. Cleveland.
-Earnings.
1917.
1916.
Cal. Year1917.
1916.
$3,841,524 $2,323,069 Federal, &e., tax_31,245,962
Net earnings
86,050 Bond,&c.,interest
Other income_ _ _ _ 163,792
81,987
220,408
Gross income.. $4,005,316 $2,409,119 Dividends
(12)780.000 (8)505,690
Denreciation
700,959
674,979 Balance, surplus_ _$1.196,404 $1.008,042
The total surplus Dec. 31 1917 was 33,241,329 after deducting $111,844
premium on bonds retired, &c. "Since Dec. 31 1916 we have retired
emium
1,760,000 bonds, leaving outstanding $250,000 due Nov. 1 1918 and
250,000 due Nov. 1 1919."-V. 105, p. 1214.

International Nickel Co.
-Prices of Nickel.
-

It nas been announced that an agreement had been entered into
between representatives of this company and Bernard Baruch, representing
the Council of National Defense, fixing the price of nickel, at 40 cts. per lb.
for highest grade and 38 cts. per lb. for lower grade. The greater part of
the company's nickel goes to the Allies for munition purposes, and only
the remainder is sold to the public.
-V. 106, p. 1035, 611.

Iroquois Natural Gas Co., Buffalo, N. Y.
-Rates.
A quarterly dividend of 1 % was paid April 1 on the common stock in
Under an arrangement with the P. S. Commission the company, it is
addition to the regular quarterly 1%% on the pref. stock. Previous dividends were: 1907-12, 5% per annum; 1913 to April 1917. 6% per annum; stated, will postpone until May 1 the new increased rate schedule for gas
-V. 106, p. 00.
In Buffalo.
July 1917-Jan. 1918, 7% per annum.
-V. 105, p. 815.
(E. I.) du Pont de Nemours & Co.-Hadley's Bend Plant.

The plant at Fladley's Bend near Nashville, Tenn., under construction
on behalf of the Govt. will be larger than was originally intended and will,
It is stated, have a daily capacity of 1,000,000 lbs. each of smokeless
powder and guncotton. Compare -V. 106, p. 1347, 1233, 610.

Electric Boat Co. and Electro-Dynamic Co.
-Combined Results for Calendar Years.
-

Knickerbocker-Wyoming Oil Co.
-Stock Reduction.
-

Shareholders will vote May 10 on reducing the capitalization from
$10,000,000 (par $10) to $2,500,000, par $10, the $2,500,000 capital stock
to consist of $1,000,000 pref. and $1,500,000 common stock; the proposed
reduction to be accomplished by the corporation accepting the surrender
to it of $6,500,000 of common stock, to be made for the purposo of effecting
this reduction and by the cancelation of $1,000,000 par value of the
-V. 105, p. 014.
common stock now in the treasury.

1917.
1916. I
Laclede Steel Co., St. Louis.
-Stock-Directors.
1917.
1916.
$
The capital stock of this company, operating a plant on the east side of
Gross business_23,873,934 26,000,000 IDividends
1,380,978 4,603,260 the river in Illinois, has been increased from $1,400,000 to $2,200,000, and
Net earnings
2,612,012 7,012,084 Isurpius
699,060 1,876,189 the board of directors increased from 5 to 7, the new members being WarDepreciation
531,974
532,635
ren Goddard and J. Herndon Smith, both of St. Louis, Thomas R. Akin
The Electric Boat Co. and Eiectro Dynamic Co. had unfinished business continues as President. The Laclede company recently acquired the plant
on their books on Jan. 1 1918, of $53,000,000, after having done a gross of the Valley Steel Co. (There is to be no public offering.)
-V.104,p.2121.
business of $24,000,000 in 1917.
The gross sales, less returns and allowances of the New London Ship &
Lindsay Light Co., Chicago, Ill.-Extra Dividend.
Engine Co. (owned by the Electric Boat Co.) for the calendar year 1017
An extra dividend of 5% has been declared on the common stock in
were $5,085.237,• net profit from operations, $613,690; and net income after addition to the regular quarterly 13 % on the pref. and 5% on the common
reserve for doubtful accounts, &c., $550,987.
stocks, all payable May 31 to holders of record, it is said, as of May 1.
Compare earnings of the Submarine Boat Co. below.
-V. 106, p. 400.
In Feb. last an extra of 15% was paid.
-V. 106, p. 713, 194.




APR. 6 1918.1

THE CHRONICLE

-Bonds Called.Luckenbach Co. Inc.

This company gives notice that all bonds of Oct. 1 1915 now outstanding
were called for payment on Apr. 1 1918 at the office of the Cleveland Trust
Co. Cleveland, Ohio, when the principal and six months' interest then
-V. 105, p. 2547.
accrued, together with a premium of 1%,was paid.

1465

Earnings of All Properties for Cal. Year 1917 Four Times Int. on These Notes
Gross earnings, $2,502,881; net, after maintenance and taxes, $805,614
Annual charges on $2,563000 Oklahoma 5% bonds, due 1929,
$128,150; $2,074,500 divisional bonds, $111,205; $285,200 divi259,319
sional preferred stock, $19,964

$546,295
Balance
-Valuation Ordered.
Mackay Companies.
135,000
on $2,250,000 two-year 6% gold notes
-S. C. Commission has ordered an investigation of the physical Annual interest
The I.
1917.
1916.
1915.
Oper. Statistics as ofDec.31- 1913.
cable companies, embraced in the Mackay
valuation of 45 tolgraph and
25,132
20,515
18,489
16,590
customers
Companies' system, for the purpose, it is understood, of assisting the Electric lamps(16 cp.equiv.) 273,097
385,817
338,739
313,619
Commission to pass on rate questions. The Western Union and the tele- Incand.
3,262
2,693
2,491
2,123
No.stationary motors served
the investigation order.
-V. 106, p.
phone companies are not included in
20,833
16,094
13,972
11,277
H.P.stationary motors serv'd
812, 602.
41,996
36,365
31,693
27,759
Kw.connec. load, all purpos's
469
393
•
381
360
-Sale. Miles of pole line
Maritime Telegraph & Telephone Co., Halifax.
The shareholders have authorized the directors to sell the company's Annual k.w. hour output for21,524,361 22,824,753 26,455,493 33,549,477
years ended Dec. 31
Prince Edfdard Island Telephone Co. A resolution
holdings of stock in the
25,246
22,864
20,848
18,874
was also adopted approving of a proposal in a bill now before the Legislature Gas customers
394
378
332
319
gas mains
to increase the capital to $3,000,000 by the creation of 100,000 shares of Miles of -The properties have a present replacement value estimated to
Equity.
to time.
-V. 105, p. 1714.
7% pref. stock to be issued from time
be in excess of the total bonds, divisional pref. stock and these notes.
-New Subsidiary.
The notes are followed by $1,778,800 pref. 7% cumulative stock and $4,Marlin-Rockwell Corp.
500,000 common stock. See full details, V. 104, p. 2558.-V. 106, p. 1235.
-V. 106. P. 719, 91.
See Marlin-Rockwell Loading Co. below.

-General Manager.
Pacific Mail Steamship Co.

-Incorporated.
Marlin-Rockwell Loading Co.

D. Mann has been appointed Gen. Mgr. and assistant to Vice-President.
This company was incorporated in Del. Apr. 3 with an auth. capital
stock of $8,113,600. It is a subsidiary of Marlin-Rockwell Corp. and is -V.106, p. 826,402.
packing and shipping of aerial and other
empowered to engage in loading,
-Receivership Application Merely Formal
Palma Sugar Co.
munitions. The Corporation Trust Co. is the Delaware representative
-Company Solvent.
of the new organization. The Marlin-Rockwell Corporation itself has and Preparatory to Sale.
no par value. No explanation
outstanding 81,136 shares of capital stock of
Explaining a current press report, Lorenzo D. Armstrong, as attorney
for this correspondence as to number of shares was obtainable at the for the company, states that the application for the appointment of a
N. Y. office yesterday.
receiver was made on March 28 to the Superior Court in Bridgeport, Conn.,
by stockholders representing over 74% of the stock, and is a purely formal
-Application For Bonds.
Metropolitan Edison Co.
one, the company being entirely solvent. Mr. Armstrong adds: "An offer
This company has applied to the Pennsylvania P. S. Commission for has been received for the purchase of the property at a figure which will
authority to issue $525,000 bonds for extensions and improvements. net the stockholders a large return, and which a great majority of the
V. 106, p. 195.
stockholders desire to accept. The only reason that recourse to a friendly
was made necessary
-Text of the New Decree.
-A trans- receivership which prevented thewas because of certain technicalities of the
Mexican Oil Tax.
usual conveyance without recourse to a
Cuban law
receiver. The company is having an extremely prosperous year at present.
lation of the decree follows:
Word has recently been received that the other stockholders have also
Venustiano Carranza, Constitutional President of the United Mexican approved of this sale, which may avoid the necessity for any receiver."
States, to the inhabitants thereof, know ye:
That in the exercise of the extraordinary powers, which, in the branch
-Govt. Control.
Passaic (N. J.) Worsted Spinning Mills.
of finance, were conferred upon me by the honorable Congress of the Union,
The following German owned New Jersey woolen mills have been taken
I have seen fit to issue the following decree:
over by A. Mitchel Palmer, Alien Property Custodian: Passaic Worsted
Article 1. A tax is established on oil lands and on oil contracts which Spinning Mills, Botany Worsted Mills, New Jersey Worsted Spinning Co.
may have been executed prior to the first of May 1917, and which may the Forstmann & Huffmann Co., the Gera Mills, all ofPassaic and the Garhave for their purpose the leasing of lands for the exploitation of carbides field Worsted Mills, of Garfield, N. J.
of hydrogen, or permission for doing this under an onerous title (for a
consideration of value).
-Earnings for Year 1917.
Penn-Mex Fuel Co.
Art. 2. The annual rentals stipulated in the contracts cited in Article 1
$247,306
$1,606,752 Depreciation
Gross earnings
are taxed in the following proportions:
557,433 Net loss through profit and
of five pesos per annum per hectare or less, 10% of the total General, &e., expenses
A. Those
158,058
loss surplus
285,213
Exportation taxes
amount.
230,058
127,742 Surplus for 1917
B. Those of more than five pesos and less than 10 per hectareer annum, Interest
The company has outstanding $10,000,000 capital stock and $2,000,000
-"Oil Trade Journal"
pesos and 20% on the balance.
10% on the first five
notes payable. The profit and loss surplus Dec. 31 1917 was $560,648.of New York.
V. 101. p. 532.
-Dividend Reduced.
Miami Copper Co.
-Litigation Ended.
Pennsylvania Canal Co.
dividend of $1 per share has been declared on the $3,735,570
A quarterly
Judge Woolley in the U. S. Circuit Court of Appeals at Philadelphia
stock, par $5, payable May 15 to holders of record May 1. This compares on April 1 filed a decision affirming the right of the bondholders of this
-See V. 106, p.505. company to collect a fund of upwards of $2,000,000 from the Pennsylvania
with $1. 50(30%)per share in Feb. 1918 and Nov. 1917.
and
-For March and three months ending Mar.31: RR. The litigation has been in the courts for seven or eight yearsfund
Production.
grew out of failure of the railroad corporation to maintain a sinking
Decrease.
1918-March--1917. Decrease. I 1918-3 Months-1017.
to meet the bonds of the canal company at maturity, as required by a
43,538 I 14,386,753
14,449,053
62,300
5,217,903
5,174,365
mortgage.
-V. 105, p. 915.
-V. 106, p. 1039, 611.
Co., Cleveland.
-New Officers.
A. W. Henn, Sec.-Treas., has been elected President, succeeding W. D.
B. Alexander, who was made Chairman of the board. Mr. Henn will
continue as Treas., but is succeeded as Sec. by N. S. Rathburn.-V. 106,
p. 1131, 505.

National Acme

-Earnings.-National Lead Co., New York.
1916.
1917.
1916.
Cal. Year- 1917.
Net earnings_$4,896,953 $2,977,699 Com. diva_ _(5)1,032,770 (4)826,216
(7 )
Pref.divs. % 1,705,732 1,705,732 Balance, surp.$2.158,451 $445,751
-V. 106, p. 826, 505.

-New President.
New York Transportation Co.

John A. Ritchie has succeeded Richard W. Meade as President of this
company and also of the Fifth Avenue Coach Co. Mr. Meade was elected
Chairman of the board.
-Six Months ending Dec. 31:
Earnings.
91916.
1917.
1917.
91916.
Cal. Years$59,599 Net earnings
$104,714
$45,056
Gross earnings_ _ _$1,238,865
14,543 Other income__
_ 1,134,151
66,418
Exp., taxes, &a_
$45,056 Net income
$104,714
$171,132
$45,056
Net earnings
a The earnings for 6 mos. in 1916 does not mention subsidiaries. V
106, p. 402.

-Dividend Deferred.
Rochester Ry. & Light Co.

-V. 106, p. 1349. 602.
See Mohawk Valley Co. under RRs. above.

--Stock.
Rockland (N. Y.) Light & Power Co.

The New York P. S. Commission has authorized this company to issue
$300,000 common stock to provide for the discharge of First Mortgage
bonds of the former Nyack Gas, Light & Fuel Co., due April 1; for the purchase of gold notes of the Rockland Electric Co. of Closter, N. J.; for the
discharge of notes payable and for additions and betterments, &c. Compare V. 106, 1). 1349.
-Dividend Deferred.
Wm. A. Rogers, Ltd.
A press dispatch from Toronto on Apr. 5 states that the directors have
deferred payments of dividends on the preference stock.
Profits for the year are reported as $81,855, comparing with $240,648
is 1916.-V. 106, p. 719, 302.

-Earningsfor Year 1917.
Safety Car Heating & Ltg. Co.
The net earnings for the calendar year 1917 were $1,124,108, after
(except U. S. and Canadian war taxes),
deducting expenses and taxes
against $1,016,308 for 1916. Dividends paid in 1917 aggregated $739,650.
Reserves for United States and Canadian war taxes amounted to $70,000,
and reserves for depreciation and contingent funds totaled $305,495. The
profit and loss surplus as of Dec. 311917 was $3,830,605.-V. 106, p.605.
-Bonds Called.
Savannah-New York Transport'n Co.

Northern California Pow. Co., Consol'd.-New Officers.

Five ($5,000) First Mtge. Serial 6% gold bonds dated Nov. 1 1916
(Nos. 334, 341, 343, 344 and 348) have been called for payment May 1
-V. 104, II. 566.
at 101 and int. at Fidelity Trust Co., Baltimore.

Edward Whaley, Secretary and General Agent, has been elected Genera
Manager, and W.II. Pearce, Asst. Sec., has !aeon elected Secretary. J. M.
-V. 106, P. 933,
Rogers has been made Asst. Sec.

-Offering of Discount
Southern Can Co. of Baltimore.
Notes.
-Robert Garrett & Sons, Baltimore, and associates

are offering to yield from 6.70% to 6.80% according to
-New Directors.
Nova Scotia Steel & Coal Co.
maturity, 00,000 endorsed 6% discount notes in denominaThe directorate has been increased to sixteen, with the addition of D. C.
Jackling, New York, and W. Hinkley Smith, Philadelphia. Robert M. tions of $2,500 and $5,000 each, dated Mar. 28 1918.
The notes are due $200,000 each Sept. 30, Oct. 28, Nov. 29 and Dec. 30
MacGregor has been elected a director to succeed the late Jas. D. Mac1918. From the price of a 6% discount basis, a special concession of X%
-V. 106, p. 1039. 719.
Gregor.
or $2 50 per $1,000, par value, will be allowed on the six and seven months'
maturities and of X %, or $3 75 per $1,000, par value, on the eight and
Oklahoma Produc. & Refin. Corp. of America.
This company has been incorporated in Delaware to take over all the nine months' maturities.
Producing & Refining Co., and it is supposed,
subsidiaries of the Oklahoma
Data from Letter of Pres. E. Everett Gibbs, Dated Mar. 26 1918.
-Organized In Nov. 1901 with an authorized capital of
Organization.
will eventually absorb also the parent company. The new corporation has
an auth. capital stock of $25,000,000, of which $21,500,000 is reported to $5,000 and for about one year the total resources did not exceed $10.000.
is said, going to the Oklahoma Producing The present capitalization of $500,000, all of which has been made out of
have been issued, $13,500,000, it
& Refining Co., and ssmo,000 to the Union Des Petroles, a French com- earnings, has been distributed in the form of special stock dividends and repany (In which the Oklahoma P. & R.Co. has acquired a two-thirds inter- invested in the business.
Plant.
-Located on the water front in Baltimore Harbor, and manufacest) in exchange for the latter's ownership in valuable oil producing
roperties in Kansas, Oklahoma, &c. There have also been issued some tures cans and containers for fruits, vegetables, &c., with a wooden-box2,000,000 bills payable, including $1,500,000 purchase-money obligations making department and lithographing plant and machine shop. Occuor
F the Osage Hominy lease, and $500,000 for the Muskogee Refining Co. pies about two acres under a long-term and irrevocable lease. Enpioyees
The company, it is stated, will thus have a daily production of 7 000 average 800. Plant is amply covered by insurance..
During Nov. 1917 the physical plant, carried on the books at $540.031
bbls. a day, on which it expects to clear S1 75 a bbl., with refinery earnings
as of Dec. 31 1917, and against which have been set up reserves of $279,estimated at $25,000 a month. Compare V. 106, p. 302, 826.
010,leaving $261,021 net, was appraised at a reproduction value of $719,-Bon- 031, with a then present value of $654,445.
Oklahoma Gas & Electric Co.
-Revised Data.
CONDENSED BALANCE SHEET AS OF DEC. 31. 1917.*
bright & Co., Inc., have issued a revised circular relative
Assets
-Real estate, $16,157; machinery, equipment, &c.,
to the company's issue of $2,250,000 two-year 6% gold notes
$422,872; automobiles, horses and wagons, $14,204; equipment leased to customers, $86,798
3540.031
due June 15 1919, which issue was fully described in our
Cash, $114,474; U. S. Liberty bonds, 312500; notes receivable,
issue of June 23 1917(V. 104, p. 2558). The circular shows:
-raw mate$5,000; accounts receivable, $146,986; inventory
CapitalizationAuthorized. Outstand'g.
rials, goods in process, &c., $788,757
$1,067,717
Common stock
610,000,000 $4,500,000 Deferred debit items
13,734
Preferred 7% cumulative stock
10,000,000* 1,778,800
Two-year 67 gold notes
Total
$1,621,483
First Mtge. 0 bonds, due 1929
5,000,000 2,563,000 Offsets-Notes payable. $505,000; accounts payable, $66,175_
571,175
2,074,500 Reserves-For depreciation of machinery, automobiles, &c.,
Divis. bonds on Enid. Muskogee & Sapulpa prop't's Closed
Divisional pref. stock of Muskogee Gas & Elec. Co_ Closed
285,200
$211,745; uncollectible, $500; miscellaneous, $3,589; Federal
279,010
excess profits & income tax, $63,176
*$285,200 reserved to retire by exchange a like amount of Muskogee Capital stock outstanding
500,000
Gas & Electric Co. preferred stock.
Profit & loss surplus
271,298
gold notes provides for the retireThe present issue of new two-year 6%
•
ment of the present outstanding $228,500 6% Debenture bonds, dated
* Does not include tin plate in transit at Dec 31 1917, of a value of
Oct. 1 1912 and due Oct. 1 1922.
$87,786, nor the liability therefor.




•

9

9

1466

THE CHRONICLE

Volume of Business and Earnings.
Years1914.
1916.
1915.
1917.
Volume
$1,891,368 $1,495,580 $2,512,304 $4,576,370
Net after depreciation
$214,939
$146,050
Earnings for the fiscal year will, it is believed, be in excess of last year.
Purpose of Issue.
-The proceeds will be used to purchase tin plate already contracted for at favorable prices, to be used in the manufacture of
food containers and other products, which are now sold for delivery during the current season.
Officers.
-E. Everett Gibbs, President; Leonard Burbank Jr., Vice-Pres.
and Gen. Man.; Harry E. Packard, Treas.; Frank J. O'Brien, Production
Manager; J. Oliver Selby, Secretary.

Sears, Roebuck & Co.
-Sales.
1918
-March-1917.
$17,159,830 $16,412,571
-V. 106, p. 934, 506.

Increase. 1 1918-3 Months-1917.
$747,2591$48,164,640 $45,341,801

Increase.
$2,822,839

Spring Valley Water Co.
-Promissory Notes.
The shareholders will vote May 24 on authorizing $4,000,000 6% promissory notes dated Mar. 1 1918, maturing in 2 years. Union Trust Co.
San Francisco, will be trustee. It is understood that these notes are those
mentioned as being recently sold. Compare V. 106, p. 1132, 934.

• Standard Chemical Iron & Lumber Co. Ltd.
-

[VoL. 106.

Standard Woven Fabric Co.,Walpole,Mass.-New Stk.Pres. Bell in a letter to stockholders dated Mar.9 says in substance:
The expansion in business during 1917 made it advisable to increase the
plant, particularly in new machinery, by about $150,000. In order to
replace a portion of the money diverted from working capital, the directors authorized an increase in the 7% cumulative first pref. stock of 1,200
new shares. Toe new stock has been underwritten by Richardson, Hill &
Co., ut will be f rst offered to present shareholders.
dperations in if 17 were satisfactory, and the outlook for 1918 is most
encouraging, not cnly from general commercial orders but also from the
large U. S. Govt. erders on which the company is now working. In our
main lines, namel, brake linings and friction tapes and other rubber products, the plants are ,argely devoted either to orders directly for the Government or as a sub -cc ntractor on Government business. In addition, the
company is producing olive drab webbing for the War Department.
[Capital stock authorized: $1,200,000 71 cum. first pref. and 6% cum.
2d pref. all in $100 shares; common, $525,000. Outstanding Dec. 31
1917, $765,700 1st pref., $30,000 2d pref. and $425,500 common. For
the cal. year 1917 the net sales were $1,226,455; total net profits, $140,597.
Deduct reserve for Federal taxes (est.), $25,000; first pref. div., $51,887;
dividends, sinking fund, &c., for pref. stock, $6,262; balance, surplus,
$57,449. Total surplus per bal. sheet, $120,272. Stoughton Bell is
President. Boston office, 60 State St.]

Studebaker Corporation.
-Earnings-Status.
-A pub-

lished statement says in substance:
Calendar
DepreNet
Interest
Other
Balance,
At the annual meeting President Erskine was quoted as saying: Our
Yearsdation.
Profits.
Charges.
Deduc. . Surplus.
troubles
have devoted every
1917
$563,123
$150,973
$105,760
$6,814
$299,576 nance ofare all behind us. Weand the reduction of effort to the maintethe company's credit
its indebtedness and
1916
123,269
696,465
110,305
5,000
457,891 we will continue to pursue that policy.
Total surplus Dec. 31 1917 was $154,403, after deducting $136,967
Of the $50,000,000 gross in 1917, $43,000,000 represented receipts
special reserve for excess valuation of iron furnaces, timber limits and other
from motor sales, $5,000,000 from harness, wagons, &c., and $2,000,000
Investments, and $11,983 reserve for income tax.
-V. 104, p. 1495.
Government business. Only 2,627 cars were on hand at the beginning of
Standard Gas & Electric Co., Chic.
-Earns.
-Bonds.
- this week. Last week 600 cars were sold. Government, voluntarily reStudebaker, without demand from the
Cal.
Gross
Net
Other Int.,&c.,
Preferred
Balance. duced its output and offered the Government the capacity thus rendered
Yrs. Earnings Earnings." Income. Charges.
available. Whatever causes an interruption of continuous capacity proDividends.
Surplus
1917__$1,620,343 $1,566,051 $100,000 $847,746 (6%)$707,097 $111,20g duction in the automobile business seriously affects profits. Our sales in
1916__ 1,712,927 1,664,200 311,857 844,763 (4 2-3) 549,964 581,330 the last nine months of 1917 were 23,754 cars, against 50,000 in 1916. The
decrease was due partly to the falling off in demand caused by war condiCompany's Dividend Policy.
-The report says in part:
tions and partly to an increase in the price of our standard car to $1,050.
The uncertainty of the times makes it increasingly difficult to forecast necessitated by the higher cost of materials.
We are now in a position to establish substantial quantity production
dividend distributions. It is unlikely that the conditions produced by
the war will permit any increase in the preferred stock rate during the on our new lines, which assures the corporation a fair profit yield. ["Wall
current year over the 6% now being paid. Construction requirements St. Journal," Apr. 3.]-V. 106. p. 1349, 1121.
have been reduced to a minimum in accordance with the general request
Submarine Boat Corp., New York.
-1917 Results.
of the Government to conserve materials and money for war purposes.
It is impossible, however, to cut off construction entirely. Should it
The net income for the calendar year 1917 amounted to $1,248,099, and
become impossible to finance necessary improvements and extensions, after deducting dividends, $1,147,215, the surplus was $100,884.-V. 106.
your company may find itself compelled to apply its earnings to such P. 403. 303.
purposes, even to the extent of reducing its dividends.
At this time it seems improbable that an emergency measure of this
Swift it Co., Chicago.
-Stock Increase-Segregation.
nature will have to be resorted to. Practically all of your subsidiaries
This company has applied to the Chicago Sub-Committee of the Capital
are in position to finance their respective requirements in any but the most Issues Committee for permission to offer to stockholders $25,000,000 of
extraordinary times. Even in such times they will not necessarily have to new stock. This contemplates an increase in capital stock from $100,rely exclusively upon your company for funds if the service to be rendered 000,000 to $125,000,000, and it is presumed the new stock will either be
by the anticipated War Finance Corporation is correctly interpreted. offered to shareholders at par at the ratio of one share of new for every four
In this connection it is again emphasized that the rapidly growing gross shares now held or distributed in whole or part as a stock dividend.
earnings of the subsidiaries are much less due to war conditions than are
The segregation of the company's foreign packing business from its
the abnormally high operating costs, and that materially increased net domestic business is reported to have been recently under consideration.
earnings must follow the return of normal times. This would quickly be -V. 106, p. 507, 404.
reflected in your company's collectible income and correspondingly increased
dividend rates.
Taylor-Wharton Iron & Steel Co.
-Earnings.
The placing of securities of the respective companies in the communities
1916.
1917.
1917.
1916.
served proved successful. From Jan. 1 1917 to March 23 1918, inclusive,
Net, after depree.$1,619,569 $359,374 Res. for contin,&c. $458,362
local securities sales numbered 5,240, aggregating $4,008,350 par value.
Bond interest _ _ _ 211,053
147,500 Preferred divs__ 131,341 $132,669
V. 106, p. 710.
Balance, surplus__ $408,813
War taxes
410,000
$79,205
-V. 106, p. 714.
Standard Motor Construction Co., Jersey City.
Cal. Year1917.
1916.
1917.
1916.
-Earnings. :
Tennessee Power CO.
Profits
$1,855,376 $396,377 Reserve for taxes.. $865,000
Cal. Years1916.
1917.
1917.
1916.
(16)288,000 (6)108,000 Surplus
Dividends
$702,376 $288,377
Gross earnings $1,910,563 $1,636,716 Interest
$623,592 $564,177
Balance Sheet December 31.
Net, after taxes
$652,468 $675,234 Other deductions..
18,107 • 109,258
84,611 Surplus
Other earnings__ _
Assets29,561
1917.
$76,544 $304,926
1916.
Liabilities1917.
1916.
Land, bidgs., &c_ $400,374 $392,934 Capital stock_ _ _$1,800,000 $1,800,000 -V. 104, p. 1904.
1,716,388 1,716,388 Bonded debt
Patents
187,203
202,702
Union Electric Light & Power Co.,. St. Louis.
-OfferInvestments
476,131
274,507 Accounts payable_ 251,212
47,033
Cash
426,782
215,795 Depos. on orders_
2,530
6,444 ing of Two-Year Notes.
-The Mercantile Trust Co., the
Notes & accts. rec_ 433,229
92,397 Reserve for taxes.. 865,000
Mdse.inventory 1,224,985
237,714 Accrued interest
3,750
4,060 Mississippi Valley Trust Co. and the Third National Bank,
Miscellaneous.._ _ _
3,676
Surplus
1,571,871
869,496 all of St. Louis, are offering at 97% and int., to net 71
4%,
$4,681,567 $2,929,735
- Total
-V. 106, p. 1040, 714.

Total

$4,681,567 $2,929,735

Standard 011 of Kansas.
-Report.
Calendar YearsNet profits
Dividends

1917.
1916.
1915.
1914.
$1,422,982 $1,270,313
$563,946
$33,219
(24%)480,000 (16)320,000 (12)240,000 (13)260,000

Balance

sur.$942,982 sur.$950,313sur.$323,946 def.$226,781
Balance Sheet December 31.
Assets1917.
1916.
Liabilities-1917.
1916.
Real est. & plant.$2,306,948 $2,120,449 Capital stock_ _ _$2,000,000 $2,000,000
.
Raw material, ilre_ 1,663,928 1,078,158 Accts. payable__ 435,101
337,319
Cash
731,841
520,586 Depreciation
449,476
345,576
Securities
1,269,035
615,564 Tax reserve
1,064,647
Accts. receivable_ 1,339,138
766,822 Surplus
3,361,666 2,418,683
Total
$7,310.890 $5,101,579
Total
$7,310,890 $5,101,579
-V. 106, p. 1125, 507._
WM.. MD*

mgesswvii

Standard Oil Co. of N. J.
-Wage Advance, &c.
The company has announced a general increase of 10% in wages effective
immediately, applicable to all wage earners except first class brick layers
and watchmen, whose rates will be increased 5%, and lead burners, who
recently received an increase.

German Utilization of Rumanian Fields.
-Acquisition.
A European dispatch states that Germany has signed an agreement with
Rumania for the utilization of the oil fields of the latter country for a
period of 99 years and to exclude all other countries.
It was reported some weeks ago that the Standard Oil •Co. of N. J. had
taken over the Compania Transcontinental de Petroleo S. A. and the
Vera Cruz Mexican Oil Syndicate, Ltd., and important holdings of the
late Ricardo A. Mestres. Including the Panuco-Excelsior acreage acquired last fall, all these properties will be combined under the Transcontinental Co., which will be the Standard company's operating company in Mexico.
„,
-

New Regulations as to Distribution of Fuel Oil-Bill Au•Wf/I
thorizing President to Fix Prices.- ,t, 1
1
•
page 1300 in last w-- eciag4uOV. 106, p76137605.." :r4"
--!

Standard Oil Co. of Ohio.
-Balance Sheet Dec. 31.- Ai
1917.
Assets$
Plant
10,722,420
Merchandise
5,399,002
Cash
419,002
Accts. rec., &e
4,212,418
Res.for plant ext.,
under construe_

1916. Ai
. 4 41A4,Jinv:. 1917,
''''
1016.
Liabilities$
$
$
8,350,329 Capital stock ____ 7,000,000 7,000,000
2,833,932 Accounts payable.. 1,755,745
902,048
373,832 Depreciation ac3,234,112 count
2,419,729 1,995,394
Surplus
9,577,368 6,039,390
1,144,626

Total
20,752,842 15,936,832 Total
20,752,842 15,936,832
Note.
-No deduction has been made for Federal taxes payable in 177.
Federal income and excess profits tax for 1917, payable in 1918, is estimated
at $1,427,058.-V. 106, P. 507. .
-




$1,000,000 Two-Year 6% bond-secured gold notes dated
Mar. 15 1918, due Mar. 15 1920, but subject to redemption
as a whole or in part upon 30 days' notice on any interest
day before maturity at 101 and int. Authorized $2,000,000; issued $1,000,000.
Approved by Federal Capital Issues Committee, permit No. 125. Interest Q.
-M. 15 in St. Louis or New York. Denom. $1,000 c*. Trustee,
Mercantile Trust Co., St. Louis. These notes are exempt from all State
and local taxes in Missouri, having been registered under the terms of the
Secured Debts Act.
Extracts from Letter of V.-Pres. Chas. S. Ruffner, Dated Mar. 15 1918.
-Owns and operates all but a small part of the central station
Territory.
electric light and power business in St. Louis and in the counties Of St.
Louis, Franklin and Perry. Population served about 1,000,000.
CapitalizationAuthorized, Issued.
Preferred stock
$8,040,000 $1,903,400
Common stock
13,200,000 10,505,000
Two-year 69' gold notes (this issue)
2,000,000
1,000,000
Ref. & Ext Mtge. 5% bonds, due 1933
50,000,000 *11,100,000
Underlving Issues-First M.5s,1932
Closed
6,202,000
Mo.Elec. Lt. & Pow. Co. 6s, 1921
Closed
600,000
Missouri Edison El. Co.5s, 1927
Closed
3,198,000
* Including $1,500.000 bonds deposited as collateral securing these notes.
-Generating stations have installed rated capacity exceeding
Property.
76,000 k. w. Also purchases about 50,000 k. w. from the Mississippi
River I'ower Co. Underground system, 809.7 duct miles of conduit.
There are in service 99,469 meters and 95,952 c6nsumers.
Earnings for Calendar Years 1900-1917.
1900.
Cal. Years1008.
1912.
1916.
1917.
Gross earnings- _$1,082,932 $3,013,297 $3,659,628 $5,102,122 $6,046,549
Net after taxes and depreciation reserve
$1,652,600
Annual bond int., $986,000; int. on 2-yr. notes, $60,000
1,046.000
Surplus
$606,600
-A direct obligation of the company, secured by pledge of
These Notes.
$1,500,000 Ref. & Ext. Mtge. bonds, which are a mortgage on all the
property of the company, now owned or hereafter acquired, subject to
$10,000,000 underlying bonds. Inasmuch as Ref. & Ext. bonds cannot
be issued in excess of 85% of the cash cost of extensions and improvements,
and these notes have been secured by 150% of their face amount in bonds,
it will be seen that the notes cannot represent more than 56 2-3% of the
cash cost of the added property.
The proceeds of the $1,000,000 notes will retire a like amount of floating
-V. 106, p. 1371, 196.
debt incurred for enlarging the property.

Union Oil Co. of California.
-Extra Dividend.-

,1134

An extra dividend of 1% has been declared on the $43,461,110 stockln
addition to the regular quarterly 1X%, both payable April 20 to holders
of record, it is stated, April 1. A like amount was paid in January last
and a 10% stock distribution on March 15 last.
-V. 1013, P. 1040,4714.

-Zone System for Coal Distribution
War Regulations.
Coal Exports to Canada-Daylight Saving Plan.
See general news in last week's issue. V. 106, p. 1371.
For other Investment News, see Page 1477.

APR. 6 1918.1

1467

THE CHRONICLE

tports ata

Documents.

EY
PUBLIC SERVICE CORPORATION OF NEW JERS
ENDING DECEMBER 31 1917.
NINTH ANNUAL REPORT—FOR YEAR
much to say that his health was broken and that the disease
•
by the strenuosity
ToTthe Shareholders:
Service Cor- which caused his death was superinduced
of
Th9:combined results of operatitMs aryPublic ies for the of his labors. He was respected and loved by the entire
compan
poration of New Jersey and subsidi
organization and he will never be forgotten.
were as follows:
twelve months ending December 31 1917,
At the annual meeting of the shareholders, held in April,
$47,291,342 13
Companies
Operating Revenue of Subsidiary
s, for ten years the First Vice-Presiincluding Amortization Charges and 30,539,368 75 Mr. George J. Robert
Operating Expenses,
dent of the Corporation and of all of its subsidiaries, asked
Taxes
$16,751,973 38 not to be re-elected and withdrew from business activity.
Operating Income
397,706 32
He, too, was broken down in health and, warned by Mr.
Non-Operating Income
$17,149,679 70 Burleigh's example, made up his mind to retire and to rebefore it was too late. Happily, he has
Companies(Bond Interest,
Income Deductions of Subsidiary
12,299,838 17 cuperate his health
Charges)
Rentals and Miscellaneous Interest
in a large measure succeeded in doing this. He was an.
$4,849,841 53 operator of strong ability and virility, and it has been difes
Net Income of Subsidiary Compani
Jersey InPublic Service Corporation of New
ficult to fill the place made vacant by his withdrawal.
(exclusive of
come from Securities Pledged g companies)
dividends on stocks of operatin
$1.953,097 19
and from Miscellaneous Sources
223,232 19
Less Expenses and Taxes

THE RAILWAY COMPANY.

War and weather conditions combined presented unusually
difficult problems for Public Service Railway in 1917.
36,579,706 53
Shortage of labor and inability to secure supplies at anyJersey InPublic Service Corporation of New
thing like normal prices or within reasonable periods of time
come Deductions:
33.796,631 75
for deliveries added greatly to the railway's physical and
Interest Charges
Expense 159,238 68
Amortization of Debt Discount and General
financial burdens, particularly during the latter portion of
Sinking Fund for Public Service
209,500 00
the year. In spite of these handicaps, however, the operage 5% Bonds
IN.Mortg
36,936 30
Income
4,202,306 73 ating revenues of the railway and its affiliated companies,
Other Contractual Deductions from
showed about the average rate of increase-6.70 per cent.
Corporation of Now Jersey
e of
Net Income of Public Service
$2,377,399 80 As against this operating expenses showed an increas
and Subsidiary Companies ry Companies:
12.70% over the preceding year, reflecting the marked rise
Accounts of Subsidia
Appropriation
Expenditures
in the cost of labor and materials. The growth in operating
Amortization of New Business
$40,329 96
prior to January 1 1911
140,006 69
es for the Railway and Railroad companies, comSurplus Account (credit)_
Anjustments of
99,676 73 revenu
bined, was $1,105,672, to earn which were operated 1,122,$2,477,076 53 695 additional car miles.
Public Service Corporation of
Operation during the month of December, particularly
17,484 77
Appropriation Accounts of dividends) (credit)
ve of
New Jersey (exclusi
during the last seventeen days, was under weather con32,494,561 30
payment of dividends
ditions unprecedented in the history of these properties.
Net Increase in Surplus before
Corporation issued stock to the The snow storm of December 13, following another storm
During the year the
authorization voted by the of three days previous, practically forced the transportation
amount of $4,999,600 under an
the total capital stock
this part of the country to an almost complete
directors in September 1916, making paid in 1917 dividends facilities of of business for a matter of hours—in some
suspension
which was
issued $29,999,600, upon
annum, aggregating $2,- sections for several days. The Railway's earnings for the
at the rate of eight per cent per
month, instead of showing an increase of about $100,000 as
399,968.
a
t of $1,600,000 secured by the de- could reasonably have been expected, actually showed
Notes to the amoun
of the
of Public Service Electric Company falling off of $7,000 from the corresponding month more
posit of $2,000,000
Bonds of the Gas & year previous, and the operating expenses increased
stock, were issued in November.
fell $218,000
of Bergen County to the amount of than $211,000, so that the operating income
Electric Company
issued to reimburse Public Service Electric below that of December 1916. development in war indus$500,000 were
ements and betterments
There has been a phenomenal
Company for extensions, improvny.
compa
tries during the last year in the territory served by the railof the plant of the former
ary way. The manufacture of munitions and war supplies has
of financing its subsidi
In accordance with its custom
sed at par, stock of
d the services of thousands of men and women;
companies the Corporation purcha the amount of $2,000,- engageg shipyards located on the Delaware River in Camden
existin
Railway Company to
Public Service
ter have been enlarged, and there have been
Electric Company to the amount
000; stock of Public Serviceof Public Service Gas Company and Glouces large shipyards for the Submarine Boat Corconstructed
and stock
of $2,000,000;
nding stock of poration at Port Newark Terminal; the Federal Shipbuilding
The
to the amount of $1,000,000. ny is outsta
now $48,731,600, at Company on the Hackensack River; and the Foundation
Railway Compa
Public Service
s to the Cor- Company, acting for the United States Shipping Board, on
par, of which all but twenty-six shares belong
south
outstanding stock of Public Service Electric the Passaic River, both of the latter being locatedIn adporation. The
Kearny.
.,000,000, at par, and the outstanding stock of the Lincoln Highway in the Town of has caused to be
Company is $27
ny is $13,600,000, at par, dition to the foregoing the Government
of Public Service Gas Compa
Depots, cantonstock, of both companies, excepting directors' erected Quartermasters' and Engineers'of war enterprises.
all of which
ments, and various other buildings for use
the Corporation.
shares, belongs to
All of these operations have necessitated the employment
DIFFICULTIES OF OPERATION.
of large forces of men, and the transportation of these workwith
The
utilitie
The operation of all public ever s was attended
ers has severely taxed the facilities of the railway. ted,
than
before. The enormous
fully comple
greater difficulty in 1917 the shortage of labor; the vast in- operation of these various plants, when employees which
mean a tremendous influx of regular
increase in the cost and
ity used in the operation will
crease in the cost of every commodlty of obtaining materials, the railway will be called upon to handle during the year
and the difficu
of these properties,
on which is 1918. especially good showing in gross earnings was made by
An
all combined to create an unprecedented situati earnings.
depreciation charges and net
Public Service Railroad. The Chrome line gross increased
reflected in smaller
of the three operating companies was 46.90%; the Perth Amboy line 30.85%; and the Trenton
The fuel bill alone
have
of what it
approximately $2,500,000 in excessat the 1916 would By line 8.57%; a total increase for the railroad of 14.68% for
prices.
been for the same amount of coal that it would be neces- the year. The increases were due to the natural growth of
the communities served and added industrial activities in the
the end of the year it was apparent
the rates of all
is every insary to make application for an increase ofto properly per- vicinity of Chrome and Perth Amboy. Therebe surpassed
dication that the gains made during 1917 will
three companies, to enable the companies
The amount
form their functions under existing conditions. ed that spent during the coming year.
Fifty open cars and fifty closed cars were constructed at
of money spent for maintenance largely exceed
main previous years, owing to increased cost of labor and The the Newark shops and put in operation during the year.
terials and the properties have been well maintained. for An additional fifty closed cars were purchased from the
amount, exclusive of ordinary maintenance, set aside
Cincinnati Car Company, but owing to the freight congesamortization was $1,111,119 40. The services of833 trained tion which overtaxed the steam railroads of the country,
that
men were lost to the operating companies by virtue of es only one of these cars was received in time to be put in serbranch
number of employees having joined the variousthis mani- vice. The company now has 1,793 closed revenue cars and
602 open revenue cars. Many of the latter are of the large
of the Army and Navy. While their loss is felt,
festation of loyalty to country is a source of gratification.
sixteen-bench type, designed and built by the company,
which proved very popular with the riding public. Track
PERSONAL WORD.
A
during the
ry 1917, Mr. John J. extensions to the extent of 5.361 miles were builtinstallation
On the eighteenth day of Februa
ally of the
the Second Vice-President of year. This work consisted princip s line to Clementon;
Burleigh, who had long been
at his of second track on the Haddon Height
the Corporation and of all of its subsidiaries, died about the extension of the Central line to West Orange, and the
an illness of
loops, crosshome in Merchantville, New Jersey, after
worker and installation of other sections of second track,
a year. Mr. Burleigh was an indefatigable It is not too overs and connections. The company reconstructed with
ded.
his loyalty to Public Service was unboun




1,729,865 00

1468

THE CHRONICLE

new rail 28.437 miles of tack, and also reconstructed 10.039
miles of track with the same rail. Lack of labor and materials prevented more of this character of work being done.
The total trackage of the company is 891.234 miles.
Revenue from transportation increased from 31.4120.
per oar mile to 32.4850. per car mile, or 1.073c. per car mile.
Operating revenue deductions increased from 20.354e. per
car mile to 22.340c. per car mile, notwithstanding smaller
depreciation charges. The ratio of operating revenue
deductions to operating revenue was 67.1%. Car mileage
increased 2.0%.
During the year 3,907 trainmen were appointed, an increase of 1,238 over the number appointed in 1916. The
large number of additions to the force of platform men
were made necessary by the fact that many employees left
the service because of the war-time wages offered by shipyards and munition plants. In addition to those
sought industrial employment elsewhere, upwards of who
300
of the company's employees joined the colors.
of the war and war-plant wages, the number of As a result
men available for platform duty was materially curtailed, and it was
deemed advisable to modify the standard of eligibility for
employment. A few other like companies have tried
in an experimental way the use of women as conductoout
rs,
and this company has made some preliminary investigation
to obtain data in case the man shortage should necessitate
the employment of women on Public Service lines.
Effective October 1, an increased wage scale for trainmen
was adopted as follows:

[VOL. 106

volt service on the transmission system between Marion
and Hackensack; Marion and Passaic; Bayway and Perth
Amboy; Perth Amboy and Metuchen; Metuchen and New
Brunswick; and Burlington to Bordentown and Liberty
Street, Trenton. Underground transmission lines were
installed from the Essex Station to City Dock; from Essex
to the Bloomfield Avenue sub-station, and from Camden
Station to the Atlantic Avenue sub-station in that city.
The policy of furnishing power in large amounts to customers at transmission voltage was continued, and the tremendous demands made upon the company: for war purposes necessitated a number of important installations of
this character. It may be interesting to note that it is
estimated that 67% of the company's connected power
load is being utilized indirectly on war business.
The increase in kilowatt hours commercially sold by the
company was 90,637,616, or 32.27%. The revenue from
electric sales increased 18.57%. The price received per
kilowatt hour sold averaged 3.99e., as compared with
4.450. in 1916. The ratio of operating revenue deduction
to operating revenue was 61.7%, as against 58.4% for the
corresponding period of the year previous.
THE GAS COMPANY.

Public Service Gas Company was confronted during the
last three days of 1917 with a demand upon its manufacturing resources that was without a parallel in its previous
history. A combination of circumstances due to extremely
cold weather and an unusual shortage of coal for domestic
First year men
28 cents per hour uses, culminated on December 30 with a sendout of 62,Second year men
29
220,000 cubic feet of gas. The combined output of all the
Third and fourth year men
30
Fifth and sixth year men
works for the last three days of December was 181,012,000
3
Seventh and eighth year men
cubic feet, an increase over the corresponding three days
32
Ninth and tenth year men
33 " " "
Eleventh year and thereafter
in 1916 of 51,942,000 cubic feet, or 40.24%. Due to the
34
Public Service Terminal, in Newark, has been steadily policy of the company to carry large reserve stooks of coal
growing in popularity with patrons of the company more and oil it was possible to keep the plants going continuously,
than 60,000 persons boarding and leaving the cars,there, and the abnormal demands for gas made it necessary to
on an average, daily. The Terminal was equipped with a, operate all of the stations, including the Sixth Street (Jerpre-payment system of fare collection April 1, with gratify- sey City), and the New Brunswick works.
During the year extensions to the trunk main system have
mg results, much time being saved in the loading and movebeen made wherever the pressure in the distributing mains
ment of ears.
has indicated the need of such extensions, and the company
The Railway Claim Department spent, including
administration expenses, during the year, $751,096 09, its has maintained uniformly good pressure throughout the
or whole territory it serves.
4.13% of the gross passenger receipts. This is an increase
The tunnel under the Hackenof approximately $88,000 over the outlay for 1916. The sack River was completed. This tunnel was bored at a
larger expenditures are attributable to the greater volume depth of 100 feet below mean high water and is 645 feet in
of business done by the company and also to the vastly length, between two shafts, each 100 feet deep.. The bore
increased use of the highways by other vehicular traffic, is "D" shape, nine feet wide by seven feet four inches high,
and contains two 24-inch and one 16-inch gas mains. These
especially motor cars.
There was a noticeable falling off during the year in the mains are used to convey gas from the Seaboard By-Products
Company to this company's West End Works, where it is
number of jitneys operated in the cities served by the
way. The most pretentious effort to utilize the motor rail- measured and then distributed in the Hudson, Essex and
bus Bergen Divisions
as a competitor of the street car was made in the City of
of the company.
At the Brunswick Avenue Works, Trenton, an additional
Newark, and resulted in the operating company going into
bankruptcy, and the disposition of its assets at a receiver's set of water gas apparatus, together with all necessary apsale about August 1. A subsidiary of the Railway Com- purtenances, was erected, resulting in enlarging the capacity
pany, known as the New Jersey Transportation Company, of the station from 1,500,000 to 4,000,000 cubic feet of gas
.
was fdrmed to provide bus service between the terminus a day. This improvement was needed to take care of the
of the Englewood line at Tenafly and Camp Merritt, and growth of business in the Southern and Central Divisions.
service was inaugurated November 17. The same sub- At New Brunswick additional land adjoining the generating
sidiary company is preparing to put into operation a fleet of station was purchased and there was erected a 2,000,000
fifteen buses to act as feeders to the street car lines in trans- cubic foot holder in a steel tank, together with a compresporting employees of the Submarine Boat Corporation at sor house and equipment. A 200 h. p. Heine water tube
boiler was installed to furnish steam for gas making purPort Newark Terminal.
poses. At the West End Works, Jersey City, a large
THE ELECTRIC COMPANY.
In addition to the serious difficulty it encountered in filtering plant was installed to remove all traces of foreign
securing a sufficient supply of coal Public Service Electric matter from waste water before the latter is discharged into
Company was materially handicapped during the year by the river. A somewhat similar plant, smaller in size, was
the failure of manufacturing contractors, owing to war con- built at the Trenton Works. Improvements were also
ditions, to deliver apparatus and supplies as promised At made at the Newark, Plainfield and Camden works. Toluol
the Essex Power Station the 35,000 Kva unit ordered in.1916. plants were constructed and put in operation at Newark,
was completed as to installation, but necessary adjustments Jersey City, Paterson and Trenton. All toluol obtained is
made it impossible to place it in service in 1917, as was furnished to the United States Government or its Allies.
anticipated. At this same station the installation of four Additions to the land holdings of the company wore made
at the Newark, Paterson and Camden works besides the
additional boilers was started and two were
This will give a battery of twelve boilers at Essexcompleted. purchase at New Brunswick referred to. A number of
which will large customers were taken on, including
furnish sufficient steam for the two 25,000 and the one 35,000
the Eagle-Pitcher
Kva units. At Perth Amboy a 12,500 Kva turbo-generator Lead Company, in Newark, which concern abandoned a
was installed, but as at Essex, and for like reasons, the date of gas-making plant of its own which had been in operation
delivery was so deferred that it was not possible to get the ma- only a short time. A large installation was made for the
chine ready for service before the end of the year. At Burling- Pennsylvania Shipbuilding Company at Gloucester, and
ton two new boilers were added to the system, making eight large additional quantities of gas were furnished for the
in all. The equipment of the rest of the boilers with automatic General Electric Company, the Westinghouse Electric Comstokers was begun and about half completed. When this pany and the American Can Company in the Northern part
work is finished the steam requirements of the three gen- of the State.
The sales of the company increased 1,211,012,515 cubic
erating units at this station will be amply provided for. A
new sub-station was put into operation at Bayway, which feet, a gain of 9.77%, and the revenue from sales of gas inwill be an important switching point for the Central Division, creased 8.72%.
TAXES.
the sub-station being fed from Essex Station. At City
The taxes for the year 1917 amounted to $3,974,983 51,an
Dock, Newark, the work-of changing the old generating
station to a complete sub-station went forward; the Glouces- increase of $1,261,924 64 over the previous year. Once
ter plant was changed from a generating station to a sub- more attention is directed to the fact that the tax burdens
station and additional rotary capacity was installed at of the Corporation are mounting more rapidly year by year.
Nor do .the foregoing figures, large as they are, tell the whole
Gloucester and at Bordentown.
The most important addition to the transmission system story. Reference was made in the last annual report to a
was the construction of a line over a new route from the bill then pending in the State Legislature having for its
the
Essex Station to the new Bayway sub-station to furnish purposeand increasing of the franchise taxes to be paid by
electric companies. That bill was enacted into
additional capacity to the Central Division. Other im- the gas
portant additions were made to the transmission system law, and beginning with the year 1918 the rate of franchise
in the Central Division and provision was made for 26,000 tax payments will be increased 1% a year until 1920, by
which time the gas and electric companies will, like the rail-




16

1

41

11

41

6.

41

64

46

41

APR. 6 1918.1

1469

THE CHRONICLE

PUBLIC SERVICE CORPORATION OF NEW JERSEY.
BALANCE SHEET DECEMBER 31 1917.
ASSETS.
Investments
INSURANCE.
Securities of subsidiary and leased com$98,639,155 28
panies
Fire insurance in force as of December 31 1917, amounted
867,485 00
Perpetual interest-bearing certificates_ _ _ _
to $35,889,977, an increase of $2,938,941 over the corre120,015 00
Other securities
1,700,000 00
sponding period of the year previous. Premiums paid
Advances to Public Service Gas Co
10,000 00
Advances to Public Service Railroad Co _
,073 45. The
80, an increase of
aggregated $114,507
181,911 05
Real estate
181,576 79
average rate paid was 31.9c. per one hundred dollars of
Other investments
$101,700,143 12
insurance, as against an average rate of 32.30. for the year Treasury Bonds
1916.
-year Gold Bonds
General Mortgage 5% Sinking Fund 50
WELFARE WORK.
Pledged as collateral to 17,500,000 00 5%
$10,000,000 00
-year collateral Gold Notes
3
Expenditures for the work of the Welfare Department,
Pledged as collateral to $2,000,000 00 6%
including payments made under the Workmen's Compen2,500,000 00-12,500,000 00
note
sation Act, amounted during the year to $184,227 07, an Sinking Funds and Other Special Funds 5%
Sinking Fund of General Mortgage
increase of $18,422 34 over the preceding twelve months.
$1,204,637 14
-year Gold Bonds
Sinking Fund 50
1,026,908 00- 2,231,545 14
Other
Of the total sum $98,418 74 was for Welfare Work, dis- Current special funds
Assets
bursed as follows:
$85,688 83
Cash
$23,191 00
Insurance
801 02
Accounts receivable
27,004 91
Sick Benefits
159,924 11- 246.413 96
Interest and dividends receivable
33,846 34 Deferred Charges
Pensions
14,376 49
Expenses
$9,550 46
Prepayments4,027,658 15- 4,037.208 61
Unamortized debt discount and expense
$98,418 74
Total
$120,715,310 83
increase of $10,050 41 in the total of the fore-

way company, be paying in the form of franchise taxes
5% of their gross receipts.

Most of the
going items was due to additional pension?, there having been
.
twenty-one names placed on the pension rolls and eight
removed through death, leaving the number at the end of
the year standing at eighty-iune. There was also an increase in the insurance item, seyenty-mne deaths having
been reported as against seventy-six last year. Sick benefit
payments decreased because there was a gratifying lessening
of the number of cases of illness among employees.
The cost of injuries to employees, coming within the scope
,371 93
of the Compensation Act, was $85,808 33, or
more than the year before. It was divided as follows:

LIABILITIES, CAPITAL STOCK AND SURPLUS.
Funded Debt
General Mortgage 5% Sinking Fund 50
$50,000,000 00
year Gold Bonds
20,050,770 00
Perpetual interest-bearing certificates..
7,500,000 00
-year Collateral Gold Notes
5% 3
877,550,770 00
Advances from Other Corporations
250,000 00
Public Service Electric Company
Bills Payable
6% Note secured by pledge of $2,500,000
General Mortgage 5% Sinking Fund 50$2,000,000 00
year Gold Bonds
6% Notes secured by pledge of $2,000,000
Public Service Electric Co. Capital
$63,783 37
Payments required by law
1,600,000 00
Stock
Additional payments over and above those required by law_ _ _ _ 9,374 15
47,Note secured by pledge of $90,000
12,650 81
Expenses of department
81,000 00
United States Liberty Loan Bonds..
3,250,000 00- 6,931,000 00
Other 6% Notes
Total -------------------------------------------------$85,808 33 Current Liabilities
$61,207 04
Taxes accrued
HUDSON RIVER TUNNEL.
$52,320 64
Interest accrued
.
99,872 67
Under date of February 20 1917, a special committee subliabilities
Other accrued
1.643 36
Accounts payable
mitted a report embodying the,fruits of a comprehensive
1,015,043 71
study of the feasibility, from engineering and financial view- Reserve for Sinking Fund of General Mort1,257,012 14
-Year Gold Bonds
gage 5% Sinking Fund 50
of constructing and operating a vehicular tunnel
points,
$1,500 00
beneath the Hudson River connecting Jersey City and New Other Reserves stocks
Premiums on
854,736 27
Contractual reserves
A thorough investigation of all questions involved,
York.
856,236 27
29,999,600 00
was made, including personal observation of the operation Capital Stock
under the Rive': Thames in London, and it was Corporate Surplus
of tunnels
$3,178,286 42
Balance December 31 1916
the opinion of the committee that the proposed Hudson
Net income year ending December 31 1917 2,059,845 52
to
.
17,484 77
additions to surplus
tube would be of sucli advantage. the States of New
Sundry
River
Jersey and New York t4at its construction by Governmental
$5,255,616 71
Total
2,399,968 00
agencies as a free public highway would.be fully justified,
Less dividends paid during year
and the project to have the two States join in linking the
2.855,648 71
Balance of surplus December 31 1917_ _

.
commonwealths together by a ?ub-aqueous bore capable of
accommodating vehicular traffic, has received a new impetus.

FINANCIAL STATEMENT AND STATISTICAL INFORMATION.

I call attention to the balance sheets and statement of
earnings and expenses of the Corporation and its subsidiary
companies, which have been verified by Niles & Niles,
Certified Public Accountants of New York, and to the usual
statistical information and other statements herewith submitted.
THOMAS N. McCARTER,President.
COMBINED RESULTS OF OPERATIONS, PUBLIC SERVICE CORPORATION OF NEW JERSEY AND SUBSIDIARY COMPANIES.
FOR TIM TWELVE MONTHS ENDING DECEMBER 31 1917.
$47,291,342 13
Operating Revenue of Subsidiary Companies
Operating Expenses, including Amortization Charges and
30,539,368 75
Taxes

$120,715,310 83
PUBLIC SERVICE RAILWAY COMPANY AND PUBLIC SERVICE
RAILROAD COMPANY.
BALANCE SHEET DECEMBER 31 1917.
ASSETS.
Fixed Capital
$96,781,789 87
Balance December 31 1916
358,990 00
Less amount transferred to investments
$96,422,799 87
Construction-Year ending December 31
2,748,849 51
1917
$99,171,649 38
Total
536,506 80
Less property written off during year _ _ _

$98,635,142 58
Balance December 31 1917
628,534 40
Investments
352,620 28
Special Funds
Current Assets
$619,842 27
Materials and supplies
224,824 13
Cash
$16,751,973 38
Operating Income
1,19900
Bills receivable
397,70632
217,321 86
Non-Operating Income
Accounts receivable
2,271 93
Interest and dividends receivable
$17,149679 70
24,777 72
Special deposits
39,410 00= 1,129,646 91
Income Deductions of Subsidiary Companies (Bond InterOther current assets
12,299,838 17 Deferred Charges
eat, Rentals and Miscellaneous Interest Charges)
$118,523 54
Prepayments
$4,849,841 53
740,768 15
Net Income of Subsidiary Companies
Unamortized debt discount and expense.._
79,718 73
Public Service Corporation of Now Jersey
Property abandoned
939,010 42
Income from Securities Pledged (exclusive
of dividends on stocks of operating cornSources_ _ $1,953,
097 19
$101,684,954 59
pantos) andfrom Miscellaneous
223,232 19
Less Expenses and Taxes
1,729,865 00
LIABILITIES, CAPITAL STOCK AND SURPLUS.
$6,579,706 53 Funded Debt
$46,000,000 00
Bonds
of New Jersey
Public Service Corporation
1,199,000 00
Equipment trust certificates
Income Deductions:
278,435 00-47.477,435 00
Real estate mortgages
Interest on Perpetual Interest-Bearing
Advances from Other Corporations
$1,202,986 20
Certificates
$40,000 00
Point Ferry Co_
Port Richmond & Bergen
Interest on Public Service General Mort50.000 00
10,000 00Public Service Corporation of New Jersey
1,875,000 00
gage 5% Bonds
Current Liabilities
375,000 00
Interest on 5% Collateral Notes
$603,352 25
Taxes accrued
343,645 55
Interest on Miscellaneous Obligations_
284,378 87
Interest accrued
Amortization of Debt Discount and Ex292,134 00
Other accrued liabilities
159,238 68
pense
1,328,835 57- 2,508,700 69
Accounts payable
Sinking Fund for Public Service General
Reserves
209,500 00
Mortgage 6% Bonds
$1,866,517 07
Permanent reserves
Other Contractual Deductions from In288.764 09
Accrued amortization of capital
36,936 30
come
10,120 07
Unamortized premium on debt
73
4,202,306
182,463 14
Casualty and insurance reserve
22,001 84- 2,369,866 21
Other optional reserves
Service CorporaNot Income of Public
49.035,000 00
Capital Stock
tion of NOW Jersey and Subsidiary
Companies--------------------------- -------- $2,377,399 80 Corporate Surplus 31 1916
$139,433 74
Balance December
Subsidiary Companies:
Appropriation Accounts of
Net income year ending December 31 1917 1,137,322 28
Amortization of New Business Expendi63,657 67
Sundry additions to surplus
$40,329 96
tures prior to January 1 1911
1406 69
Adjustments of Surplus Account (credit)
$1,340,413 69
Total
99,676 73
1,096,461 00
Less dividends paid during year
$2,477,070 53
243,952 69
Balance of surplus December 31 1917_ _
of Public Service Corporation of
Appropriation Accounts
17,484 77
Now Jersey (exclusive of dividends) (credit)
$101,684,954 59
$2,494,561 30
Net Increase in Surplus before payment of dividends




1470

woL. 106.

THE CHRONICLE

PUBLIC SERVICE GAS COMPANY.
BALANCE SHEET DECEMBER 31 1917.
ASSETS.
Fixed Capital
Balance December 31 1916
$12,206,933 81
Construction-Year ending December 31
1917
1,814,672 35
Total
$14,021,606 16
Less property written off during year..
257,824 77
Balance December 31 1917
$13,763,781 39
Investments
474,474 20
Sinking Funds and Other Special Funds
14,347 95
Current Assets
Materials and supplies
$1,282,627 14
Cash
582,766 70
Accounts Receivable
Customers
$1,787,054 61
Miscellaneous
254,609 82
2,041,664 43
Interest and dividends receivable
2,944 55
Other current assets
6,625 00- 3,916,627 82
Deferred Charges
Prepayments
$38,639 30
Unamortized debt discount and expense__
519 90
Other suspense
68,081 69- 107,240 89

PUBLIC SERVICE ELECTRIC COMPANY.
BALANCE SHEET DECEMBER 31 1917.
ASSETS.
Fixed Capital
Balance December 31 1916
$24,404,533 88
Construction-Year ending December 31
1917
5,722,625 42
Total
Less property written off during year

$30,127,159 30
842,162 47

Balance December 31 1917
$29,284,996 83
Investments
412,499 53
Sinking Funds and Other Special Funds_
23,477 84
Current Assets
Materials and supplies
$1,250,680 59
Cash
788,804 96
Bills receivable
1,600 00
Accounts receivable
Customers
$1,795,016 07
Miscellaneous
526,576 06
2,321,592 13
Interest and dividends receivable
6,652 40
Other current assets
72,325 00
4,441,555 08
Deferred Charges
Prepayments _
$71,532 54
Unamortized debt discount and expense....
369 76
Other suspense
52,312 22
124,214 52

$18,276,472 25
LIABILITIES, CAPITAL STOCK AND SURPLUS.
Funded Debt
Real estate mortgages
$34,286,743 80
$248,166 67
Bills Payable
50,000 00
LIABILITIES, CAPITAL STOCK AND SURPLUS.
Advances from Other Corporations
Public Service Corporation of New Jersey
1,700,000 00 Funded Debt
Current Liabilities
Real estate mortgages
$312,033 33
Taxes accrued
Bills Payable
$331,832 16
100,000 00,
Interest accrued
Current Liabilities
2,507 42
Other accrued liabilities
Taxes accrued
463,062 92
$918,054 89
Consumers' deposits
Interest accrued
792,885 93
4,271 40
Other accounts payable
Other accrued liabilities
820,592 08
247,148 05
Other unfunded debt
Consumers' deposits
41,971 91- 2,452,852 42
409,827 26
Reserves
Other accounts payable
1,113,070 61
Permanent reserves
Other unfunded debt
$15,378 20
30,698 80- 2,723,071 01
Accrued amortization of capital
Reserves
165,895 37
Unamortized premium on debt
Permanent reserves
33 93
$850,568 11
Casualty and insurance reserve
Accrued amortization of capital
33,430 44
2,199,865 07
Other optional reserves
Unamortized premium on debt
2,930 44
26 39
Casualty and insurance reserve
63,062 36
217,668 38
Capital Stock
Other optional reserves
8,338 91
13,600,000 00
Corporate Surplus
3,121,860 84
Balance December 31 1916
Capital Stock
$243,711 35
27,000,000 00
Net income year ending December 31 1917
Corporate Surplus
600,480 44
Balance December 31 1916
$503,337 66
Total
Net income year ending December 31 1917 3,093,735 00
$844,191 79
Sundry deductions from surplus
Sundry additions to surplus
20,407 01
52,705 96
Less dividends paid during Year
Balance of surplus December 31 1917

Total
Less dividends paid during year

$823,784 78
816,000 00
7,784 78

$3,649,778 62
2,620,000 00

Balance of surplus December 31 1917

1,029,778 62

$18,276,472 25

$34,286,743 80

Henry A Niles, C.P.A.
Charles E. Niles, C.P.A.
53 STATE STREET,
Norman E. Webster, C.P.A.
BOSTON
Henry A. Horno, C.P.A.
NILES & NILES
Certified Public Accountants
111 Broadway, New York
CERTIFICATE OF ACCOUNTANTS.
New York, March 14 1918.
We have examined the books and accounts of the Public
Service Corporation of New Jersey, and of its subsidiary
operating companies for the year ending December 31 1917.
We certify that the statement shown on page 17[of pamphlet report] correctly presents the combined income and
profit and loss of the Public Service Corporation of New

Jersey and its subsidiary companies for the'year ending
December 31 1917, and that the balance sheets, as of December 31 1917, of
Public Service Corporation of New Jersey,
Public Service Railway Company and Public Service Railroad Company (Consolidated),
Public Service Gas Company, and
Public Service Electric Company,
shown on pages 18 to 21 [of pamphlet report[, are in accordance with the books, and correctly show the financial condition of those companies at that date.
NILES & NILES,

Certified Public Accountants.

PUBLIC SERVICE CORPORATION OP NEW JERSEY AND SUBSIDIARY COMPANIES.
STATEMENT OF FUNDED DEBT DECEMBER 31 1917.
Authorized.

Outstanding. .

Amount
Owned by the
Corporation.

Amount
in the Hands
of Public.

Public Service Corporation of New Jersey
Public Service Corporation of New Jersey 5% General Mortgage. Due October 11959.
Fidelity Trust Company (Newark),Trustee. Interest Payable April and October_ _
Perpetual Interest Bearing Certificates pf Public Service Corporation of New Jersey. $50,000,000 00 850,000,000 00 $12,500.000 00 *$37,500,000 00
Fidelity Trust Company (Newark). Trustee. Rate 6%. Interest Payable May
and November
867,485 00 19.183,285 00
Public Service Corporation of New Jersey 5% Three-Year Collateral Gold Notes. Due 20,200,000 00 20,050,770 00
March 1 1919. Fidelity Trust Co. (Philadelphia), Trustee. Interest Payable
March and September
7,500,000 00
7.500,000 00
7,500,000 00
Public Service Gas Company.
Public Service Electric Company.
Companies Leased by Public Service Gas Company
Newark Consolidated Gas Company 5% Consolidated Mortgage. Duo December 1
1948. Fidelity Trust Co. (Newark). Trustee. Interest Payable June and December
Newark Gas Company 6% First Mortgage. Due April 1 1944. J. William Clark, $10,000,000 00
Marcus L. Ward, john 0. H. Pitney, Trustees. Interest Payable July, October,
January, April
4.000,000 00
Hudson County Gas Company 5% First Mortgage. Due November 1 1949. New
Jersey Title Guarantee & Trust Cp., Trustee. Interest Payable May and November
New Brunswick Light. Heat & Power Company 4% First Mortgage. Due Decem- 10,500.000 00
ember 15 1939. Fidelity Trust Co. (Newark), Trustee. Interest Payable June
and December '
500,00000
Ridgewood Gas Company 5% First Mortgage. Due June 1 1925. Equitable Trust
Co., Trustee. Interest Payable June and. December
100,000 00
Ridgewood Gas Company 5% Second Mortgage. Due April 11925. Fidelity Trust
Co. (Newark), Trustee. Interest Payable April and (October
100,000 00
Companies Leased by Public Service Electric Co.
United Electric Company of New Jersey 4% First Mortgage. Due June 1 1949.
New Jersey Title Guarantee & Trust Co., Trustee. Interest Payable June and
December
20,000,000 00
Consumers' Light, Heat & Power Company 5% First Mortgage. Due June
1 1938.
New Jersey Title Guarantee & Trust Co.. Trustee. Interest Payable June
and
December
1,000,000 00
North Hudson Light, Heat dr Power Company 5% First Mortgage, Due October 1
1938. New Jersey Title Guarantee & Trust Co.. Trustee. Interest Payable
April and October
2,000,000 00
Middlesex Electric Light & Power Company 5% First Mortgage. Due January
1
1955. Fidelity Trust Co.(Newark). Trustee. Interest Payable July and January
200.000 00
Weehawken Contracting Company 6% First Mortgage. Due February 20
1928.
Weehawken Trust Co., Trustee. Interest Payable August and February
30,000 00
Companies Leased by Public Service Gas Co.and Public Service Electric
Paterson & Passaic Gas & Electric Company 5% Consolidated Mortgage. Co.
Due
March 1 1949. The Paterson Safe Deposit & Trust Co.. Trustee. Interest Payable September and March
5.000.000 on
*Includes $1,329,000 purchased by the Sinking Fund.




$77.550,770 00 $13,367,485 00 864,183,285 00

$6.000,000 00

$6,000,000 00

3,999,700 00

3,999,700 00

10,500,000 00

10,500,000 00

500,00000

500,000 00

100,000 00

100,000 00

85,000 00

85,000 00

18.617,500 00

683,000 00

308,000 00

308.000 00

367,000 00
181,000 00

17,934,500 00

367,000 00
21,000 00

160,000 00

30,000 00

30.000 00

4.049.000 00

4.049,000 00

APR. 6 1918.J

1471

THE CHRONICLE
Authorized.

Brought forward
Edison Electric Illuminating Company of Paterson 5% First Mortgage. Due July
1925. The Paterson Safe Deposit & Trust Co., Trustee. Interest Payable Janu •
$600,000 00
ary and July
Passaic Gas Light Company 6% First Mortgage. Due June 1 1922. The Paters° 1
50,000 00
Savings Institution, Trustee. Interest Payable June and December
Passaic Lighting Company 5% Consolidated Mortgage. Due May 1 1925. Guar
450,000 00
anty Trust Co., Trustee. Interest Payable May and November
South Jersey Gas, Electric & Traction Company 5% First Mortgage. Due March
1953. Fidelity Trust Co. (Newark), Trustee. Interest Payable September an
15,000.000 00
March
Burlington Gas Light Company 5% First/Mortgage. Due May 11921. Burlingto
100,000 00
Co., Trustee. Interest Payable May and November
City Loan & Trust
Trenton Gas & Electric Company 5% First Mortgage. Due March 11949. Equita •
2.000.000 00
ble Trust Co., Trustee. Interest Payable March and September
Somerset Union & Middlesex Lighting Company 4% First Mortgage. Due Decem
ber 1 1943. Fidelity Trust Co. (Newark). Trustee. Interest Payable June an
2.750,000 00
December
Central Electric Company 5% Consolidated Mortgage. Due July 11940. Fidelit ,
750,000 00
Trust Co. (Newark). Trustee. Interest Payable January and July
Edison Electric Illuminating Company of New Brunswick 6% First Mortgage. Du
June 1 1918. Benj. F. Howell, Theo. E. Townsend, Trustees. Interest Payabl
50.000 00
June and December
a
Plainfield Gas & Electric Light Company 57 General Mortgage. Due April 1 1940
500,000 00
Guaranty Trust Co., Trustee. Interest Payable April and October
,
Somerset Lighting Company 5% First Mortgage. Due February 1 1939. Fidelit
150,000 00
Trust Co. (Newark), Trustee. Interest Payable February and August
The Gas & Electric Company of Bergen County 5% General Mortgage No. 2. Du
1954. Fidelity Trust Co. (Newark). Trustee. Interest Payabl!
November 1
5,000,000 00
May and November
• he Gas & Electric Company of Bergen County 5% General Mortgage No. 1. Du
Equitable Trust Co.. Trustee. Interest Payable May an
November 1 1954.
5,000.000 00
November
The Gas & Electric Company of Bergen County 5% Consolidated Mortgage. Du
Trust Co.(Newark). Trustee. Interest Payable June an
June 1 1949. Fidelity
1,500,000 00
December
Hackensack Gas Light Company 5% First Mortgage. Due July 1 1934. G. W •
Conklin, D. W. Chamberlain, Trustees. Interest Payable July and January a ;
42.000 00
Fidelity Trust Co.(Newark)
Hackensack Gas & Eleetric?Company 5% Gen'i Mortgage. Due July 11935. G. W ,
Conklin, E. A. Pearce, Trustees. Interest Payable January and July at Fidelit
40,000 00
Trust Co. (Newark)
Englewood Gas & Electric Company 5% First Mortgage. Due January 1 1939•
200.000 00
Geo. W.Conklin, Trustee. Interest Payable January and July
-year Sinking Fund Mortgage. Du
Princeton Light, Heat & Power Company 5% 30
February 1 1939. Equitable Trust Co.. Trustee. interest Payable February an ;
_250,000 00
_ _ _____ _ _ _ - ------------------- _ August
Shore Lighting Company 5 First Mortgage. Due April I1951. fidelity Trus
400,000 00
Payable April and October
Co. (Newark), Trustee. interest
Total Public Service Gas Company and Public Service Electric Compan e

Outstanding.

$704,000 00 344,033,200 00

585,000 00

585,000 00

50.000 00

50,000 00

316,000 00

316,000 00

12.892,000 00

3.507.000 00

9,385.000 00

100,000 00

100.000 00

2.000,000 00

2.000.000 00

1.974,371 87

573,181 70

1.401,190 17

700,000 00

20,200 00

679.800 00

50.000 00

50.000 00

500,000 00

500,000 00

150.000 00

21.000 00

129.000 00

2.571.000 00

955.000 00

1.616,00000

38.000 00

38.000 00

1,443,00000

1,443.000 00

24,000 00

24.000 00

10,000 00

10.000 00

23,000 00

23,000 00
178.500 00

178,500 00
..

400,000 00
$68.742,071 87

Companies Controlled by Public Service Railway Company
Consolidated Traction Company 5% First Mortgage, Due June 1 1933. Banker 315.000,000 00 315,000,000 00
Trust Co., Trustee. Interest Payable December and June
434% First Mortgage, Due January 11923.
Jersey City & Bergen Railroad Company
Edmund Smith, Trustee. Interest Payable January and July at Bankers Trust
258,000 00
1,000,000 00
,
Co. or First National Bank, Jersey Citi
Newark Passenger Railway Company 50 First Mortgage, Due July 1 1930. New
6,000,000 00
6,000,000 00
Jersey Title Guarantee & Trust Co.. Trustee. Interest Payable January and July
Passaic & Newark Electric Traction Company 5% First Mortgage. Due June 11937.
New Jersey Title Guarantee & Trust Co.. Trustee. Interest Payable June and
550,000 00
1,000,000 00
„
December __---------------- - - -- _ ------ _ --- _
Street Railway Company 6% First Mortgage. Due April1 1921,
Rapid Transit 500,000 00
500,000 00
Fidelity Trust Co. (Newark), Trustee. Interest Payable April and October
Orange & Passaic Valley Railway Company 5% 'First Mortgage. Due December 1
Guarantee & Trust Co., Trustee. Interest Payable
1938. New Jersey Title
833.000 00
1,000,000 00
June and December-- _ ---- ---- ---------- Camden & Suburban Railway Company 5% First ivIortgage.
1,9-10,000 00
3,000,000 00
Jersey Trust & Safe Deposit Co.(Camden), Trustee. Interest Payable Jan. & July
Bergen Turnpike Company 5% First Mortgage. Due July 1 1951. New Jersey
1,000,000 00
1,000,000 00
Title Guarantee & Trust Co., Trustee, Interest Payable January and Julv_ _
People's Elevating Company 5% First Mortgage. Due October 1 1939. New Jersey
175,000 00
250,000 00
Title Guarantee & Trust Co., Trustee. Interest Payable April and October_
Paterson & State Line Traction Company 5% First Mortgage. Due June 1 1964.
150,000 00
300,000 00
Fidelity Trust Co. (Newark), Trustee. Interest Payable June and December
-year Mortgage. Due
New Jersey & liudson River Railway & Ferry Company 4% 50
March 1 1950. United States Mortgage & Trust Co., Trustee. Interest Pay4,011,000 00
5,000,000 00
-- ---------- ---- -able March and September-Hudson River Traction Company 5% First----------- Due March f 1950. United
631,000 00
1,000,000 00
States Mortgage & Trust Co., Trustee. Interest Payable March and September_ _
Riverside Traction Company 5% First Mortgage. Due June 1 1960. West End
1,500,000 00
1,500,000 00
Trust Co., Philadelphia. Trustee. Interest Payable December and June
$32,548,000 00
Total Companies Controlled by P. S. RY. Co.
$79,747,000 00
Service Railway Co. and Subsidiary Companies,
Total Public
Companies Controlled by Public Service Railroad Co.
Elizabeth & Trenton Railroad Co. 5% First Mortgage. Due April 1 1962. Logan $1,200,000 00
$990,000 00
Trust Co., Philadelphia, Trustee. Interest Payable April and October
$990,000 00
Public Service Railroad Co
Total Companies Controlled by

400,000 00

$5,780,381 70 $62,961,690 17

37,230.000 00

$7.770,000 00

1,498.000 00

12.563.000 00
2.998.000 00
1.291,00000
100.000 00
1.250,00000
300.000 00

154,000 00

2,246,000 00
100,000 00

274,000 00

1.226,000 00
500,000 00
500,000 00
1.000,000 00
5.000,000 00
113.000 00
250.000 00
836,000 00

$9.156,000 00 $38,043,000 00
315.000.000 00
258,000 00
6,000,000 00
550.000 00
500.000 00
83.000 00

750,000 00
1,940,000 00
1,000,000 00
175,000 00
150.000 00
4.011,000 00
*564.000 00
1,500.000 00

383,000 00 $32,398.000 00
39,239.000 00 370,441,000 00
3990.000 00
3990.000 00

1227_020.841 87 128.386.866 70 1198.575.975 17

Railway & Perry Company.
* 367.000 Fiudion River Traction Company bonds owned by New Jersey & Hudson River




Amount
in the Hands
of Public.

$44,737,20000

Public Service Railway Company
North Jersey Street Railway Company 4% First Mortgage. Duo May 1 1948
$15.000,000 00 315,000,000 00
Bankers Trust Co., Trustee. Interest Payable May and November
Jersey City Hoboken & Paterson Street Railway Company 4% First Mortgage. Du
November 1 1949. New Jersey Title Guarantee & Trust Co., Trustee. Interes
20,000,000 00 14,061,000 00
Payable May and November
Company 5%
North Hudson County RailwayDod, Trustees.Consolidated Mortgage. Due July
Interest Payable January and Jul
1928. E. A. Stevens, S. B.
2,998,000 00
3.000,000 00
at First National Bank, Hoboken
5% Improvement Mortgage. Due May
North Hudson County Railway CompanyTrustee.
Interest Payable May and N •
1924. Fidelity Trust Co. (Newark),
1,291,000 00
1,292,000 00
-vember------------------------------------------tension Mortgage,
North HutLEVI; County Railway Company 5% Weehawken Ex'
Due February 1 1045. Fidelity Trust Co.(Newark), Trustee. Interest Payabl 1
100.000 00
100,000 00
February and August
Paterson Railway Company 6% Consolidated Mortgage. Due June 11931. Colum
1.250,000 00
Payable June and
1,250,000 00
bia Trust Co., Trustee. InterestGeneral Mortgage. December
Due October 1 1944. Fl.
Paterson Railway Company 5% 2nd
300.000 00
300,000 00
delity Trust Company (Newark), Trustee. Interest Payable April and October_
Elizabeth Plainfield & Central Jersey Railway Company 5% First Mortgage. Du
1950. Fidelity Trust Co. (Newark), Trustee. Interest Payabl
December 1
2.400,000 00
2,500,000 00
'
June and December
Plainfield Street Railway Company 5% First Mortgage. Due July 11922. Fidelit
100.000 00
100,000 00
Trustee. Interest Payable January and July
Trust Co. (Newark),
Elizabeth & Raritan River Street Railway Company 5% General Mortgage. Du
1954. Fidelity Trust Co. (Newark), Trustee. Interest Payable May an
May 1
1.500.000 00
3,500.000 00
November
Brunswick Traction Company 5% First Mortgage. Due July 11926. Fidelity Trus •
500,000 00
500.000 00
Trustee. interest Payable January and July
Co. (Newark).
East Jersey Street Railway Company 5% First Mortgage. Due May 11944. Pert 1
500,000 00
500.000 00
Amboy Trust Co., Trustee. Interest Payable May and November
Middlesex & Somerset Traction Company 5% First Mortgage. Due January 11950.
1,000.000 00
1.500,000 00
Fidelity Trust Co. (Newark). Trustee. Interest Payable January and July__ _
Public Service Newark Terminal Railway Co.5% First Mortgage, Due Juno 1 1955.
5,000,000 00
5,000,000 00
Trustee. Interest Payable June and December
Fidelity Trust Co.(Newark),
Public Service Series "B" Equipment Trust 5% Certificates. $22,000 due each January 1st, $23,000 due each July 1st. Fidelity Trust Co. (Philadelphia), Trustee.
113,000 00
450,000 00
Interest Payable January and -July
Public Service Series "C" Equipment Trust 5% Certificates. $25,000 due each Marc
The Pennsylvania Company for Insurances on Lives
1st and September 1st.
250,000 00
500.000 00
Granting Annuities, Trustee. Interest Payable March and September
Public Service Series "D" Equipment Trust 5% Certificates. $44,000 due each
November 30th and May 31. Philadelphia Trust Co., Trustee. Interest Payabl
836.000 00
880,000 00
November 30th and May 31
347.199,000 00
Total Public Service Railway Company

TOTAL FUNDED DEBT

Amount
Owned by the
Corporation.

1472

THE CHRONICLE

[VOL. 106.

REAL ESTATE MORTGAGES.
Authorised.
Public Service Railway Company Real Estate Mortgages
Public Service Gas Company Real Estate Mortgages
Public Service Electric Company Real Estate Mortgages

Amount
I
Amount
Owned by the I in the Hands
Corporation. I
of Public.

Outstanding.
$278,435 00
248,166 67
312,033 33

$278,435 00
248,166 67
312,033 33

Total

$838.635 00
$838,635 00
LIST OF STOOKS OF COMPANIES OPERATED UNDER LEASE BY SUBSIDIARY
OPERATING COMPANIES OF PUBLIC SERVICE
CORPORATION OF NEW JERSEY. WITH THE RATES OF DIVIDEND PAYMENTS
GUARANTEED FROM RENTALS.

COMPANY

Bordentown Electric Co
Burlington Electric Light & Power Co
The Camden Horse Railroad Co
The Camden & Suburban Railway Co
Cinnaminson Electric Light, Power & Heating Co
Citizens' Electric Light, Heat & Power Co
Consolidated Traction Co
The East Newark Gas Light Co
Elizabeth & Trenton Railroad Co., Preferred
Elizabeth & Trenton Railroad Co.. Common
Essex & Hudson Gas Co
The Gas Light Co. of the City of New Brunswick
The Gas & Electric Company of Bergen County
Hudson County Gas Co
Middlesex Electric Light & Power Co
The Morristown Gas Light Company
Newark Consolidated Gas Co
New Jersey & Hudson River Ry. & Ferry Co., Preferred
New Jersey & Hudson River Ry. & Ferry Co., Common
The Nichols Electric Light & Power Co. of Nutley, N. J
Orange & Passaic Valley Railway Co
The Paterson & Passaic Gas dr Electric Co
Princeton Light, Heat & Power Co
Rapid Transit Street Ry. Co. of the City of Newark
The Ridgewood Gas Company
Riverside Traction Co., Preferred
Riverside Traction Co., Common
Shore Lighting Co
Somerset Union & Middlesex Lighting Co
South Jersey Gas, Electric & Traction Co
The South Orange & Maplewood Traction Co
United Electric Company of New Jersey
Weehawken Contracting Co.. Preferred
Weehawken Contracting Co., Common

Amount
Amount
RENTALS
Owned by in Hands of Equivalent Per Cent on
Term
Capital Corporation
Public,
Capital Stock.
Date
of
Stock
and Pledged Including
Lease.
of
Outstanding Under Gen. Directors' Ann.Rate
Maximum
Lease.
Years.
Mortgage..
Shares. 12-31-17.
Rate.
$50,000
$50,000
1-5
1-507
4- 1-14
46
17,550
$17,050
500 12.82% 12.82
5- 1-11
900
250,000
250,000
24
2407
4- 1-96
999
3,000.000
3,000.000
4
407
5- 1-04
999
20,000
20.000
%41-14
46
41,400
41,175
225
10%
6-15-10
999
15,000,000
15,000.000
4%
4
6- 1-98
999
60,000
25
t59,975
6
6,$}
5
9- 1-09
999
180,300
180,300
5
811,350
811.350
4'0
4
4- 1-12
999
6,500,000
6,500,000
8
8/
6- 1-03
900
400,000
400,000
5
51
1- 2-05
900
2,000,000
2.000.000
54
5/
1- 1-05
999
10,500.000
10,500,000
81
807
6- 1-03
900
175,000
174,500
500
5'1
54,
5- 1-08
999
367,500
367,150
350
5%
51
7- 1-10
999
6,000,000
6,000.000
507,
51
0
12- 1-98
999
750.000
4.633
:743,867
6%
67)
?
2,500,000 2,446,350
53,650
6%
6
5- 1-11
900
25,000
24,750
250
10/
1007
o
5- 1-08
999
1,000.000
*923,500
76,500 1 4-57 1 4-57
11- 1-03
900
5,000,000
• 269,700 4,730.300
5
5
6- 1-03
900
122,500
115,850
6,650
2
2
5- 1-11
900
504,000
504,000 111%, 111
6- 1-93
999
100,000
100.000
7- 1-10
999
266,500
266,500
5,
7:
59
747,150
747,150 2.57%
2.7°f(1918)1 4- 1-12
999
112,000
104,900
7,100
51
.9
5%
5- 1-11
900
1,050,000
422,400
627.600
4%
47
12-31-03
900
6,000,000
6,000.000
8%
6- 1-03
81
900
225,000
225.000 2 2-3
2 2-3
10- 1-03 Perpetual
20,000,000 *19,604.500
395,500
7- 1-07
5
999
5%
41,050
41.050
6%
1- 1-10
6%
999
70,000
69,450
550
--S83.886.300 S24.625.983 S59.257.817

IS0

*Pledged under agreement securing Public Service Corporation of New Jersey Perpetual Interest-Bearing
Certificates.
t All of this stock except directors' shares is owned by Essex & Hudson Gas Company and Newark
Consolidated Gas Company.
t $1,500 reserved to retire stock of consolidated companies.
* $24,999,000 pledged under Public Service Corporation of Now Jersey
General Mortgage; $2,000,000 pledged to secure $1,600,000 bills payable.
t Pledged under Public Service Corporation of N. J. General Mtge.
Of this amount $18,400 00 is reserved to retire outstanding stock of
consolidated companies.
Amountin Hands
$47,479,000 pledged under agreement securing Public Service Corporaof the Public.
tion of New Jersey Perpetual Interest-Bearing Certificates. $1,250,000
(Inc. Directors' pledged under Public Service Corporation of New Jersey General Mortgage.
Shares).
a Includes stock of merged companies.
SUMMARY OF SECURITIES OWNED BY THE CORPORATION.
$1,000
Par Value.
1,100
Bonds
$28,386,866 70
a21,000
Stocks of Leased Companies
24,626,983 00
900
Stocks of Subsidiary Operating Companies
89,611,000 00
$24,000
Total
$142,624,849 70

LIST OF STOCKS OF SUBSIDIARY OPERATING COMPANIES OF
PUBLIC SERVICE CORPORATION OF NEW JERSEY.

Capital
Stock
Outstanding.

Amount
Owned by
P. S. C.
of N. J.

_
Public Service Electric Co. $27,000,000
Public Service Gas Co_ .. _. 13,600,000
Public Service Railway do. 148,750,000
Public Service Railroad Co
285,000

*$26,999,000
t13,598,900
§48.729,000
t284,100

$89,635,000

$89,611,000

OPERATING REVENUE AND NON-OPERATING INCOME OF SUBSIDIARY COMPANIES
AND MISCELLANEOUS INCOME OF PUBLIC
SERVICE CORPORATION OF NEW JERSEY.
Electric
Properties.

YEAR.
1903 (Seven Months)
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913*
1914
1915*
1916

$1,776,557 65
3,502,811 92
3,721,031 68
4,161,917 81
4,647,219 18
4.584,682 27
5,117,728 04
5,872,237 86
6,689,731 57
7,582,373 58
8,545,845 06
9,340,749 47
10,487,281 33
12.898.064 75
lA 240 114 nil

1017

Gas
Properties.
• 43,026.993 50
5,378.440 63
6,059,446 56
6,526,316 01
7,251.480 50
7,349,930 23
7.870.876 58
8,491,882 46
8,085,688 42
9,809,669 83
10.222,668 39
10,555,556 53
10.764.877 94
11,911.625 83
19 (1k.1. 9c1:1 AO

Railway
Properties.

P. S. C. Miscellaneous Income.

Total.

$4,471,244 37
8.415.278 79
9.488,35845
10,086,933 92
10,705.392 77
11,086,353 43
12,114,412 19
13,290,431 99
14,450,088 44
15,262,426 49
16,201,932 56
16.379,309 53
16.638.141 73
18.255,613 80
10 dad R77 7n

.4187,403 74
463,249 75
640,405 91
723,658 34
1,023,951 44
1,246,721 36
1,457,432 29
1,532,347 57
1,890,512 55
1,939,338 57
2,308,873 59
2,484,644 82
2,437.874 08
1,965,421 58

$9,462,199 26
17.759,781 09
19,909,842 60
21,498,826 08
23,628,043 89
24,267,687 29
26.560,451 10
29,186,899 88
32.016,020 98
34.593.808 47
37,279,319 60
38.760.260 35
40.328,175 08
45,030,725 96

1 0A'.1 007 10

40.042.14A (14.

*ChInge in classification of accounts effective Jan. 1
EXPENDITURES CHARGED TO FIXED CAPITAL ACCOUNTS BY
SUBSIDIARY COMPANIES OF PUBLIC SERVICE CORPORATION OF NEW JERSEY, YEAR 1917.
Gas
Land Devoted to Gas Operations
$31,107 80
General Structures
11,576 99
General Equipment
46,737 32
Works and Station Structures,,
63,772 74
Holders
251,184 70
Furnaces, Boilers and Accessories
52,086 62
Steam Engines
28,005 13
Miscellaneous Power Plant Equipment
387 79
Water Gas Sets and Accessories
48,040 84
Purification Apparatus
61,565 51
Accessory Equipment at Works
203,869 27
Trunk Lines and Mains
435,506 70
Gas Services
245,046 37
Gas Meters
206,838 30
Gas Meter Installation
33,325 78
Municipal Street Lighting Fixtures
3,101 07
Gas Tools and Implements
535 61
Gas Laboratory Equipment
1,269 25
Other Tangible Gas Capital
1,970 00
Engineering and Superintendence
567 68
Fixed Capital in Other Departments
88,176 88
Fixed capital installed during year
Less property written off during year




$1,814,672 35
257,824 77
41.556,847 58

Electric
Land Devoted to Electric Operations
Organization
General Structures
General Equipment
Power Plant Buildings
Furnaces, Boilers and Accessories
Steam Engines
Electric Generators
Accessory Electric Power Equipment
Substation Buildings
Substation Equipment
Poles and Fixtures
Underground 'Conduits
Transmission System
Overhead Distribution System
Other Underground Distribution System
Line Transformers and Devices
Electric Services
Electric Meters
Electric Meter Installation
Municipal Street Lighting System
Commercial Arc Lamps
Other. Lighting Fixtures
Electric Tools and Implements
Electric Laboratory Equipment
Other Tangible Electric Capital
Engineering and Superintendence
Fixed capital installed during year
Less property written off during year

$35,822 56
4,004 00
99,717 27
61,745 92
368,674 39
678,143 33
208,638 72
35,418 58
393,596 23
66,226 49
727,233 03
286,349 36
207,361 60
725,241 46
439,108 25
162,782 37
391,951 11
341,511 40
228,466 17
38,689 66
96,157 32
6 50
1,956 94
48 40
12,311 34
1,970 00
109,492 93
$5,722,625 42
842,162 47
-$4.986,462 95

1473

THE CHRONICLE

APR. 6 1918.]

Railway
$9,679 10
Engineering and Superintendence
15,211 73
Right of Way
4,304 06
Other Land Used in Electric Railway Operations
3,519 74
Grading
14,351 80
Ballast
67.532 79
Ties
211,823 61
Rails, Rail Fastenings and Joints
35,137 31
Special Work
278,219 76
Paving
296,182 38
Track Laying and Surfacing
1,77113
Roadway Tools
4,521 05
.1L
Bridges, Trestles and Culverts
6,718 88
Crossings, Fences, Cattle Guards and Signs_
8,571 31
Interlocking and Other Signal Apparatus
5 21
Telegraph and Telephone Lines
8,677 76
Poles and Fixtures
2,218 52
Underground Conduits
60,346 48
Distribution System
79,104 37
General Office Buildings
35,751 12
Carhouses
Shops and
Stations, Waiting Rooms and Miscellaneous
13,005 52
Buildings
14,071 38
Shop Equipment
1,060,840 83
Cars
479,977 89
Electric Equipment of Cars
24,190 46
Other Rail'Equipment
- 43,602 71
Miscellaneous Equipment
33 25
Organization
324 71
Ferry Slips and Buildings
$2,779,695 06
Fixed capital installed during year
536,534 30
Less property written off during year
2,243,160 76

-RAILWAY AND LIGHTING.
ELECTRIC STATIONS
June 1 1903 Dec.31 1917.
18
14
Number of Generating Stations
143
113
Number of Boilers
140
156
Number of Generators
265,348
40,075
Capacity of Generators in Kilowatts
65
9
Number of Substations
116
12
Number of Rotaries
90,600
5,400
of Rotaries in Kilowatts
Capacity
Kilowatt Hours Produced (Years 1903 and 1917)A29,614,180 720,153,943
ELECTRIC CONDUITS AND TRANSMISSION LINES.
(Railway and Lighting Combined.)
47
Length of Transmission Lines (in miles)
25
Length of Conduits (in street miles)
ELECTRIC LIGHTING AND POWER STATISTICS.
Year.

Kilowatt
Hours
Sold.

835
155

No.of Street Arc No.of Street In- Total Connected
Lamps Supplied candesc't Lamps Load in K. W.
December 31. Supplied Dec.31 December 31.

7,745
1903.
8,121
1904.-8,681
84
- 9 ,568
4§, --- .
1905._ _
9,150
56,666,749
1906.- _
9,671
65,472,561
1907._ _ ,
10,397
69,274.132
1908..__
10.863
78,911,840
1909.__
11,441
89,742,689
191011,726
103,144.595
1911...._
12.297
122,543,747
1912..__
12,787
141,936.243
1913..__
13,187
159,044,648
$8,680,471 29 1914___
12.619
197,079,581
1915___
10,954
1916__ .. 280,871,843
10.073
ELECTRIC DISTRIBUTION SYSTEM STATISTICS.
1917_ __ 371.509.459
159,357
45,059
Number of Poles
18,100
4,244
Miles of Wire
The increases shown above are
24,379
5,336
Number of Transformers
159,131 materially, affected by properties
16,000
of Meters
Number
Connected (in 50,W.
Total Commercial Load
7,340,410 1903 and January 1 1918.
710,000
equivalent)

45,380
55,748
68,331
81,873
92.143
102,104
118,138
137,058
156,202
180.942
209.835
239,719
277,652
326,019
367.021

5,733
8,538
12,351
13,168
13,821
14,352
15,175
16,640
18,906
20,347
22.339
24,214
26,062
29,033
31.376

somewhat, but not very
acquired between June 1

GAS STATISTICS.
1908.
-M.Cubic Feet
Gas Sold
Miles of Mains in use Dec.31
Meters in Service Dec. 31
Services Run
Ranges Sold
Water Heaters Sold
Hot Plates Sold
Heating Stoves Sold
Gas Arcs Installed
Welsbach Lamps Sold
Mantles Sold
Domestic Appliances Installed
Manufacturing Appliances Installed
House Piping Orders
Gas Fixtures Installed
No. of Gas Engines Installed
(
!Tor..PriwAr of -4,...,. F,noines

1909.

1910.

1911.

•
1912.

1913.

1914.

1916.

1915.

7,162,588 7,676,574 8,404,7608,894,571 9,637,55510.221,097 10,907;541 11,231,828
2.977
2,906
2.844
2,741
2,637
2,456
2,241
2,119
473,644
454,389
305,044 331,034 360,101 388,606 410,649 435,383
11,452
10,787
13,192
14,154
15,327
15,232
15,218
10,711
23,071
23,437 • 23,296
20,855
18,152 20,608
9,409
13,864
9,963
9,587
8,792
6,753
5,971
4,690
2,084
3,268
1,945
2,421
3,044
3,135
3,606
3,912
2,849
3,106
8,383
7,477
3,703
3,403
2,423
2,949
1,951
1,799
4.921
5,222
3,815
4,787
4,505
3,952
895
1,830 •
68.908
33,634
49,805
21,689 80,986 46,096
18,264
12,755
185,285
121,254
136,367
82,489 146,894 123,977
75,954
81,361
15,335
16,731
22,608
24,011
9,431
4,029
602
1,674
1.175
1.134
927
682
686
621
572
364
2,560
2,962
3,431
3,487
3,942
3,469
3,050
1,095
15,817
20,008
27,419
30,208
32,179
32,689
28,383
20,409
29
40
32
36
39
53
38
29
2923i
50534
26834
30034
33334
68414
49514
34634

1917.

12,399,852 13,610,865
3.089
3.041
516.745
496,885
7,629
11,037
27,613
27,901
11,468
11,766
1,608
2,221
19,442
11,094
4.918
5,405
41,828
59,277
327,868
314,303
42,737
34,190
2,444
1,778
2,874
3.035
12,883
15.769
.47
48
51434
77434

RAILWAY TRAFFIC STATISTICS.

YEAR.

Transfers
and
Revenue
Passengers. Passes.

Percentage of Average
Fare
Passengers
Car
Per
Using
Total
Passengers. Transfers. Passenger. Mileage.

165,400,000 50,000,000 215,400,000
180,000,197 55,079,789235,079,986
198,326,467 62,986,021 261,312,488
211,025,386 71,638,588282,663,974
219,421,974 74,688,628294,110,602
238,171.257 81,548,978319,720,235
258,746,130 82,652,558341,398,688
277,730,238 84,820,157 362,550,395
293,085,287 90,018,960383,104,247
308,985,240 95,425,865404,411,105
310,308,660 96.969,254407,277,914
313.923,363 100,498,677414.422,040
342.205,993 109,492,019451.698,012
RR1.1$17.7R2115.7R7 9n1 dift Q7d 4:15r2

1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
101.7

•

21.8
21.2
22.1
23.2
23.0
23.0
22.1
21.4
21.2
21.1
21.2
21.5
21.8

910

MILEAGE-DECEMBER 31 1917.
-----535.250 miles
-_ ---- _ ----------------First main track _
---297.612 "
--- -------Second main track 12.895 "
Connections, crossovers, wyes and loops
45.477 "
yard tracks
Carhouse and
Total----------------------------------------------891.234
Total number of passenger cars available for operation:Open
Closed
602
1,703
Number of new passenger cars since 1903:
Open
Closed.
327
1,142
Ad

3.83c.
3.83c.
3.76c.
3.70c.
,3.70c.
3.72c.
3.78c.
3.82c,
3.82c.
3.82c,
3.83c.
3.82c.
3.82c.
n29-

Car
Hours.

Passengess Per
Day.

32.168,888 4,003,614 588,525
35,068,223 4,228.344 644,055
37,462,804 4.464,162 715,925
39,178,277 4,671,246 774,422
39,519,972 4,598,714 803,581
40,890,360 4,747,729 875.946
42,632,760 4,961,608 951,721
44,561.141 5,159,073 993.289
47,355,292 5,465,926 1,046.733
49,853,4085.696,066 1,107.976
50,792.889 5,665,119 1,115,830
51,873,660 5.573.670 1,135,403
54,964,708 5,911,131 1,234,147
AR 027 /102 A n9i 99A 1 20A 7R1

Passenger
Receipts
Per Car
Mile.

Passenger
Receipts
Per Car
Hour.

25.59c.
25.73c.
26.29c.
26.75c.
27.56c.
29.08c.
30.29c.
31'.07c.
30.87c.
30.97c.
30.72c.
30.49c.
31.37c.

$2.06
2.13
2.21
2.24
2.37
2.50
2.60
2.68
2.67
2.71
2.75
2.84
2.92
2 no

29 deb.

Track reconstructed with new rail during 1917
Track reconstructed with same rail during 1917
Extensions built during 1917

28.437 miles
10.039 "
5.361 "

MUNICIPALITIES SERVED BY SUBSIDIARY COMPANIES OF
PUBLIC SERVICE CORPORATION OF NEW JERSEY.
Municipalities Population
Served. (1915 Census)
2,196,081
190
Electric
2,033,027
163
Gas
2,126,889
146 '
Railway
2,294,993
220
Total Number

SLOSS-SHEFFIELD STEEL AND IRON COMPANY
31
EIGHTEENTH ANNUAL REPORT-FOR THE CALENDAR YEAR ENDING DECEMBER
To the Stockholders of the Sloss-Sheffield Steel dc Iron Company:
Herewith is presented for your consideration the balance
sheet of the Company as of Dec. 31 1917, together with the
result of operations for the thirteen months ending on that
date. The period of thirteen months occurs by reason of a
change in the by-laws at your last annual meeting fixing your
Company's fiscal year (which heretofore ended on the last
day of November) to conform to the calendar year.
The profit and loss statement is made after adequate provision for depletion of mineral resources and after liberal allowance for depreciation of plants (notwithstanding their
efficient maintenance, which is charged to cost of production),
and after provision for all taxes, including income and excess
profit taxes, all of which appears by the Certificate of the
Company's auditors, Messrs. Ernst & Ernst.




During the year, in order to prove the property values
appearing upon the balance sheets of prior years, an appraisal
was made of the Company's properties by qualified experts
not connected with your company, and the values appearing
on the balance sheet reflect the result of such appraisal,
and which values are in substantially the amounts heretofore appearing in your various financial statements. In
making this appraisal no value was given to the minerals or
coal in lands carrying minerals or coal, the extent of which
minerals or coal had not been proved by borings or workings.
It is safe to say the appraisal, both as to properties and plants,
is conservative.
The past year has been one presenting extreme difficulties
in your Company's operations. Interruptions in transportation made it impossible for the Company to ship large

1474

THE CHRONICLE

quantities of pig iron on hand, which had been sold and which
was urgently demanded by the buyers. Other conditions
affected operations in a marked way.
The abnormal conditions affecting your Company's operations during the year seemed to your management to necessitate the maintenance of your Company in a strong cash position, particularly in view of the early maturity of a portion
of your Company's only bonded indebtedness of four millions of dollars. Therefore, your management deemed it
prudent to be conservative in respect of its dividend policy.
Your Company has not undertaken during the past year
any large fixed improvements, having limited its expenditures in this regard to the efficient maintenance of its properties and to such expenditures for improvements and otherwise as were regarded essential to maintaining the output of
the mines and furnaces as now developed and in operation.
All your Company's blast furnaces and developed mines
were, notwithstanding traffic interruptions and other adverse operative conditions during the year, in effective operation, and are now in full operation and producing to the
maximum of output under the present development of properties and plants. It must be anticipated, however, that
costs of production will increase, owing to labor and material
conditions. The demand for pig iron exceeds the supply.
Your sales are being made at the price fixed by the Government.
The outlook, notwithstanding the uncertain conditions existing throughout the year, seems to be favorable and your
Company should enjoy a good business for the ensuing year.
By order of the Board of Directors.
J. W. McQUEEN, President.
Birmingham, Ala., March, 1918.
Report from
ERNST & ERNST
Audits and Systems

New York, March 12 1918.
To the Officers and Board of Directors, Sloss-Sheffield Steel &
Iron Company, Birmingham, Ala.:
Gentltmen:
We submit herewith Certified Balance Sheet and Surplus
' Account, under date of Dec. 31 1917.

[VoL. 106.

Current Assets, aggregating $3,613,077 63, have been
verified by us, and, based upon our examination of the Notes
and Accounts Receivable, sufficient allowance has been provided for all doubtful items.
The Merchandise Inventories have been valued at Cost or
Market, whichever was the lower, and are, in our opinion,
conservatively stated.
The book value of Buildings, Machinery, Equipment,
Mineral Lands and other Property Assets, was confirmed
during the year by independent appraisal, and the amounts
provided during the year to cover both Depreciation and Depletion, are based upon the appraisal and are conservative.
Provision has been made for all known liabilities of the
Company at Dec. 31 1917, and We Hereby Certify that,
in our opinion, based upon the records examined and information obtained by us, the accompanying Balance Sheet is
drawn up so as to correctly set forth the financial position of
the Company at the date named, and the relative statement
showing Surplus Account is correct.
Very truly yours,
[Seal)

ERNST & ERNST.

PROFIT AND LOSS--SURPLUS ACCOUNT.
FOR THIRTEEN MONTHS ENDED DEC. 311917.
Total Operating Profits:
After deducting all Expenses of Operations, including administrative expenses, repairs, maintenance, renewals,
&c
$3,370,614 12
Deductions:
Bond Interest
$227,500 00
Depreciation and Depletion Charges
665,741 36
893,241[36
Provision for Income, War and Excess Profits Taxes (Esti-$2,477,372 76
mated)
325,000 00
Dividends Paid:
Preferred Shares:
Dec. 27 1916-19 7
Mar. 10.1917-1%V
June 28 1917-1U
Sept.27 1917-131
Dec. 27 1917-13(%
Common Shares:
Jan. 271917-13%

$2,152,372 76
8114,776 20
$114,776 20
$114,776 20
$114,776 20
$114,776 20
$573,881 00
148,86867
722,749 67

Balance Carried Forward
Surplus Accounts:
Per Report Nov.30 1916
Adjustments relating to prior periods (net)

$1,429,623_09
$4,465,070 13
153,379 46
4,311,690:67

Profit and Loss
-Surplus Account
-Dec. 31 1917

$5,741,313,76

CERTIFIED BALANCE SHEET DECEMBER 31 1917.
ASSETS.

LIABILITIES.
Current:
Notes Payable-Secured:
Purchase Money Note Given for Purchase of
$208,093 73
Additional Land
ij: $75,000:00
Notes Receivable:
Accounts Payable:
' Customers' Notes _$81,808 28
f.:,....
For Purchases,&c
$564,878 49
1
Less: Unearned InL.,
Unpaid Payroll, not due
139,511 75
terest
500 05
Store Coupons 'Unredeemed
11,054 05
r
$81,308 23
Certificates and Time Checks
Trade Acceptance
M.
t'Ll
14,633 60
Outstanding
3,176 07
95,941 73
Unclaimed Wages
12,614 55
Accounts Receivable:
'e.','...9., k ..
Customers' Credit Balances.._
590 00
Customers'
-Pig Iron. Coal
Federal Income Tax Withheld
and Coke,&c
1,316 06
• '.
i
$1,556,245 87
Commissions Due Agents_......
901 25 '',.;,* I !,,,(:':'.. r.'., tioA
Less: Allowance for possible
.':
Coupons Not Presented
t
.
1,232 50
losses
92.485 15
Trust Fun
rust
3,633 33
4
1,463,760 72
U. S. Liberty Bonds:
738,908 05. .?.; fl, k TA 14
.:
.., 1
Accrued Accounts:
Owned and SubInterest on First Mtge. Bonds $60,000 00 r1,ii.:
scribed for 4%..$342,850 00
6
'
..
t 4. ':. .
'.• P
A
Interest on General Mtge.
Less: Unpaid Sub,..1
ii..
Bonds
22,500 00 I, vi... ki;t
scrip'ns Not Due 139,234 00
1Mi:;'' LL' It.N
Other Interest
3,225 00
t. it,
'
•
203,616 00
Lass: Amounts Paid by Em75,725 00 " PP
.rf
ployees
$889,63305
10,236 85
Bonds:
k v.. itia tur 16,...,1
193,379 15
First Mortgage 6% Due Feb. 1 1920
Inventories:
82,000,000 00
General Mortgage 4% Due Apr. 1 1918_ _ 2,000,000 00 ., , ;Pig Iron, Coal, Coke, Ore, &c_$1,105,464 09
'
Furnace and Mine Supplies_ __
'" 4,000,000:00
361,683 02
Reserves:
Merchandise at Retail Stores_
40 k'. 'A.-, kr, ..... k.di
"
184,755 19
For Fire and Boiler Insurance
$48,698 69
1,651,902 30
For Furnace Repairs and Relining
94,370 27 i.. !• tk Ei•
$3,613.077 63
For Federal Income and Excess Profit War
Other Assets:
Taxes
-Estimated
325,000 00 .
Employees and Sundry-Acc'ts Receivable_
$4,302 76
For Contingencies
Timekeepers' and Storekeepers' Accounts__
45,337 79 ":
8,669 62
Land Tenants' Notes and Accounts-Less
,
;It f 513,406[75
Capital Stock:
.; ',' ':'
Allowances
te..
.,
I,'
''
ih... ka.....
6,218 49
7% Preferred
Xri"
Common Carrier Claims
&l,'t re ,.. Mk Of.. L. 16 Li 4 hi s., . 4... P..,:-1
C:
-Less Allowances..
,
13,703 49
Authorized_ -$1000000000 '' it' k, V: . . ...
Central Trust Co.
-Trustee Under Mortgage
: IX ,.,
.01 ! ' /01 ;* Ite.
297 00
Less Unissued_ 3,300,000.00 10
'
'
. :4 0,.'.:i it i': N'.. Ok Eidt i
,
,
33,191 36
6,700,000 00 kio.;;.'',
Securities Owned:
k. Vv., ; k ri bLin.
Common-Authorized and Is(Including 1,767 shares of Preferred and 682 2331-10,000
r,
sued
10,000,000 00'w''' 07- t '
shares of Common Stqck of this Company taken at par
q I t tl. ii%
value) _
• 259,185 31 Profit and Loss
-Surplus
5,741,313 76/P" fr rpm
Deferred Charges:
L. te.L.16- NM kat, Ka L.1,6. Ii.:, k.
Prepaid Accounts to Future Operations
22,441,313176
52,147 15
Permanent:
Plant, Machinery, Equipment,
&c
$6,521,604 03
UM: Allowance for Depreciation since Aug. 1
119,698 00
$6,401,906 03
Ore, Coal and Dolomite Reserves
$16,634,985 00
Less: Allowance for Depletion
since Aug. 1
141,37435
16,493,610 65
Improvements on Leased Properties
17,160 78
Line Stock Inventory
64,362 15
Outside Lands (Undeveloped)
909,712 50
23,886,752 11
Current Cash:
On Deposit
On Hand




$195,355 99
12,737 74

T.4 12 .,,. 0%,? . . .,,,.
,

‘bf k-ii,:::,

. .r ,,

$27,844,353 56

$27,844,353756

THE CHRONICLE

APR. 6 1918.]

1475

THE CONSOLIDATION COAL CO.
FIFTY-FOURTH ANNUAL REPORT-FOR THE YEAR ENDING DECEMBER 31 1917.
Office of The Consolidation Coal Company,
Baltimore, Md., March 20 1918.
If
To the Shareholders:
President and Board of Directors beg to submit the
The
following report of operations of the Company for the year
ending December 31 1917:
INCOME.
$26,113,204 25
Earnings from all sources
Taxes,
Operating Expenses,
Insurance and Royalties,
exclusive of Income and
$13,320,854 97
Excess Profits Tax
953,531 21
Depreciation
501.857 43
Depletion
14,776,243 61

twenty-one thousand dollars par value of Bonds held by the
Trustee of the Sinking Fund, December 31 1917.
REFUNDING MORTGAGE 43'6 PER CENT BONDS,DUE MAY 1 1934.

Under the operation of and in accordance with the provisions of the Deed of Trust of May 1, 1904, there have
been applied to the Fund during the year the following
amounts:
$708 66
Balance in hands of Trustee December 31 1916
48,852 51
Balance due Fund December 31 1916
cents per ton on 1,150,436 gross tons, output
Three
$34,513 08
1917
Three cents per ton on 133,231 gross tons, mined by
3,996 93
Lessees on Royalty Leases, 1917
38,510 01

811,336,980 64
Net Earnings from Operations
1,334,670 11
Interest on Funded Debt
Earnings for the year, before deducting Income and
Net
$10.002,290 53
Excess Profits Tax
1,491,067 37
Less Reserve for Income and Excess Profits Tax
$8,511,223 16
3,121,29032

Net Surplus for the year
Less Cash Dividends declared for the year 1917
Net Surplus for the year 1917 carried to Profit and Loss__ 85,389,932 84
12,625,525 01
Profit and Loss Account, December 31 1916
$18,015,457 85
Total
Less Five Per Cent Stock Dividend paid
$1,671,780 00
February 2 1917
Lass Adjustment of Accounts for previous
246,512 81
years
1,918,292 81

$88,071 18
$4),392 00
Fifty-one Bonds purchased for the Fund, cost
169 17
In Fund, Uninvested, December 31 1917
Due Fund for the year ending December 31 1917 (paid
38,510 01
February 27 1918)
$88,071 18

The above fifty-one bonds, plus seven hundred and thirtythree Bonds purchased in prior years, make a total of seven
hundred and eighty-four thousand dollars par value of Bonds
held by the Trustee of the Sinking Fund, December 31 1917.
FIRST AND REFUNDING MORTGAGE 5 PER CENT BONDS.
DUE DECEMBER 1 1950.

Under the operation of and in accordance with the provisions of the Deed of Trust of December 1 1910, there have
been applied to the Fund during the year the following
amounts:

$940 93
$16,097,165 04 Balance in hands of Trustee December 31 1916
Balance
91,059 26
Coal Lands as
Balance due Fund December 31 1916
Special Surplus arising from Revaluation of Depletion and
Three cents per ton on 8,512,092 gross tons, output
1 1913, less adjustments for
of March
8255,362 76
38,925,971 68
1917
Depreciation
Three cents per ton on 745,853 gross tons, mined by
22,375 59
Account and Special Surplus, DecemLessees on Royalty Leases, 1917
Profit and Loss
855,023,136 72
ber 31 1917
$277,738 35
Less Sinking Fund requirements of prior mortgages_ 109,179 53
BONDED DEBT AND SINKING FUNDS.
168,558 82
1.244 39
of
g Bonded
Company Interest allowed on deposit

Debt the
The aggregate outstandin
is $26,488,000, exclusive of $4,710,000 Five Per Cent First
and Refunding Mortgage Bonds held in Treasury, and
$1,000,000 of bondsof the Cumberland & Pennsylvania
Railroad Company, i sued under its mortgage of April 1
1891. The securities in the Sinking Fund of this mortgage,
with the annual accretions, will provide ample funds for
retirement of the bonds at their maturity. Included in the
above outstanding Bonded Debt are $6,028,000 of the
$6,500,000 Ten-Year Six Per Cent Convertible Secured
Gold Bonds, $472,000 of the said Bonds having been converted into Stock prior to December 31 1917.
Of the authorized issue of $40,000,000 First and Refunding Mortgage Bonds, dated December 1 1910 there have
been issued:
$11,041,000 00 which are included in the above amount of outstanding
bonds.
provide for the retirement of
0,419,000 00 reserved to bond issues of the Company. an equal amount
of other
7.631.000 00 hold for future development and additions to the property.
699,000 00 purchased and held by the Sinking Fund.
6,500,000 00 pledged under the Ten-Year Six Per Cent Convertible
Mortgage.
4,710,000 00 held in the Treasury.

$261,803 40
One hundred and ninety-four Bonds purchased and
$177,945 25
canceled, cost
559 41
In Fund, Uninvested, December 31 1917
Balance due the Fund December 31 1917 (paid
83,298 74 •
January 29 1918)
$261,803 40

The above one hundred and ninety-four Bonds, plus five
hundred and five Bonds purchased in prior years, make a
total of six hundred and ninety-mile thousand dollars par
value of Bonds canceled and held by the Trustee of the
Sinking Fund, December 31 1917.
C. & P. RR. CO. FIRST MORTGAGE 5 PER CENT BONDS, DUE
MAY 1 1921.

The accretions of the Sinking Fund for the year 1917 were
$117,931 03. There are now in this Fund securities aggregating $1,074,300 00 par value, representing an investment of $1,038,878 60. For detail's of this account see
page 19 of this [pamphlet] report.
FAIRMONT COAL CO. FIRST MORTGAGE 5 PER CENT BONDS,
DUE JULY 1 1931.

Under the operation of and in accordance with the proThe combined Sinking Fund Account for the year under visions of the Deed of Trust of June 27 1901, there have
the various mortgages, other than the Railroad mortgage, is: been applied to the Fund during the year the following
$164,331 93
Balance in and due Funds December 31 1916
amounts:
unds for he year applicable o t purchas
Accrued Sinkin
- ----- 295,738 35
------ ----of bonds
28,986 89
Interest accretions and other receipts for the year
----------$489,057 17
Total --------------purchased during the
year
Less $319,000 par value of bonds
at a cost of------------------------------------------- 300,489 47
Balance in and due Fund December 31 1917

$188,567 70

$374 71
Balance in hands of Trustee December 31 1916
18.747 32
Balance due Fund December 31 1916
cents per ton on 3,284,710 gross tons, output
Two
$65,694 20
1917
Two cents per ton on 248,766 gross tons, mined by
4,975 32
Leases, 1917
Lessees on Royalty
70,669 52
55

$89"1
$67,836 72
The above three hundred and nineteen Bonds, plus two Sixty-nine Bonds purchased and canceled. cost
5,271 25
December 31 1917
thousand nine hundred and fifty-four Bonds purchased in In Fund, Uninvested, ended December 31 1917 (paid
Due Fund for Quarter
16,683 58
January 29 1918)
prior years, make a total of three million two hundred and
$89.791 55
seventy-three thousand dollars par value of Bonds retured
The above sixty-nine Bonds, plus ten hundred and eightyby the various Sinking Funds, pecember 31, 1917.
The following is the the detail of the Sinking Fund Ac- six Bonds purchased in prior years, make a total of one
million one hundred and fifty-five thousand dollars par
count of each issue of bonds:
and in the Sinking Fund, DecemBONDS,DUE JANUARY 1 1922. value of Bonds canceled
FIRST MORTGAGE 4A PER CENT
ber 31 1917.
REMARKS.
Under the operation of and in accordance with the provisions of the Deed of Trust of ?December 15 1896, there
tonnage output for the year was 1,574,141 tons less
The
have been applied to the Fund during the year the following than for the preceding year. This reduction in the proamounts:
of the railroad conmpanies
33,054 04 duction was caused by the failure
Balance in hands of Trustee December 31 1916
to furnish necessary transportation, and is very disappointOne cent per ton on 1,150,436 gross tons, output 1917-$11,504 36
One cent per ton on 133,231 gross tons, mined by
ing, especially in view of the large expenditures which
1,332 31
Lessees on Royalty Leases, 1917
have been made in opening and equipping new mines and
One cent per ton on 516,333 gross tons, unmlned, to
5,163 33
make minimum required by mortgage
and betterments in the extension of mines
18,000 00 for additions
27,742 50 already in operation.
Interest accretions to the Fund for the Year
13,972 50
Accrued Interest on Securities in the Fund due January 1 1918
The various Sinking Fund Accounts, with their condition
$62,769 04 as of the close of the year, will be found on pages 6 to 10,
$5,315 50
Five Bonds purchased for the Fund, cost
inclusive. Balance Sheet and other statements of the Com43,481 04
In Fund, Uninvested, December 31 1917
pany will be found on pages 12 to 20. [Pamphlet report.]
13,972 50
Accrued Interest due January 1 1918
$62,769 04
By order of the Board.
J. H. WHEELWRIGHT,
The above five Bonds, plus six bundred and sixteen Bonds
A ..„4A544President.
in prior years, make a total of six hundred and
purchased




1476

THE CHRONICLE

[Vol.. 106.

THE CONSOLIDATION COAL COMPANY.
SUMMARY OF SINKING FUNDS.
Balance in Sinking Fund
and Due
Accrued for
Interest
Par Value of Premiums or Cash in and
Par Value
Funds
Year 1917, Accretions
Bonds
Discounts
Balance
Bonds
Dec. 31 1916 Applicable
and Other
Total.
Redeemed
on Bonds
Due Funds
Redeemed to
Applicable
for
Receipts for
by Trustees Redeemed Dec. 31 1917. Dec. 31 1917.
Redemption Redemption Year 1917.
During 1917. During 1917.
of Bonds.
of Bonds.
The Consolidation Coal Co. 4% Per Cent
First Mortgage Bonds
$3,054 04 $18,000 00 $27,742 50 $48,796 54
$5,000 00
$315 50a $43,481 04
$621,000 00
The Consolidation Coal Co. 43 Per Cent
Refunding Mortgage Bonds
49,561 17
38,510 01
88,071 18
51,000 00
1,608 00b
38,679 18
784,000 00
The Consolidation Coal Co. 5 Per Cent
First and Refunding Mortgage Bonds
92,000 19
168,558 82
1,244 39
261,803 40
194,000 00
16,054 75b
83,858 15
699,000 00
Fairmont Coal Company 5 Per Cent First
Mortgage Bonds
19,122 03
70,669 52
89,791 55
69,000 00
1,163 28b
21,954 83
1,155,000 00
Southern Coal & Transportation Co. 5 Per
Cent First Mortgage Bonds
594 50
594 50
594 50
14,000 00
Total
$164,331 93 $295,738 35 $28,986 89 $489,057 17 $319,000 00 $18,510 53 $188,567 70 $3,273,000 00
Cumberland & Pennsylvania Railroad Company
Securities held by Trustees, par value
$1,074,300 00 Cost $1,038,878 60
In Fund, Uninvested, December 31 1917
251 93
Accrued Interest to December 31 1917, on securities
9,706 15
a Denotes Premium.
b Denotes Discount.
SUMMARY OF FUNDED DEBT, EDCEMBER 31 1917.
Pledged as
Pledged as
Held for
Held to
Collateral
Collateral Retired by
Future
Retire
under
Converted under 6.7 Operations Development
0
In Hands
Bonds of
First and
into
and Addi- Held in
of Public
Authorized
Prior
Refunding Stock. Convertibleo
Secured
Sinking
lions to
Treasury.
Dec. 31
Issue.
Mortgages. Mortgage.
Gold Bonds. Funds.
Property.
1917.
The Consolidation Coal Co. 4% Per Cent
First Mortgage
$750,000
$621,000
$129,000
The Consolidation Coal Co. 4% Per Cent
Refunding Mortgage
7,500,000 $1,750,000 $332,000
784,000
4,634,000
The Consolidation Coal Co. 5 Per Cent First
and Refunding Mortgage
40,000,000 9,419,000
$6,500,000
699,000 $7,631,000 $4,710,000 11,041,000
The Consolidation Coal Co. 6 Per Cent Convertible Secured Gold Bonds
6,500,000
472,000
6,028,000
Cumberland & Pennsylvania RR. Co. 5 Per
Cent First Mortgage
1,000,000
1,000,000
Fairmont Coal Co. 5 Per Cent First Mortgage 6,000,000
x189,000
*
1,155,000
4,656,000
Southern Coal & Transportation Co. 5 Per
Cent First Mortgage
500,000
486,000
14,000
Somerset Coal Co. 5 Per Cent First Mortgage
of 1910
3,585,000
3,585,000
Total
$65,835,000 $11,169,000 $4,592,000 $472,000 $6,500,000 $3,273,000 $7,631,000 $4,710,000 $27,488,000
* $1,074,300 00 Par Value of Securities-Cost $1,038,878 60.
x Includes $90,000 which were previously held to retire outstanding Briar Hill Coal & Coke Co. Bonds. Now held by United States Mortgage
& Trust Company and under terms of First and Refunding Mortgage cannot be issued.

Capital Assets:
Coal Lands and Other Real Estate
Less Reserve for Exhaustion

GENERAL BALANCE SHEET DECEMBER 31 1917.
ASSETS.
$83,651,146 39
9,019,471 57

Mining Plants and Equipment (Abstract "A")
Less Reserve for Depreciation

25,117,071 07
8,598,877 85

Cumberland & Pennsylvania Railroad Company
Less Sinking Fund for Redemption of Bonds

3,355,924 63
1,048,836 68

Cumberland & Pennsylvania Railroad Company Equipment
Less Reserve for Depreciation

2,480,910 67
860,891 30

Eloatiess

lleser eifo entep
g Er o
Equipment
D reciation

Advance Payments on Coal Purchases (Unmined)

1,164,898 79
359,177 98

$74.631,674 82
16,518,193 22
2.307,087 95
1,620,019 37
805,720 81
2,544,002 82

Capital Stock reserved for Conversion of Ten-Year Six Per Cent Convertible Secured Gold Bonds
Capital Stock Unissued reserved for future corporate purposes of the Company
Investments in Allied Companies:
13,323 shares Metropolitan Coal Company Stock
5,400 shares Northwestern Fuel Company Preferred Stock
18,900 shares Northwestern Fuel Company Common Stock
13,018 shares Coastwise Transportation Company Stock
Investments in Securities of Other Companies ($6,300 00 of which is pledged under the First and Refunding Mortgage of December 1 1910)........
Assets in Hands of Trustees of Bond Sinking Funds (Exclusive of Bonds purchased and held by Trustees of Sinking Funds and which are
deducted from Bonded Debt-Contra Side):
Cash
50,075 37
Accrued
138,492 33
In Hands of Trustees of Cumberland & Pennsylvania Railroad (Abstract "B")
1,048,836 68
Deferred Debit Items
Current Assets:
Bonds in Treasury
$4,710,000 00
Securities Purchased and Held
894,293 75
Liberty Loan Bonds
1,529,400 00
Balance Duo on Employees' Subscriptions to Liberty Loan Bonds
293,276 33
Stock on hand:
Coal and Coke
$412,785 33
Materials, Supplies and Stores (Abstract "0")
2,000,834 58
2,413,619 91
Bills Receivable
107,36835
Accounts Receivable
6,553,584 21
Cash
In Banks and on Hand
3,686,217 06
Deposited with Fiscal Agents Account of Bond Interest and Dividends Due
208,838 00
Special Deposits to Cover Royalties Payable
11,554 18

$98,426,698 99
5,740,976 32
4,137,720 00
6,902,094 88
802,418 34

1,237,404 38
113,220 87

20,408,151 79
$137,768,685 57
LIABILITIES.
Capital Liabilities:
Capital Stock (Outstanding, $35,121,303 68)
Bonded Debt of The Consolidation Coal Company December 31 1917. (For details see above)
Car Trust Bonds
-Assumed by Cumberland & Pennsylvania Railroad
Purchase Money Obligations
Current Liabilities:
Accounts Payable
Pay Roll
Interest Coupons and Dividend Checks not presented for payment
Bond Interest Accrued
Sinking Funds Accrued
Federal Income and Excess Profits Tax Accrued
Taxes Accrued
Dividend No. 80, Payable January 31 1918
Extra Cash Dividend of 3 Per Cent, Payable February 11 1918
Due to Individuals and Companies
Insurance Fund Reserve
Profit and Loss Account and Special Surplus




$45,000,000 00
32,198,000 00
76,000 00
1,365 02
$77,275,365 02
836,040 12
305,609 47
75,188 00
373,384 17
142,659 00
1,491,067 37
530 50
526,764 44
1,054,206 00
639,151 72
5,444,600'79
25,583 04
55.023,136 72
$137,768,685 57

THE CHRONICLE

APR. 6 1918.]

1477

TONNAGE.

-PLANT AND EQIPMENT OF THE CONSOLIABSTRACT "A"
DATION COAL COMPANY.
Mine Openings and Grading's
$5,240,406 98
Tipples and Equipment
947,007 13
Power Plant Buildings
362.544 78
Sub-Station Buildings..
54,577 66
Buildings for Haulage Equipment
35,375 54
Buildings for Ventilating Equipment
143,681 56
Repair Shops
104,558 96
Buildings
Supply
55,233 08
Stables
153,029 78
Office Buildings
113,315 71
Other Mine Buildings
84,718 97
Power Plant Equipment
1,319,104 29
Sub-Station Equipment
291,387 70
Transmission Systems
149,031 49
Ventilating Equipment
319,555 12
Haulage Equipment
336,530 93
Wire Rope
41,756 58
Steel Rails
1,693,330 62
Mine Pumps and Motors
253,692 46
Copper Wire
269,794 35
9,533,543 11,107,684
Total
1,574,141 Trolley Wire and Equipment
223,322 11
Coal mined by Lessees during 1917,'835,355 net tons.
Mining Machines
558,781 38
Locomotives
493,788 21
MANUFACTURED BY THE CONSOLIDATION COAL CO. Mine Cars
COKE
946,946 76
Live Stock
235,062 77
1917.
Net TonsIncrease. Water Works
1916.
441,512 37
175.129
West Virginia Division
63,111 Repair Shop Equipment
112,018
85,433 25
Mine
67,423 80
TABLE SHOWING THE PRODUCTION IN NET TONS OF THE MINES Other Ovens Equipment
Coke
224,173 78
OF THE CONSOLIDATION COAL COMPANY SINCE 1864.
Coke Equipment
8,139 98
Coke Crushers
West
Millers
10,498 84
Tenement Houses
Maryland Virginia Pennsylvania Creek
Elkhorn
3.904,804 65
Recreation and Amusement Buildings
Division. Division. Division. Division. Division.
Year86,451 43
Total.
37,678
1864
17,255 04
37,678 Recreation and Amusement Equipment
1865
65,068
49,455 62
65,068 Hospitals
Hospital Equipment
1866
104,798
4,221 04
104,798 Store Buildings
213,148
1867
438.216 70
213,148 Store
205,494
73,414 94
1868
205,494 Farm Fixtures
Buildings
1869
287,605
125,377 41
287,605
5,449 90
429,751
1870
429,751 Farm Equipment
Stone Crushers and
9.027 32
566,190
1871
566,190 Lighting Systems Equipment
34,810 07
564,627
1872
564,627 Telephone
Systems
13,504 64
614,302
1873
614,302 Office
Equipment
70,204 29
523,545
1874
523,545 Engineering
Equipment
20,160 71
502,794
1875
502,794 Laboratory Equipment
4,862 82
399,635
1876
399,635 Outside Operations-Buildings
102,641 93
390,191
1877
390,191 Outside Operations-Equipment
509,023 70
452,497
1878
452,497 Emergency Equipment_.
_
_ --------57,674 69
541,735
1879
541,735
352,708 66
636,433
1880
636,433 Branch Office Equipment_
289,122 53
844,368
14381
844,368 Drainage Tunnel
472,048
1882
472,048 Improvements (Not Completed):
Maryland Division
15,287 44
1883
510,987
510,987
West Virginia Division
2,047,523 86
1884
771,917
771,917
Pennsylvania Division
1,182,740 01
1885
795,272
795,272
Millers Creek Division
70,331 04
1886
756,730
756,730
Elkhorn Division
285,370 06
1887
1,049,215
1,049,215
Fairmont Mining Machinery Company
83,713 63
1,146,151
1888
1,146,151

COAL MINED BY THE CONSOLIDATION COAL COMPANY.
-Net Tons
1916.
1917.
Maryland DivisionIncrease• Decreas
Mines on Cumberland & Penn1,288,488 1,682,264
sylvania Railroad
393,776
West Virginia Division
Mines on Baltimore & Ohio RR__3,731,510 4,764,694
1,033,184
Mines on Western Maryland Ry_ 405,860 102,157 303,703
Mines on Pittsburgh & Lake
22,553
Erie Ry
22,553
Pennsylvania Division
Mines on Baltimore & Ohio RR_ _1.186,825 1,343,37
156,712
"
Mines on Western Maryland Ry_ 310,095 140,603 169,492
Millers Creek Division
Mines on Millers Creek RR___- 465,710 563,002
97,292
Elkhorn Division
Mines on Baltimore & Ohio RR _1,489,340 1,766,235
276,895
Mines on Louisville & Nash633,162 745,192
112,030
ville RR

1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
103
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917

976,039
976,039
Total
$25,117,071 07
1,070,755
1,070,755
8,598,877 85
1,020,294
1,020,294 Depreciation to December 31 1917
1,051,338
1,051,338 IP- Depreciated Value December 31 1917
$16,518,193 22
1,016,466
1,016,466
999,602
999,602
-MATERIAL ON
3STRACT "C"
1,034,494
1,034,494 AT- CHANDISE STOCK IN STORESHAND, INCLUDING MERFOR 'WEST VIRGINIA,
1,296,064
1,296,064
MILLERS CREEK AND ELKHORN DIVISIONS1,417,748
1,417,748
Cost.
1,607,668
1,607,668 Maryland Division
$35,294 00
1,720,844
1,720,844 West Virginia Division
430,490 64
1,299,374
1,299,374 Pennsylvania Division
34,433 29
1,887,630 2,533,403
4,421,033 Millers Creek Division
137,495 24
1,955,597 5,032,190 1,369,011
8,356,798 Elkhorn Division.
560,894 97
1,964,237 5,153,532 1,319,340
8,437,109 Stationery
430,52
2,053,376 5,448,857 989,512
8,491,745 Cumberland & Pennsylvania Railroad
132,548 08
2,347,759 5,532,514 1,514,844
9,395,117
12,246 35
2,384,344 6,283,152 1,717,760
10,385,256 Canal Towage Company
657,001 49
2,343,058 6,356,812 1,961,102
10,660,972 Fairmont Mining Machinery Company
1,958,021 4,465,432 1,595,178
8,018,631
Total
$2,000,834 58
1,847,392 4,620,336 1,736,410
8,204,138
2,605,456 5,967,877 1,921,777
10,405,110 CAPITAL STOCK OF COMPANIES; THE ENTIRE AUTHORIZED
2,439,798 4,396,369 1,872,236 511,329
9,219,732
AND OUTSTANDING ISSUES OF WHICH ARE OWNED
2,422,556 5,125,662 1,957,862 585,648 255,372 10,347,100'
BY THIS COMPANY.
5,215,437 1,952,759 514,306 1,090,098 11,154,987
2,382,387
•
Pledged under
2,231,423 4,659,246 1,990,637 555,464 1,273,246 10,710,016
• Pledged under
First and
2,263,342 5,206,079 1,923,487 602,025 1,727,451 11,722,384
Refunding
Refunding
1,682,264 4,866,851 1,484,140 563,002 2,511,427 11,107,684
Mortgage of
Mortgage of
1,288,488 4,159,923 1,496,920 465,710 2,122,502 9,533,54'3 Shares. Companies
Par Value.
May 1 1904. Dec. 1 1910.
63,449,993 85,023,672 26,802,975 3,797,484 8,980,096 188,054.220 15.000 Cumberland & Penn.
$1,500,000 00 $1,500,000 00
RR.Co

Total
*10,000 00
• 5,000 08
4,999 92
100 Fairmont Coal Co
-CASH AND SECURITIES HELD BYrTR1 S=S 40,000 Somerset Coal Co
4,000,000 00 2,000.100 00 1,999.900 00
ABSTRACT "B"
4
OF CUMBERLAND & PENNSYLVANIA RAILROAD COM4,480 Fairmont Mining Mach.
PANY BOND SINKING FUND.
448,000 00
Co
200 Cassville & MonongaPar Value.
Cost.
20,000 00
hela RR Co
$171,000 00 Fairmont Coal Company 5 Per Cent Bonds__ $164,996 27
5,000 00
50 Canal Towage Co
162,000 00 The Consolidation Coal Company 4% Per
5,000 00
5,000 00
50 Pennmont Coal Min.Co.
Cent Refunding Mortgage Bonds
154,838 80
5 Maryland Construction
500,000 00 The Consolidation Coal Company 5 Per Cent
500 00
& Contracting Co._ _ _
First and Refunding Mortgage Bonds
477,050 42
6,500 Consolidation Coastwise
18,300 00 Baltimore City 4% Per Cent Sewer Stock
18,993 11
650,000 00
Co
650,000 00
223,000 00 C.& P. RR. First Mortgage 5 Per Cent Bonds 223,000 00
$6,638,500 00 $3,505.100 08 $2.659,899 92
Total_
$1,074,300 00 Total Investments
$1,038,878 60 66,385 values represented by the above capital stock are eliminated from
The
Cash _
___ - _
----------------251 93 both the assets and liabilities in the General Balance Sheet above.
--Accrued Interest -- December 31 1917 on above ------------ _
_9,706 15
* Capital Stock Fairmont Coal Co. reduced June 14 1915 from $12,Total Fund December 31 1917
$1,048,836 68 000,000 00 to $10,000 00.

-15% Wage Advance.
United States Steel Corp.
Chairman Elbert H. Gary has issued the following:

CURRENT NOTICE.

-"A bank statement that any man or woman can understand" is the
The finance committee has unanimously voted to increase the wage
rates of day labor at the manufacturing plants about 15%, to become way the Corn Exchange Bank of this city describes their statement as of
effective April 15. The rates of other employees, except in cases April 1st, published elsewhere In our columns to-day. Departing from
where advancements have been made recently, will be equitably adjusted.
itemized form of condensing its figures, the institution has
Railroad companies, coal mining companies and shipbuilding companies the usual legal
set out the main considerations to show the layman in the simplest terms
are not included.
It is rumored that some employers of labor have been discussing the its financial responsibility. The bank owed to depositors payable on
adoption of an 8
-hour per day base, and in view of this fact we have given demand $133,608,843 on April 1st, and for this purpose it had cash funds
careful consideration to this question and have decided against it.
Extending over a period of many years we have been operating on an of gold, bank notes, specie, and with legal depositories payable on demand
-hour basis in departments where the labor is unusually heavy and where of $35,757,113, checks on other banks payable in one day, $7,589,841;
8
the workmen and managers have both decided 8
-hour work was most loans to individuals and corporations, payable when asked, secured by
conducive to health and comfort, and we have also been putting into collateral of greater value than the loan, $13,570,565; bonds of U. S.
practice from time to time during the last few years an 8
-hour day in most
of our underground iron ore and coal mines. A little over 25% of our railroads and other corporations of first quality and salability, $46,107,138;
loans payable in less than three months on the average and largely secured
total employees are on an 8
-hour basis.
conclusions arrived at to-day, as above stated, have been influenced by collateral, $37,188,857; bonds, mortgages and real estate, $1,050,162;
The
largely* by the reason that we believe the largest production will be thereby and the bank's sixteen banking houses in New York City, $3,378,117.
secured. This is always essential, and especially important in times These assets total $144,641,792, and leave a surplus of $11,032,949. The
Corn Exchange Bank supplies banking facilities to Greater New York
like the present.
through forty branches located at pivotal points in every borough. WilContinuance of Steel Prices Until July 1.
lian A. Nash is Chairman and Walter E. Frew, President.
-V. 106, 1). 1371, 1350, 1337.
See page 1298 in last week's issue.
Messrs. Lamborn & Co. announce the opening of offices at 7 Wall
Street for the transaction of a general business in investment securities and
Willys-Overland Co.
-Advance in Prices-Report.
--Commodity Futures. The firm are members of the New York Stock, CotThis company has increased the price of its jpassenger cars, effective ton, Coffee and Sugar, and Produce exchanges also the Chicago Board
April 1. Model 90 is advanced from $835 to $O9. and other models in of Trade and the London Produce Clearing House, Ltd. Their offices at
about the same proportion.
98 Wall Street, New York, also in Philadelphia. New Orleans, Savannah
The annual report for 1917 Is cited on a preceding page.
-V. 106. p. and Havana will be maintained with their same efficient organizations for
-raw,refined, export and import.
1236, 509.
the handling of sugar in all its branches




1478

THE CHRONICLE

(VoL. 106.

MIDVALE STEEL AND ORDNANCE COMPANY
SECOND ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 311917.
7 West 10th Street,
Wilmington, Delaware.
To the Stockholders:
The year of 1917 has been notable, chiefly because of the
recognition by the United States of a state of war with Germany and Austria-Hungary, and the consequences following this action. The Steel trade, in particular, has
been profoundly affected by conditions growing out of the
war; first, by the Governmental policy of establishing prices;
and second, by the War Tax legislation, including Excess
Profits Tax and increased Income Taxes.
The action of the Government in establishing prices in
September 1917 has been a disturbing factor; not so much
on account of the fact of regulation, but because most of the
factors entering into the cost of manufacture have not been,
and apparently cannot be, limited by the same authority.
Notwithstanding the difficulties of adjusting business
to these new conditions, your Company, in common with
all of the Steel Companies of the country, has given its earnest and loyal support to the Government authorities in their
endeavor to formulate. workable plan whereby a maximum output would be secured, together with fair prices to
consumers of steel products.
The War Taxes have had a marked influence on trade,
especially during the latter part of the year. Business men
generally have had to face the fact that, while their balance
sheets might show a highly profitable year, tax obligations
could not be met with such assets as—accounts of solvent
customers, inventories, or property accounts. As an inevitable result, there has been and will continue to be a
liquidation more or less drastic in order to convert these
assets, so necessary to a going business, into cash, as the
Federal Taxes, due in June 1918, must, of course, be paid
in cash or equivalent Government securities. In order
to accumulate the large cash reserves necessary to meet
this obligation, which, in the national aggregate, is probably the largest payment due on one date in all human
history, it has been necessary for the officers to conserve
the cash resources of your Company in every possible manner, even to the postponement of improvements and extensions, which under normal conditions would have been
made.
An examination of the balance sheet published herewith,
will show that the financial condition of your Company is
such as to enable it to meet the maximum requirements of
the Federal Tax Laws.
In October 1917 the minority stock of The Midvale Steel
Company, which was in the hands of the public, was acquired by your Company and the Company was enabled
thereby to immediately thereafter carry into effect the plans
which it had under consideration from its organization for
the taking over of the properties of The Midvale Steel Company, Worth Brothers Company, and Wilmington Steel
Company, thus making your Company an operating Company. This result is expected to effect greater efficiency
and economy of operation.
Furnace and Mill operations, during the last Quarter
especially, have been seriously hampered by lack of transportation facilities. The regular movement of coal and
coke was particularly affected, so that in spite of the fact
that the Company has its own coal mines and cars, the output of the Blast Furnaces and Mills has been seriously curtailed.
While it is a source of gratification to know that in the
great crisis through which our country is passing, your Company is an important source of supply for munitions of war,
it is proper to state that materials used exclusively for war
purposes, i. e., armor, ordnance, shells, &c., but not including ordinary commercial products such as are used in
ship-building and rounds for shells, constituted only 12.83%
of the total business for the year 1917.
The purchase of the property of the Pittsburgh-Westmoreland Coal Company, mentioned in the First Annual
Report, was consummated early in the year.
Additional sources of ore supply were secured by the purchase of interests in Hanna Ore Mining Company, Hoyt
Mining Company, Bennett Mining Company, and Plymouth Mining Company, as set forth later in this Report.




The Company has arranged with the United States Government to take the place of the Remington Arms Company
(of Delaware) in the manufacture of modified Enfield Rifles
for the United States Government. The Company will be
reimbursed for all of its expenditures and liabilities incurred
on account of this manufacturing operation, and will receive
in addition an agreed profit. The Remington Arms Company (of Delaware) is in process of dissolution.
Under wdsiting conditions, it would be futile to attempt
to make any forecast of business conditions during 1918.
The controlling factor will be the ability of the Railroads
to provide men and equipment to handle the raw materials
to, and the finished material from, your Works.
Respectfully submitted by order of the Board of Directors.
A. C. DINKEY,
WILLIAM E. COREY,
Preisdent.
Chairman.
STATUS OF CAPITAL STOCK AND BOND ISSUE
DECEMBER 311917.
CAPITAL STOCK.
Issued
$100,000,000 00
Unissued
*50,000,000 00
Total authorized
$150,000,000 00
* Of this amount $24,727.500 00 is reserved for Bond Conversion
Privilege.
BOND ISSUE.
Twenty-year Five Per Cent. Convertible Sinking Fund Gold Bonds:
Principal due March 1 1936. Interest payable March 1 and September 1.
Subject to redemption as provided in Trust Indenture.
Authorized
$50,000,000 00
Unissued
3,381,000 00
Issued
$46,619,000 00
Redeemed
$545,000 00
In Treasury
1,508,000 00
$2,053,000 00
Outstanding
$44,566,000 00
INVENTORY DECEMBER 31 1917.
• Value.
Iron Ores
Pig Iron, Scrap, Ferro Manganese, Ferro Silicon and $9,636,478 21
Spiegel
3,222,921 04
'
Coal, Coke, Fuel Oil, Wood and Charcoal
261,069 76
Tungsten, Aluminum, Nickel, Chrome, Titanium, Vanadium, Sundry Alloys and Alloy Scrap
1,155,196 01
Limestone, Fluxes and Refractories
728,035 34
Molds, Rolls, Iron Castings, &c
3,089,108 15
Manufacturing Supplies, Stores and Sundry Items not
otherwise classified
4,116,287 20
Steel, Nickel and Chrome Vanadium Ingots
Blooms, Billets, Slabs, Blocks, Rough Bar, Mill Bar, Skelp 1,478,319 67
and Flue Iron
3,075,806 30
Finished Products
Mining Supplies and Stores for Ore, Coal and Stone Proper- 5,379,145 12
ties
520,619 31
Work in Processs
3,838,866 36
Material in Transit
256,518 87
Total
$36,758,371 34
CERTIFICATE OF INDEPENDENT AUDITORS,
New York, March 18 1918.
The President and Directors, Midvale Steel and Ordnance
Company, New York, N. Y.:
We have examined the books and records of Midvale Steel
and Ordnance Company and Subsidiary Companies and
have prepared therefrom the attached Balance Sheet and
Consolidated Income Account.
Property Account additions for the year have been properly made. The provision for Depreciation is in our opinion
adequate. Deferred Charges are all items applicable to
future Operations.
Cash, Bills and Loans Receivable and Securities have been
verified by inspection or by certificate of the Depositaries.
Accounts Receivable are all regarded as good and collectible.
Possible losses are covered by the general Reserve for Contingencies. Inventories have been valued at cost and
certified as to quantities by responsible officials.
A reasonable reserve has been made for Income and Excess
Profits taxes, though with the present uncertainty regarding
the interpretation of the law, the exact final figures are not
ascertainable.
We certify that in our opinion the attached Balance Sheet
and Income Account correctly disclose the financial condition of Midvale Steel and Ordnance Company and Subsidiary
Companies, at December 31 1917, and the result of their
operations for the year ended that date.
ARTHUR YOUNG & CO.,
Certified Public Accountants.

APR. 6 1918.]

1479

THE CHRONICLE

MIDVALE STEEL AND ORDNANCE COMPANY
AND SUBSIDIARY COMPANIES.

Whe Tormutercial

CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR
ENDED DECEMBER 31 1917.
Net Earnings from Operations (after deducting all Expenses
incident to Operations including those for ordinary Repairs and Maintenance amounting to $13,836,596 88)_-_ $69,838,253 73
Add—
Other Income:
1,567,522 22
Interest earned, &c

•

Times.

COMMERCIAL EPITOME.

Friday Night, April 5th 1918.
With improved railroad facilities and a larger production
of goods business is more active. There were fewer strikes.
The outlook for grain crops is considered good. The winterwheat yield may reach 672,000,000 bushels, according to
$71,405,775 95 some present estimates, which would not be so far behind
Deduct—
the high record yield of 1914, which was 685,000,000 bushels.
11
Other Charges:
407,939 52 Last year it was only 418,000,000 bushels. Prices of food
Interest paid, &c
have declined somewhat. A high record spring-wheat
$70,997,836 43
acreage is expected. The daylight saving plan has affected
Deduct—
business favorably, rather than otherwise. In pushing the
Provision for Depreciaton, Exhaustion of
$6,826,421 46
war the Government is seeking out hoarders of wheat.
Minerals, &c
Prospective Income and Excess
Provision for
They must sell by May 15th or be forced to do so. Most
25,731,910 24
Profits Taxes
32,558,331 70 of the business of this country is of a strictly legitimate
is almost non-existant. Of course,
$38,439,504 73 kind. Speculation
Government requirements overshadow everything else.
Deduct—
The
Civilian trade still keeps in the background.
Bond Interest:
.
Midvale Steel and Ordnance Company__ - $2,244,733 50
Easter retail trade, however, was unusually large, ex279,493 07
Subsidiary Companies
cept at a few Eastern centres. In the grain districts,
Guaranteed Dividend on Cambria Iron
338,720 00
Company Stock
where the buying capacity of the people has been great2,862,946 57
ly increased by high prices, merchants are buying more
Net Income for the year 1917, after provid$35,576,558 16 freely, even anticipating future wants. It is not so easy,
ing for Minority Stock Profits
however, to secure supplies, although production, as alAdd—
December 31
ready intimated, is being increased as the coal and railroad
Surplus per certified accounts
1916$18,65661045
situation is far better than it was some weeks back. In
Reserves set aside from profits for ore deplebig manufacturing centres advances in wages have stimution prior to December 311916. over and
above the amount allowed by the Governlated business. Trade in luxuries has largely declined, and
ment for Income Tax purposes now added
131,826 52
it is said that in the automobile business the cheaper cars
back to Surplus
sell the best. On the 10th inst. there are some intimations
$18,788,436 97
that the Price Fixing Committee of the War Industries
Less Amount transferred to Appropriated
903,434 18
Surplus
Board will take action in the matter of price regulation of
cotton goods. The production of pig iron in March showed a
$17,885,002 79
12,000,000 00
Less Dividends paid
noteworthy increase, and the output of steel is increasing.
5,885,002 79
Meatless days have been stopped for the period of a month,
31 1917, carried to Balance
Surplus Balance, December
but the Government warns packers and retailers against
_______________________________ $41,461,560 95
Sheet
charging unduly high prices. The Government may yet
fix meat prices or operate the plants. Wheat has been
MIDVALE STEEL AND ORDNANCE COMPANY eliminated from the menus of the country's leading hotels
to the number of several hundred until the next harvest, in
AND SUBSIDIARY COMPANIES.
order to facilitate the sending of wheat to the Allies. ShipCONSOLIDATED BALANCE SHEET DECEMBER 31 1917.
building is to be speeded up. "Ships, not excuses," is now
the word. The question of ship plates is a burning one
ASSETS.
and it looks as though the production will be stimulated.
Property and Plant (including property leased under 999
It now seems that Japanese ships to the amount.of 450,000
year lease from. Cambria Iron Company, and improve$158 909,900 31 tons are to be turned over to the United States and also that
ments thereto)_________________
_
'508,929 76
Investments in other Companies
Russian ships will be acquired. Moreover there is a report
$159,418,830 07 the British Government has authorized the United States
Total Capital Assets
Current Assets:
Government to commandeer British ships in American ports
22
Cash in Banks and on Hand
to hasten the transportation of troops, munitions and
$11:283,112 19
Customers' Accounts
food. The fact that the aeroplane output is some
Advance payments on Ores Purchased,
4,342,081 50
&c
three or four months behind the schedule has occa1,460,245 58
and Loans Receivable
Bills
sioned sharp comment and an improvement is looked for in
Marketable Securities at Cost including
27,590,196 30
U. S. Certificates of Indebtedness
the near future. It is stated that of 60,000,000 feet of
36,758,371 34
Inventories
109,791,758 13 spruce needed for aeroplanes this year, 30,000,000 feet has
already been produced and that the required total will be
Deferred Charges:
763,398 84 furnished before July 1. This, it is said would be enough
Advanced Stripping Ore Mines, &c
125,328 88
Sinking Fund Cash
to enable the Government to build 30,000 aeroplanes of the
$270,099,315 92 largest size. It is believed that the new Government
Liberty Loan of $3,000,000,000 at 434% will be a success
CAPITAL AND LIABILITIES.
and the commercial world does not look for any material
Capital Stock:
disturbance of the money market. Collections still make a
$150,000,000 00
Authorized
Unissued:
good showing and failures are relatively few. The war situaConversion of
Held for
tion in France is, of course, keenly watched and there is
$24,727,500
Bonds
For General Corporate
every evidence that the United States Government intends
25,272,500
purposes
to hurry reinforcements across the water, something that
50,000,000 00
$100,000,000 00 public sentiment certainly favors. The general business
Capital Stock of Subsidiary Companies not
situation of this country in the meanwhile is considered in
held by Midvale Steel and Ordnance
2,033,450 00 the main favorable and it is believed that with anything
Company (Par Value)
Guaranteed Stock:
like average weather the crops may easily turn out to be the
Cambria Iron Company Stock (see note
8,408,000 00 largest on record, for the acreage will be greatly increased
below)
Bonded and Mortgage Indebtedness:
everywhere.
Midvale Steel and Ordnance Company,
5% Convertible Sinking Fund Gold
Bonds, due March 1 1936:
$50,000,000 00
Authorized
Less
$1,508,000
In Treasury
545,000
Redeemed during 1917..
3,381,000
Unissued
5,434,000 00

Subsidiary Companies

$44,566,000 00
13,342,000 00

STOCKS OF MERCHANDISE IN NEW YORK.
Apr. 1 1918. Mar.1 1918. Apr. 1 1917
bags_1,327,182
2,006,062
1,660,209
19,595
mats_
14,301
14,760
468,966
625,769
bags- 449.741
tons_ 28,659
21,819
No
141,260
bales_ 145,383
121,482
bales_
3,000
7,900
barrels..
32,500

Coffee, Brazil
Coffee, Java
Coffee, other
Sugar
Hides*
Cotton
Manila hemp
Flour
57,908,000 00

$168,409,450 00
Total Capital Liabilities__
Current Liabilities:
Vouchers Audited and Unpaid Payrolls.- $7,610,415 08
Deposits received on Contracts
477,739 65
Accruals and Miscellaneous, including
estimated Federal Taxes
29,412,532 44
393,124 28
Bills and Loans Payable
37,593,811 45
Reserves:
For Depreciation and Mine Exhaustion- $14,200,319 09
4,512,723 58
For Contingencies and Miscelladeous--18,713,042 67
Surplus applicable to Minority Stock Interests, also Pre3,921,450 85
mium and Discount on Capital Liabilities, Ste
Surplus Balance (after deducting Midvale Steel and Ord41,461,560 95
dividends paid, $12,000,000)
nance Company
$270,099,315 92
Note.—Cambria Steel Company guarantees an annual dividend of four
per cent. on the above mentioned Cambria Iron Company stock as rental
for property held under the 999 year lease.




*Not published during the war.

LARD easier; prime Western 26.20@26.30c.; refined to
the Continent, 28.75c.; South American, 28.90c.; Brazil,
29.90c. Futures declined on increased stocks and then
rallied on covering and a falling off in offerings. Receipts of
hogs have been running ahead of last year. Washington
reports the total•arrivals at the stock yards in February as
420,000 larger than in the same month last year. These
figures cover 58 cities, the total being 4,295,930 as against
3,873,730 in Feb. 1917. Cattle receipts at 58 cities in February were 1,440,067 against 1,284,584 in February last
year; but sheep receipts dropped in February to 981,973
against 1,342,175 last year. The stock of lard at Chicago
on April 1 was 31,778,879 lbs. against 20,579,391 on March
1 and 44,281,163 on April 1 last year. This includes 11,283,853 lbs. of contract grade on April 1 this year against 6,837,-

1480

THE CHRONICLE

..f VOL. 106

041 on March 1 and 24,960,264 on April 1 last year. ToTOBACCO has been firm with an uninterrupted demand.
day prices declined. They are lower for the week.
Stocks are far from burdensome and the consumption is
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. good. Some are predicting higher
as the year adSat.
Mon. Tues.
Wed. Thurs.
Fri.
vances. It is contended that there is a shortage of tobacco
s
May delivery
cts_25.82
25.82
Holi- 25.97
25.80
25.55
July delivery
the world over, and some argue that it is likely to continue
25.90 25.95
day. 26.20
26.10 25.85
PORK higher; mess,$53; clear, $52@$56. Beef products, for the duration of the war. The tobacco companies are
firm; mess, $31 ©332; extra India mess, $52@$54. Cut said, in some cases, at least, to be making large earnings.
meats steady; pickled hams, 10 to 20 lbs., 253/c.; pickled This is one of the outward signs of the condition of the to8
bellies, 31c. The stock of bacon, s. r., in Chicago on bacco business generally. There is a steady demand not
April 1 was 13,340,041 lbs., as against 9,898,624 on March 1 only for domestic tobacco, but also for Havana and Sumatra.
COPPER output is heavy at 233/20., and as railroad
and 15,862,844 on April 1 last year. Stock of bacon,
Ex. S. C., on April 1 this year 7,804,673 lbs., against 4,718,- transportation improves an ample supply will be assured
996 March 1 and 1,359,988 on April 1 1917. Total stock of at distributing centres. The demand from outside sources
cut meats April 1, 182,582,039 lbs., against 174,805,663 continues light, but a heavy consumption is expected this
March 1 and 128,843,541 on April 1 last year. Liverpool year. Tin is still scarce. Chinese, alone, is available
advices report the situation,from a supply and demand view- and that at high prices. For Chinese tin at the coast 84
point, as becoming increasingly favorable and additional cents was asked. Total stocks 5,151 tons; afloat, 134 tons.
quantities of bacons and lard are being allocated. Retail Lead is scarce and slightly higher at 7.25@7.30c., although
demand is fairly active. To-day May pork closed at $47 60, deliveries have been rather freer with improvement in railroad traffic. Spelter more active at 8c. with supplies here
showing a decline for the week. Butter, creamery, 42
42Mc. Cheese, flats, held, colored, specials, 25 ©25 Mc. light.
PIG IRON is still in big demand and although the output
Eggs, fresh, 38c.
COFFEE steady; No. 7 Rio, 9Mc.; No. 4 Santos, 1134c.; is larger it does not come up to requirements. Yet in March
fair to good Cucuta, 11 M ©12Mc. Futures declined some- the production reached 3,213,091 tons, or 103,648 tons a
what, April and May falling to meet Government regulations day, as against 2,319,399 tons in February, or only 82,835
permitting a difference of only 15 points between months. tons a day. Coke is more plentiful and the number of furYet, warehouse deliveries are liberal and there is trouble naces in operation has increased within a month nearly 25.
apparently in getting ocean tonnage in Brazilian waters. The increased production is partly due to more favorable
New importations are only moderate at American ports, weather, and the acute shortage may be ended soonet than
and stocks at New York are steadily decreasing, while was at one time expected. But the supply of coke is still
deliveries are larger than normal. Still, there has latterly more or less uncertain. Until that evil is removed normal
been some selling on intimations that the Brazilian freight conditions cannot be expected in the pig iron industry.
STEEL production is increasing and so are shipments.
situation might improve. American importers are said to
be holding quite a little coffee at Brazilian ports, awaiting The March figures will, no doubt,show a gratifying improvebetter shipping facilities. Yet, the total in sight for this ment. Transportation facilities are better. This, naturcountry is only 1,838,595 bags, against 2,674,401 bags a ally, increases the consumption. Some think that the deyear ago. There has been more or less trade selling, sup- crease in January and February may have largely been made
posed to be hedging against purchases in Brazil. Pending good in March. But it is still a fact that Government busifurther developments, the market here might almost said ness overshadows private trade. The requirements for war
to be marking time. To-day prices closed unchanged to purposes are enormous. They are bound to be attended te
16 points higher. But they show a decline for the week. first. Ship plates are scarce. Production of these will, nc
doubt, be speeded up, especially as there are sharp com.
April _etas_ 8.50 ___ August _ _cts_8.80 8.81 December cts8.93 9.95
May
._8 65 ___ September ..8.83@8.85 January ____8.99 9.00 plaints about the delay in shipbuilding in this country,which
June
.8.71®8.75 October _ ..8.86®8.88 February --_9.05 9.06 is attributed partly to the inability to secure an adequate
July
-8.7708.78 November _..8.89®8.91 March
9.12 9.13 supply of ship plates.
It is stated that the matter will
SUGAR firm; centrifugal, 96-degrees test, 6.005c.; placed. before President Wilson. Production of these be
in
granulated, 7.45c. The question of shipping bulks large in January and February was restricted by the lack of fuel.
the sugar situation. It looks as though the April shipments About 75% of the plate mill production, it is stated, must
to Atlantic and Gulf ports will be large. For the outlook now go to Government work. Japan is to take about
for ships is much better. Twenty Dutch ships have been 100,000 tons of steel, mostly plates. It is said that the
assigned to the sugar carrying trade. Something like 300,- Government will want 300,000 tons of rails in addition to
000 tons of sugar a month, it is estimated, will be moved what the railroads had already ordered for 1918 delivery.
from Cuban ports to America during the next three months.
It all hinges on the question of ships. The crop is making
COTTON.
rapid progress in Cuba with 196 mills in operation. Some
Friday Night, April. 5 1918.
look for a high record yield if weather conditions are at all
THE MOVEMENT OF THE CROP, as indicated by our
favorable. Just at the moment, however, arrivals are not telegrams from the South to-night, is given below. For the
satisfactory; they are too irregular. Many refiners are not week ending this evening the total receipts have
running at full capacity as yet. Stocks in the meanwhile 74,681 bales, against 76,620 bales last week and reached
93,749
are piling up at Cuban ports and the necessity of a plentiful bales the previous week, making the total receipts since
supply of ocean tonnage is so great that improvement in Aug. 1 1917 4,970,464 bales, against 5,915,466 bales for the
this respect is constantly expected in the near future. Cuban same period of 1916-17, showing a decrease since Aug. 1
receipts at all ports last week were 140,715 tons, compared 1917 of 945,002 bales.
with 155,131 in the previous week and 160,549 tons two
Sat.
years ago; exports, 63,925 tons, against 96,181 a week ago
Mon. Tues.
Wed. ; Thurs. Fri.
Total.
and 101,122 two years ago; stocks, 852,446 tons, against Galveston
1,905 1,462 3,862 2,529 1,790 1,639 13,187
785,656 last week and 752,785 two years ago. In Cuba the Texas City
Port Arthur
weather is improving.
Aransas Pass,&c.
178
178
New Orleans____ 12,377 2,802 3,494 5,379 3,506 2,374 29,932
OILS.
-Linseed firm; city, raw American seed, $1 54© Mobile
1
4 1,214
602 1,127 1,065 4,013
Calcutta, $1 50. Lard, prime, $2 35. Cocoanut, Pensacola
$1 56;
Jacksonville
Cochin, 183 1 ©19c. Ceylon,17% ©18c. Soya bean, 19320. Savannah
/
/
1,852 3,302 2,703 1,525 3,359 2,386 15,127
Spirits of turpentine, 41©413/c. Strained rosin, common Brunswick
2
108
64
468
63
to good, $6 05. Prime crude, Southeast, 17.50c. Closing Charleston
94
211 1,008
Wilmington
1,518
792
505
84 1,337
308 4,544
prices for refined for future delivery are as follows:
Norfolk
2,506
726
366
171
129 3,898
April
May

19.75 June
20.25 July

20.00 August
20.001

20.00

N'port News,&c.
New York
Boston
Baltimore
Philadelphia

112

Wilmington
Norfolk
N'port News,&c_
New York
Boston
Baltimore
Philadelphia

4,544
3,898
96
____
1,290
1,341
67

96

344

65

291

273

96

205
1,341

1,290
1,341
67

PETROLEUM higher; refined in barrels, $12 90@$13 90;
67
4
- - -bulk, $6 50@$7 50; cases, $16 75©$17 75. Naphtha, 73 to
76 degrees, in 100
-gallon drums and over, 543 0. Gasoline Totals this week_ 17.873 11.276 13.104 10.839 11.657 9.932 74.681
/
firm; motor gasoline, in steel barrels, to garages, 24c.; to
The following shows the week's total receipts, the
consumers, 26c. Gasoline, gas machine, steel, 41c.; 72 to since Aug. 1 1917 and the stocks to-night, compared total
with
76 degrees, 38c. The stock of crude on Jan. 1 is said to have last year:
been 160,000,000 bbls.; production in 1917,320,000,000 bbls.,
and there was a draft on reserves of about 20,000,000 bbls.,
1917-18.
1916-17.
Stock.
Receipts to
or something over 50,000 bbls. a day. There was a sharp
April. 5.
This Since Aug This Since Aug
spurt in field work during March, Oklahoma, Kansas and the
Week. 11917. Week. 11916.
1918.
1917.
Gulf Coast fields being the most active. Also wild cat oper- Galveston
3,187 1,470,175 34,045 2,358,051 335,983 274,682
ations in the North Texas field increased. Drilling opera- Texas City
66,948
____ 242,065
41,842
19,562
35,074
8,102
tions in California, however, show a very decided decline in Port Arthur
Aransas Pass,&c..
178
20,954
60,083
400
comparison with those Of a year ago. During the past week New Orleans____ 29,932 1,343,333 16,477 1,283,306 448,811 363,625
4,013
11 new wells started, making a total of 166 since the first of Mobile
90,822
824
91,295
16,824
7,236
30,213
31,381
the year, an average of 14 a week. During the same period Pensacola
Jacksonville
38,000 2,800
56,881
9,875
14,500
Savannah
last year 270 wells were started, an average of 23 per week.
15,127 952,229 '4,033 768,408 284,604 141,111
Brunswick
117,000 1,000 107,500
12,500
4,000
Closing quotations were as follows:
Charleston
1,008 190,164 1,933 153,649
47,533
34,912

Pennsylvania dark 4 00 South Lima
$2 38 Illinois, above 30
Callen
2 77 Indiana
2 28
degrees
$2 42
Crichton
1 40 Princeton
2 42 Kansas and OklaCorning
2 85 Somerset.32 deg_ 260
home,
2 25
Wooster
268 Ragland
1 25 Caddo, La., light- 2 25
TtiralI
2 25 Electra
2 25 Caddo,La.heavy.. 1 25
Strewn
2 25 Moran
Canada
2 25
2 68
De Soto
2 15 Plymouth
2 33 Healdton
1 45
North Lima
2 38
Henrietta
2 25




Totals

86,021
268,513
5,018
108,831
94,973
73,234
5,931

969
8,407
_-1,976
2,433
75

85,204
448,260
12,132
34,487
74,076
67,924
4,780

40,911
89,661

54,412
109,434

146.018
18,046
36,524
8,122

113,109
11,526
26,523
3,575

74.681 4.970.464 75.372 5.915.406 1.541.879 1.173.582

APR. 6 1918.]

THE CHRONICLE

1481

In order that comparison maybe made with other years, on a big scale with the coal and rail and water freight situation greatly improved. New England mills are doing so
we give below the totals at leading ports for six seasons:
well that their shares are steadily rising. Finally nothing
1915. 1914. 1913. further has been said about price fixing. Another conference
Receipts al- I 1918. 1917. 1916.
will
Galveston _ _ _ 13,187 34,045 30,879 70,759 30,494 34,496 cialsshortly be held at Washington between Government offi1,647
400 6,190
2,062
and cotton manufacturers but for a time there was an
1,165
178
TexasCity,&c
Now Orleans_ 29,932 16,477 17,960 39,487 22,820 20,306 idea that an arrangement will be reached which will not seri3,128 5,831
7,323 ously, if at all, distrub the normal course of the cotton trade.
824 3,419
4,013
Mobile
Savannah __ _ 15,127 4,033 11,350 23,088 22,209 14,071
3,000
7,000
1,000
2,100 Meantime with American prices 33 to 36 cents or more LiverBrunswick _
1,543
1,933
3,858
2,711
1,939
1,008
Charleston,&c
4,770
2,309
969
3,026 pool price is nearly 52 cents per pound in American money.
1,975
4,544
Wilmington_ _
11,537
13,186
8,407
8,198 On the other hand, Texas has had beneficial rains over three3,898
6,868
Norfolk
1,149
5,762
96
278
6,287
,&c.
N'port N.
1,658
6,925
634 quarters of the State. And this means, of course, a distinct
2,698 11 7,284
1,434
All others_ _ _ _
improvement in the outlook there. East of the Mississippi,
93,455 177,149 101,022
75,372
74,681
95,205 moreover, the prospects seem favorable. Field work in not
Total this wk.
Since Aug. 1._ 4,970,464 5,915,466 5,892,898 9,214,934 9,710,855 9,039,025 a few sections is understood to be much further advanced than
usual at this time of the year. Exports, whatever they may
The exports for the week ending this evening reach a total be in the future, are just now to all appearances light.
were to Great Britain, Ocean freights continuescarce and very high. And as reof 15,848 bales, of which
to France and 15,848 to other destinations. Ex- gards the acreage, many believe that it will be increased.
ports for the week and since Aug. 1 1917 are as follows:
They think it stands to reason that Southern farmers will
Aug. 1 1917 to Apra 5 1915. find it hard to resist the temptation of existing high prices.
Week ending April 5 1918. From
And more than one member of the trade believes that if cotExporter toExportertoton continues to rise the Government may find some meansof
Exports
•
Great
Great
from- Britain. France. Other. Total. Britain. France. Other. Total.- putting a check on it, indirectly if not directly. Also, the
into-sight figures in recent weeks have been larger than in
50,780 158,229 653,884 the corresponding weeks last year. and the spinners' takings
Galveston-------------------444,875
----8,102
____
____
8,102
-----------____
Port Arthur
than then.
The bearish week-end figures
,
2,507
2,507 smaller
__
Laredo, Atc_
35,700 508,713 for
NewOrleans
--------1,500 1,500 344,468 128,545
several weeks have attracted some attention,
64,624
65,624
____
1,000
Mobile_ _ _ _
may be put upon them by
30,987
30,987 whatever construction
Pensacola_
163,808 110,661 121,995 396,464 believers in higher prices.
_ __
____
Savannah__
And speculation is down
96,514
.__
96,514
Brunswick
-----------------7,174
35,989
68,069 to a minimum. Curiously enough too the New York stock
24,906
Wilmington
___
6,492
21,000
2,003
83,495 in licensed warehouses is steadily rising, despite talk to the
___
____
Norfolk_ _
_ 400,574
93,913 181,273 675,760
____
__
New York_
supply of warehouse room here is very small.
Boston105,606 23,164
2,607 131,377 effect that the
76,340
1,367
----- -2,652
80,359 Somehow or other it is being found. At times of late,
_--Baltimore__
----------------26,984
27,457 moreover, Liverpool has been selling here and so. have some
473
____
Philadelphia
1,600
---1,600
-- -_ - -Porti'd, Me
_
1,623
1,623 of the trade interests, probably in closing out hedges as they
Detroit_ _
_____
--------14,348,.
14-ii8
425,847 425,847 secured the actual cotton. The South has also sold to some
Pacific ports
15,848 15.848 1,833,771 465,419 959,192 3,258,382 extent. Many have felt, too, that a reaction was due here
Total_ _
_
after the recent big advance, especially as the technical
Tot. '16-'17 45,158 16,844 43,091 105,093 2,211,790 718,812 1,506,0774,436,679
Tot. '15-'1(1 67.466 20.289 36,092 123,8471,994,257 633.858 1.499.5814.127.696 position has become more or less impaired by the wholesale
liquidation of short contracts. This need not be wondered
In addition to above exports, our telegrams to-night also at. Bears have certainly had severe punishment at various
give us the following amounts of cotton on shipboard, not times thus far this year. Finally some are holding aloof
cleared, at the ports named. We add similar figures for awaiting further further developments in regard to the war
in Europe. To-day prices declined about 70 points, owing
New York.
to reports from Washington that the Price-Fixing Committee
On Shipboard, Not Cleared for
of the War Industries Board may take action on the 10th
This
on cotton
the fixing
Get- Other
Great France. many. Contl. CoastLeaving inst. looking toaffect raw of prices especially goods. Comif the
cotton,
wise. Total. Stock. may possibly
Apr.5 at
- Britain.
mittee should restrict the profits of
7,000 - - -Galveston _ -- - ,600 2,000____ 15,562 13,500 36,062 299,921 were good rains in Texas and the war the mills. Also there
news at first was con2,000 1,000 15,000
New Orleans*_ 10____ 14,000 - --- - -- - 2,000 16,000 433,811 sidered rather less favorable, though it improved later.
268,604
Savannah --_ 47,533 The technical position was weaker. On the decline LiverCharleston_ ___
7
"r 80 ------------2,467 3,217 13,607
Mobile
400 400 89,261 pool and American trade interests were buyers. All eyes
Norfolk
3:560
1,1,000
New York *.._ - 6,000 4,000 ____ 2,000 ____ 11,000 135,018 are now on Washington and the price-fixing question.
____
1,000 _
6,000
161,445
Other ports
Prices for the week show a substantial advance. Middling
20,562
Total 1918_ - 22,750 30,000 ____ 32,983 19,367 92,6791,449,200 upland closed at 35.35c., an advance of 110 points for the
9,364 ____
28,204
9,679 80,230 1,093,352
Total 1917-- 20.543 22,560
100 70,598 18.447 132.248 1.206 411 week.
Total 1916-The official quotation for middling upland cotton in the
*Estimated.
New York market each day for the past week has been:
Speculation in cotton for future delivery has still been on
March 30 to April 5Sat. Mon. Tues. Wed. Thurs. Fri.
a restricted scale, but there is a continued trade demand Middling uplands
H. 34.95 35.00 35.30 36.00 35.35
and prices reached a new high level for the last fifty years.
White cotton at the South continues scarce and the demand
NEW YORK QUOTATIONS FOR 32 YEARS.
for it is pressing. Even the lower grades are now said to be
The quotations for middling upland at New York on
selling, in some sections, more freely. Strict middling,
1-inch staple, is said to have sold at the South at as high as Apr. 5 for each of the past 32 years have been as follows:
9.19 1894_c
7.75
35.35 1910_c
35.35 1902_c
363/2 cents Liverpool and also American trade interests have 1918_c
8.44 1893
8.38
20.55 1909
10.10 1901
1917
bought with little interruption. Old crop months have been 1916
6.69
12.00 1908
10.50 1900
9.75 1892
especially firm. At times, too, contracts have been scarce. 1915
9.00
9.90 1907
11.00 1899
6.19 1891
11.44
6.19 1890
11.70 1898
1914
13.50 1906
And that has been a recurrent feature for a year or more. 1913
8.15 1897
7.44 1889
10.25
12.60 1905
Spinners have been calling cotton, they have big contracts 1912
9.81
14.00 1896
7.88 1888
11.00 1904
6.38 1887
10.62
10.25 1895
14.50 1903
with the Government. New York is well below the spot 1911
parity of Southern prices.. Though stocks at the ports and
FUTURES.
-The highest, lowest and closing prices at
interior towns are larger than those of last year by considerable, it is insisted that the disparity is more apparent than New York for the past week have been as follows:
real. Much of the cotton is said, in other words, to be
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
already sold to European and American trade interests, and
Mar. 30. April 1. April 2. April 3. April 4. April 5. Week.
only awaits ocean tonnage and rail transportation to move
out to its ultimate destination. At the South, too, there April
Range
is still much talk of the food crop propaganda; also of the
Closing_ _ _ _
33.71 -33.65-.68 33.96-.01 34.64 -33.95 -- scarcity of labor and of fertilizers. Texas has had rain, but May
32.80-.65 33.35-.71 33.40-.85 33.95-.50 33.80-47 32.80-150
Range
it is said needs more. American consumption continues
Closing_ _ _ _
33.46-.48 33.50-.52 33.81-.84 34.49-.50 33.80-.86--on a large scale. It is, of course, likely to be larger if the June
Range
army is greatly increased, and there is said to be some prosClosing_ _ _ _
33.08 -33.12 -33.40 -34.08 -33.39 -- pect of its being increased-to 3,000,000 men. Some military July.
32.23-.94 32.62-.99 32.63-.15 33.28-.80 33.05-.75 32.23-180
Range
authorities recently suggested that it should be - increased
Closing_ _ _ _
32.78-82 32.32-.84 33.10-.15 33.78-.80 33.09-.15--from 4,000,000 to 5,000,000 men. And possibly this may August
32.07 - -32.45 -33.40-.50 33.16-.36 32.07-150
Range
yet have to be done. Naturally, that depends upon the
32.50 -32.54 -32.82 -33.48 -32.70 -- Closing_
course of events across the water. The feeling in regard September ....32.46-.93- -31.38-J93
HOLT- 32.38
Range
to the war was more cheerful, when the German drive on the
Closing_
It is believed, too, that October _ _ _ DAY. 31.80 -31.78 -32.14 -32.90 -- 32.22 ---Western front slackened.
31.04-.56 31.25-.62 31.35-.88 31.93-.48 31.73-.38 31.04-148
Range
Great Britain will import more freely in both April and
31.50-.51 31.48-.50 31.84-.88 32.45-.48 31.S2-.85--Closing_ _ _ _
May of American cotton. Its stocks, which are very November
30.98
30.98 Range
small, show but little tendency to increase.
And as
31.35 -31.33 -31.69 -32.30 -- 31.65 ---- -Closing_
many look for a prolonging of the war for sonic years, December _ .. _
it is argued, in some quarters, that England will
30.85-.29 31.06-.35 31.20-.56 31.71-.16 31.48-05 30.85-J16
Range
Closing_
31.26-.28 31.22-.25 31.55-.56 32.15-A6 31.50-.54- have to speed up its importations of American cotton, January _ _
especially as Manchaster trade is active. And Lancashire
30.78-.17 30.96-.11 31.05-2531.55-00 31.40-.Y0 30.78-j00
Range
al 16- 17 51 An- 19 51 49 -59 09.06 al 40.. 45--mills are so busy that it seems that they have had to refuse
some business with France. American mills are operating I 34c. 133c. j32c.




1482

THE CHRONICLE

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
April 5Stock at Liverpool
Stock at London
Stock at Manchester

1918.
bales_ 467,000
21,000
55,000

Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks

543,000
135,000
1,000
20,000
4,000
160,000

1917.
690,000
24,000
55,000

1916.
1915.
859,000 1,518,000
23,000
55,000
89,000 125,000

480,000

537,000 1.505,000

Total visible supply
4,697,137 4,814,725 5,610,077 7,484,820
Of the above, totals of American and other descriptions ae as follows
American
Liverpool stock
bales.. 290,000 . 580,000 643,000 1,213,000
Manchester stock
26,000
96,000
65,000
49,000
Continental stock
*139,000 429,000 *448,000*1,336,000
American afloat for Europe
160,000 222,885 320,824 757,962
U. U. ports stocks
1,541,879 1,173,582 1,338,659 1,491,957
U. S. interior stocks
1,270,758 1,061,258 1,060,178 877,272
U. S. exports to-day
1,500
7,629
66,416

Total East India, &c
Total American

3,429,137 3,515,725 3,942,077 5,779,820
177,000
21,000
29,000
*21,000
32,000
80,000
338,000
*570,000

-1917-18Since
Week. Aug. 1.
30,666 833,732
4,998 332.749
176
9,230
68,471
1,125
35,124
361
2,046 175,193
9,641 529,836

-1916-17Since
Week. Aug. 1.
a9,894 a806,177
5,685 216.496
---5,765
957
95,908
305
62,637
3,798 134,791
15,869 712,321

Total gross overland
49,013 1,984,335
Deduct Shipments
Overland to N. Y., Boston, &c...... 2,698 282,972
Between interior towns
3,382
77,986
Inland, &c., from South
23,721 654,666

36,508 2,034,097

Apr. 5.
ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c

4.484 181,277
2,046
99.427
15,151 294,353
769,000 1,003,000 1,666,000
*1,000
*1,000 *34,000
Total to be deducted
29,801 1,015,624
21,681 575,057
*1,000
*1,000 *547,000
339,000 319,000. 259,000 Leaving total
net overland*
19,212 968,711
14,827 1,459,040
13,000
6,000
19,000
*Including movement by rail to Canada. a Revised.
104,000
83,000
41,000
28,000 119,000 601,000
The foregoing shows the week's net overland movement
*1,000
*1,000
*4,000

Total European stocks
703,000 1,249,000 1,540,000 3,171,000
India cotton afloat for Europe__ - 32,000
99,000
65,000 130,000
Amer. cotton afloat for Europe_ 160,000 222,885 320,824 757,962
Egypt,Brazil,&c.,afloat for Euepe 80,000
42,000
32,000
40,000
Stock in Alexandria, Egypt
338,000 147,000 100,000 240,000
Stock in Bombay, India
*570,000 820,000 1,087,000 739,000
Stock in U. S. ports
1,541,879 1,173,582 1,338,659 1,491,957
Stock in U. S. interior towns_ __ _1,270,758 1,061,28581,060,178 877.272
U.S. exports to-day
1,500
66,416
7,629

Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India

[VOL. 106.

110,000 216,000 305,000
24,000
23,000
55,000
29,000
24,000
6,000
*51.000 *89,000 *169,000
65,000 130,000
99,000
40,000
42,000
32,000
147,000 100,00Q 240,000
820,000 1,087,000 739,000

has been 19,212 bales, against 14,827 bales for the week last
year, and that for the season to date the aggregate not overland exhibits a decrease from a year ago of 490,329 bales.

-1917-18-- -1916-17
In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to April 5
74,681 4,970,464 75,372 5,915,466
Net overland to April 5
19,212
968,711
14.827 1,459,040
Southern consumption to April 5a 85,000 2,903,000
90,000 2,876,000
Total marketed
178.893 8,842,175 180,199 10.250,506
Interior stocks in excess
*12.838
916,266
*3,543
707,524
Came into sight during week_ _166,055176,656
Total in sight April 5
§7--758,
10,958,030
North. spinn's' takings to April 5 38,279 1.577,110 29,638 2,335,602
*Decrease during week. a These figures are consumption; takings not
available.

Movement into sight in previous years:
Week-April 7
1916
-April 9
1915
1914
-April 10

Since April 1Bales.
180,982 1915-16-April 7.
230,118 1914-15-April 9
126,497 1913-14-April 10

QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
Week ending
Apr.5.

1.268,000 1,299,000 1,668,000 1,675,000
3,429,137 3,515,725 3,942,077 5,779,820

Closing Quotations for Middling Cotton on
Saturday, Monday. Tuesday. Wed'day. Thursd'y.; Friday.

Galveston
34.00
New Orleans.._ _
33.63
Total visible supply
4,697,137 4,814.725 5,610,077 7,454,820 Mobile..
33.50
Middling Upland, Liverpool
5.52d. Savannah
7.62d.
12.69d.
24.95d
33X
Middling Upland, New York.._ _ 35.35c.
9.80c. Charleston
12.00c.
20.55c.
33
Egypt, Good Brown, Liverpool_ _ 32.81d. 25.50d. 10.91d.
8.50d. Wilmington_ __ _
33
Peruvian, Rough Good, Liverpool 39.00d. 18.75d. 13.00d.
9.25d. Norfolk
HOLI- 33.50
Broach, Fine, Liverpool
5.15d. Baltimore
7.40d.
12.20d.
22.90d
DAY. 33.50
Tinnevelly, Good, Liverpool
5.26d. Philadelphia __ _
23.15d. 12.38d.
7'52d.
35.20
Augusta
34.13
* Estimated.
Memphis
33.75
Dallas
33.65
Continental imports for past week have been 19,000 bales. Houston
34.00
The above figures for 1918 show a decrease from last week Little Rock_ _ _ _
33.75

of 5,377 bales, a loss of 117,588 bales from 1917, a decline of
912,940 bales from 1916 and a falling off of 2,757,683 bales
from 1915.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipmentsfor
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below.
Movement to April 5 1918.
Towns.

Ala., Eufaula.._
Montgomery.
Selma
Ark., Helena_
Little Rock....
Pine Bluff.....
Ga., Albany.._..
Athens
Atlanta
Augusta
Columbus
Macon
Rome
La., Shreveport
Miss.,Columbus
Clarksdale.Greenwood_
Meridian
Natchez
-.....
Vicksburg..
Yazoo City....
Mo., St. Louis.
N.C.,Gr'neboro
Raleigh
0., Cincinnati_
Okla., Ardmore
Chickasha -Hugo
Oklahoma
S.C.,Greenville
Greenwood
Tenn.,Mem phis
Nashville
Tex., Abilene
Brenham
Clarksville_ _ _
Dallas
Honey Grove..
Houston
Paris
San Antonio-

Movement to April 6 1917.

Ship- Stocks
Receipts.
Ship- Stocks
ments. Apr.
menis. Apr.
6.
Week. Season. Week.
5.
Week. Season. Week.
Receipts.

32
4,301
180 47,764
53 33,864
138 39,879
3,937 215,513
1,000 133,452
15 12,294
863 117,148
5,834 302,826
3,635 417,574
150 34,989
2,334 155,106
522 52,527
906 192,095
9,844
20
400 103,294
1,766 123,121
753 33,190
43 50,944
573 29,175
160 37,808
31,700 842,445
400 47,552
9.852
385
1,427 106,046
13,750
____
500 56,236
43 33,353
857 42,136
4,767 110,678
13,266
__-39,822 1,096,359
-35
1,701
26,990
____
74 20,934
40 52,568
1,000 123,705
302 60,133
10,2151,808,007
368 102,376
29,616
____

9,474
____ 2,831
_ _239 41,473
1,359 8,054
53 20,893
831
213
857 70,258
227 14,004
9,842 53,603 1,617 214,865
1,515 59,200
939 144,778
15 19,069
50 1,800
2,266 31,751 2,200 97,416
9,116 50,027 5,511 275,612
8,595136,033 3,719 347,776
____ 7,922
574 60,326
2,201 22,969 3,294 150,230
636 54,190
1,251 11,792
755 33,987 1,265 142,155
48 1,292
72
5,494
50 55,352
900 34,636
1,159 40,302
527 106,954
93 19,985
804 10,401
-__ 7,257
230 33,605
76 15,801
849 7,833
186 15,418 --- 19,010
30,666 18,066 11,336 831,438
400 9,500 2,322 66,043
134 10,466
331
400
3,4C)0 24,240 1,054 164,896
124 51.731
512 7,000
881 76,734
152 5,692 2,811 27,863
459 36,825
1,273 4,257
3,237 24,670 3,372 120,638
440 5,900 ....... 16,432
28,971 372,405 14,747 1,139,153
132 1,156
458
1,910
234 58,054
678
____
60
14 23,749
806
641 42,039
4 5,317
1,862 15,000 2,200 112,421
233 7,394
202 39,420
14,620 201,366 27.9912,331,095
430' 14,987 3,089 127,492
........
30
115 43,307

13 9,193
375 29,829
322 6,711
1,856 20,562
2,436 33,855
94 44,088
•
98 1,857
2,000 25,144
4,259 72,354
5,114 99,570
2,443 16,131
2,884 15,353
660 7,350
1,710 15,156
17 1,245
151 17,400
4 24,093
5,5 5,498
987 9,752
385 4,023
409 5,591
9,894 37,388
1,780 6,942
225
157
1,503 21,656
250 2,250
894 3,460
827 3,984
246 1,075
2,936 27,526
...... 6,417
21,533338,787
490
12
473 1,561
30 2,238
402 2,039
1,247 7,000
34
968
28,311125,354
..--- 5,389
97 2,3()0

'Mtn! 41 tnarnia 118.240 R 748 ROA 128.04712707m 94.151 7.228.422 07.8941081289
Last year's figures are for Greenville.

OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:




Bales.
10.245,978
13:184,929
13,460.310

34.00
34.00
34.00
33!
,
33
33
33. 5
34.00
35.25
34.63
34.00
33.65
34.00
33.75

34.25
34.25
34.00
34
331
333
33. 8
34.00
35.55
3-0.75
34.25
33.95
34.20
33.75

34.75
34.25
35.00
34%
34
34
34.50
34.25
36.25
35.25
34.25
34.45
34.75
34.25

34.25
34.50
35.00
34%
34
34
34.63
34.75
35.60
35.25
34.25
33.90
34.10
34.25

NEW ORLEANS CONTRACT MARKET.
Saturday, Monday,' Tuesday, Wed'day, Thursd'y, Friday.
Mar. 30. April 1. April 2. April 3. April 4. April 5.
April
May
June
July
August
October
December
January
Tone
Spot
Options

32.08-.11 32.06-.09 32.28-.50 33.15 -32.45 32.08-.11 32.1.1-.12 32.33-.37 33.20-.22 32.50-.62
32.08-.11 32.11-.13 32.33-.35 33.20-.22 32.50-.62
3..50-.51 31.55-.56 31.76-.79 32.58-.59 31.71-.80
HOLI- 31.20-.25 31.40-.42 31.61-.64 32.43-.45 31.59-.62
DAY. 30.30-.34 30.38-.40 30.57-.60 31.34-.38 31.50-.70
30.03-.05 30.11 -30.28-.30 31.04-.1630.25-.30
29.92-.94 30.00-.05 30.13-.15 30.88-.90 30.10-.12
Steady
Steady

Steady
Steady

Steady
Steady

Steady
Steady

Steady
Steady

MARKET AND SALES AT NEW YORK.
Spot Market
Closed.

Futures.
Market
Closed.

Saturday..__
HOLIDAY
Monday _ _ _ Steady 70 pts adv.- Firm
Tuesday _ _ _ Quiet 5 pts adv
Barely steady
Wednesday.. Quiet 30 pts adv_ _ -- Strong
Thursday _ _ Steady 70 pts adv - _ Firm
Friday
Quiet 65 pts dec
Barely steady
Total

SALES.
Spot. Contract Total.
400

400

400

400

WEATHER REPORTS BY TELEGRAPH.-Telegraphio
reports to us this evening from the South indicate the precipitation has been moderate to light on the whole where
rain has fallen during the week, but beneficial as a rule.
Light to heavy rains are reported from Northeastern and
Central Texas.
Galveston, Tex.
-Light to heavy rains have occurred in
Northeastern and Central Texas and in different localities
in other sections. We have had rain on two days during
the week, the precipitation being fifty-six hundredths of
an inch. Minimum thermometer 66, maximum 78, mean 72.
Abilene, Tex.
-Rain has fallen on one day :luring the week,
the rainfal reaching four hundredths of an inch. The thermometer has averaged 68, the highest being 92 and the
lowest 44.
Brenham Tex.-There has been rain on one day during
the
the week,' precipitation going twenty-eight hundredths of
an inch. The thermometer has averaged 80, ranging from
62 to 88.
Brownsville, Tex.
-There has been no rain during the week.
The thermometer has ranged from 64 to 94, averaging 79.
Cuero, Tex.
-Dry all week. Minimum thermometer
66, highest 94, mean 80.
Dallas, Tex.
-We have had good rain on one day during
the week, the rainfall being one inch and ninety-eight

APR. 6 1918.1

THE CHRONICLE

hundredths. The thermometer has ranged from 54 to 94,
averaging 74.
-There has been rain on one day during
Huntsville, Tex.
the week, to the extent of thirty-two hundredths of an inch.
The thermometer has ranged from 58 to 88, averaging 73.
Kerrville, Tex.
-It has rained on one day during the week,
the precipitation reaching sixteen hundredths of an inch.
Minimum thermometer 54, maximum 96, mean 75.
-We have had rain on one day during the
Lampasas, Tex.
week, the rainfall being eighteen hundredths of an inch.
The thermometer has ranged from 46 to 98, averaging 73.
-There has been rain on one day during
Nacogdoches, Tex.
the week, the rainfall being fourteen hundredths of an inch.
The thermometer has rangtld from 58 to 86, averaging 72.
-Rain has fallen on two days of the week,
Palestine, Tex.
to the extent of eighty-four hundredths of an inch. Minimum
thermometer 58, highest 90, average 74.
-There has been good rain on one day during
Paris, Tex.
the week, to the extent of one inch and twenty hundredths.
The thermometer has ranged from 50 to 90, averaging 70.
-Dry all the week. Average thermoSan Antonio, Tex.
meter 81, highest 100, lowest 62.
Taylor, Tex.
-Rain has fallen on two days during the week,
the rainfall reaching thirty-four hundredths of an inch.
Minimum thermometer 56.
-There has been rain on three days
New Orleans, La.
during the week, the precipitation being ninety-nine hundredths of an inch. The thermometer has averaged 73.
-We have had rain on three days during
Shreveport, La.
the week, the rainfall being one inch and twenty-five hundredths. The thermometer has ranged from 53 to 88.
-It has rained on one day during the week,
Vicksburg, Miss.
the precipitation reaching eleven hundredths of an inch.
Minimum thermometer 53, maximum 85, mean 67.
-With good rains planting is progressing
Mobile, Ala.
rapidly. Rain has fallen on five days during the week, the
rainfall reaching one inch and eighty-six hundredths. The
thermometer has ranged from 54 to 83, averaging 68.
Selma, Ala.
-It has rained on three days during the week,
the precipitation reaching thirty hundredths of an inch.
Minimum thermometer 49, maximum 86, mean 65.5.
Savannah, Ga.-There has been rain on three days during
the week, the rainfall being eighty-six hundredths of an inch.
The thermometer has averaged 66, the highest being 88 and
the lowest 48.
-It has rained on two days during the
Charleston, S. C.
week, the precipitation reaching thirteen hundredths of an
inch. The thermometer has averaged 69, ranging from 47
to 80.
-We have had rain on one day of the week,
Charlotte, N. C.
the precipitation being thirteen hundredths of an inch.
Minimum thermometer 40, maximum 83, mean 62.
-We have had rain on two days during
Memphis, Tenn.
the past week, to the extent of twenty-one hundredths of
an inch. Average thermometer 65, highest 87 and lowest 51.
March rainfall seventy hundredths of an inch; smallest for
the month on record.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
Visible supply March 29
VLsible supply Aug. 1
American in sight to April 5
Bombay receipts to April
Other India ship'ts to April 4
Alexandria receipts to April 3
Other supply to April 3*

1917.
Week. •

Season.

4,702,514

1916.
Week.

Season.

4,831,039

1483

engaged, and therefore, indifferent. We give prices for
to-day below and leave those for previous weeks of this
and last year for comparison:
1918.
32s Cop
Twist,
Feb. d.
15 3831
22 3831
Mar
1 3931
8 40
15 41
22 4134
29 4134
Apr.
5 4231

1917.

831 lbs. Shirt- Corn
ings Common Mid.
to finest.
Up's.

32s Cop
Twist,

831 Wt. Shirt- Corn
ings, Common Mid.
to finest.
UP's.

d. s. d.
s. d d. d.
d. s. d.
s. d. d.
0 4031 18 4341025 9 23.01 1534 0 1634 9 134011 9 10.86
0 4031 18 434025 9 23.15 1534 0 1634 9 0 011 734 11.33
@ 4031 18 434(0269 23.81 1534 0 16319 134©11 93411.48
0 4031 18 434026 9 23.59 1534 ® 1634 9 434012 0 11.94
0 43 18 434026 9 23.63 1534 0 17 9 5 012 134 12.08
0 4434 18 434026 9 24.10 16
0 1734 9 5 012 134 12.47
0 4431 18 4%026 9 24.32 1634 0 18 9 4 012 434 12.77
0 4531 19 1034(028134 24.95 1634 0 18

9 4 012 434 12.69

LIVERPOOL.
-Sales, stocks, &c., for past week:
Mar. 15. Mar. 22. Mar. 29.
18,000
30,000
14,000

Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American

April 5.
20,000

9,000

11,000

7,000

10,000

58,000
474,000
293,000
70,000
44,000
207,000
121.000

63.000
460,000
281,000
45,000
29,000
192,000
92,000

33.000
458,000
284,000
40,000
36.000
131,000
60.000

60.000
467,000
290,000
64,000
46,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
S&L

Saturday.

Mondy.

Tuesday. Wednesday. Thursday.

Friday.

Moderate
demand,

Moderate
demand.

Market, f
12:15 {
P. M. (
Mid.Upi'ds
Good Mid.
Uplands

Moderate
demand.
24.63

24.95

25.08

25.16

25.48

5,000

Sales

24.56

5,000

5,000

HOLIDAY HOLIDAY HOLIDAY

Futures.
Market f
opened I

f

Market, j
4
P.M. 1
I

''

Steady
Quiet
Steady
28.031 pts. 10013 pts. 25030 pts.
advance, advance. advance.
Quiet
Steady
Steady
33043 pts. 34041 pts. 11®14 pts.
adv. on
adv. on
adv. on
new,
new,
new,
17 pts.
12 pts.
24 pts.
on old.
on old.
on old,

The prices of futures at Liverpool for each day follow:
Mar. 29
Sat.
Tues.
Wed.
Mon.
Thurs.
Fri.
to
Apr. 5. 1234 1234 1231 4 1231 4 1231 4 1231 4 1231 4
P.m.P.m.P.m.P.m P.m.Pam P. rn. P.m.P.m. P.m.P.m. p.m.
New Contet d. d. d. d. d. d.
d. d.
d. d. d. d.
April
24 75 87 09 21 41 32
May
24 55 59 80 00 23 14
June
24 41 45 66 85 08 08
July
24 28 32 52 70 93 82
August _-24 08 12 32 50 73 62
Old Contract Holiday Holiday Holiday
April
23 41 41 48 58 80 70
Apr.
-May..
23 33 33 40 50 72 62
May-June_
23 25 25 32 42 64 54
June-Jul 23 17 17 24 34 56 46

BREADSTUFFS

Friday Night, April 3 1918.
Flour has been quiet. Consumers are being supplied by
current receipts, however, and substitutes are now dull and
somewhat weaker in price. Daily receipts on old orders
supply the local trade. Predictions of a famine current
4,940,569 14,684,217 5,107,695 16,930,281 some time back have not been and will not, it seems, be
Total supply
Deduct
4,697,137 4,697.137 4,814,725 4,814,725 verified. Very little new business, however, is being done.
Visible supply April 5
243,432 9,987,080 292,970 12,115,556 Mills are offering very sparingly. Many of them have sold
Total takings to April 5_a
183,432 7,849.080 224,970 9,530,558 their entire allotment. Where they have not done so the
Of which American
60.000 2,138,000
Of which other
68,000 2,585,000 Government has taken alarge proportion of their production.
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
It looks as though considerable flour is still to come forward,
a This total includes the estimated consumption by Southern mills, judging from the fact that some of the recent receipts were
2,903,000 bales in 1917-18 and 2,876,000 bales in 1916
-17-takings not
being available-and the aggregate amounts taken by Northern and shipped from mills as far back as November and December.
foreign spinners, 7,084.080 bales in 1917-18 and 4,946,080 bales in 1916-17, In other words, a good deal of flour blockaded on the roads
of which 4,946,080 bales and 6,649.556 bales American. b Estimated.
by the worst winter in eighty years is still coming in. Also
ALEXANDRIA RECEIPTS AND SHIPMENTS.
if the movement of wheat crop is stimulated by Government
action against wheat hoarders it is at least conceivable
1917-18.
Alexandria, Egypt,
1916-17,
1915-16.
March 13.
that mills will be able to get more wheat and speed up production. Substitutes are slow of sale, but if the percentage
Receipts (cantars)90,627
This week
81,279
68,217
of admixture with wheat flour is to be increased as some are
Slime Aug 1
4.929.729
4.577.4m
A ZAK 990
prophesying it will naturally mean a larger business in
_
substitutes than has been the case heretofore. In Liverpool
Since I
Since
Since
1. I Week. Aug. 1. Week. Aug. 1. local mills are active with supplies fair. Foreign arrivals
Week. Aug.Exports
(bales)there are good. Export offerings are better, but holders
To Liverpool
6,255 139,826 1 ---- 155,783 3,302 177,727
To Manchester
4,152 153,9951 _-__ 109,836 2,720 117,380 remain firm.
54,008 1 822 97,927 3,597 130,996
To Continent and India_
Wheat has continued firm, owing to scarcity. There
22,543 ' -105,215 5,415 173,033
To America
1
seems little or no prospect that trading in wheat futures will
10,407 370,372
822 468.761 15.034 599.130 be resumed, though there has been some gossip to the effect
Total exports
that it might be. The winter wheat crop is looking well and
BOMBAY COTTON MOVEMENT.
may turn out to be 200,000,000 bushels larger than last
1917-18.
1916-17.
year. The American and Canadian spring wheat are, more1915-16.
January 24.
over, beginning well. But the need of wheat is so great
Since
Since
Receipts at
Since
Week. Aug. 1. Week. Aug. 1, 1Veek. Aug. 1. the world over, especially in Europe, that to many it
seems improbable that the Government will permit a return
Bombay
46,000 1,080,000 78,000 1,576,000 102,000'2,i62,000
to trading in futures. Wheat has just been removed from
-Our report by cable from the menus of several hundred of this country's leading hotels
MANCHESTER MARKET.
Manchester states that the market is quiet, the advance in response to a request from the Food Administration
serving to check business. Producers, however, are fully at Washington that 'every well-to-do person in the United




2,814,776
166,055 9,758,441
b55,000 1,210,000
b2,000
64,000
b8,000
697,000
b7,000
140,000

3,198.251
176,656 10,958,030
80,000 1,815,000
7,000
188,000
8,000
633,000
5,000
138,000

1484

THE CHRONICLE

States" should pledge complete abstinence from.wheat until
the next harvest. This is with the aim of supplying the imperative needs of the Allies. Meanwhile it looks as though the
spring wheat acreage in both the United States and Canada
will be greatly increased. In France the condition of the crop
is said to be favorable. It looks as though the French crop
would be larger than that of last year in spite of the shortage
of fertilizers. The seeding of spring wheat is now progressing
rapidly in France and the sowing will greatly exceed that of
ast spring. In Italy crop prospects continue good. In
Spain the weather conditions are more seasonable and the
farming outlook is better, with ample moisture. Supplies in.
Spain are coming forward more freely. In the United Kingdom the weather has been mild. Good progress has therefore been made in plowing and sowing. Winter wheat still
looks well. In North Africa the outlook is very favorable.
The acreage in Egypt is 35% larger than that of last year.
In Argentina the weather has been unsettled, but the movement to the ports continues large. Loadings, it is true, are
somewhat slower there; visible stocks, too, are steadily increasing and now amount to nearly 10,000,000 bushels. In
Russia the outlook is uncertain, as the advices are conflicting regarding the result of new seedings. In
the main, however, prospects do not look favorable in Russia. From present appearances there is no
likelihood of the United States Government advancing the
price of wheat; the needs of the Allies are too great. It
would look too much like profiteering. Moreover, the Food
Administration at Washington is after wheat hoarders. It
is said that it has discovered considerable wheat on farms
which has been held for some time past. If the owners
refuse to sell, it will be seized. Every enlightened member
of the grain trade hopes the Government will succeed in
bringing about a freer movement of wheat in this country.
The world's shipments of wheat last week were 4,203,000
bushels. On the Pacific Coast the crop outlook is favorable
and car shortage is gradually being relieved. Mill operations there continue active. The Chicago "Tribune" says
a wheat crop close to the billion-bushel mark is within
the range of possibilities this year. The recent rains
in the Southwest have removed the only real cause for
alarm that had existed. The available supply in North
America decreased last week 6,279,000 bushels, as
against a decrease in the same week last year of
2,137,000 bush. This makes the total American supply
available 32,389,000 bush., against 130,815,000 a year ago
and 154,306,000 for this time in 1916. Snow's report gives
the wheat condition as 79.3%, against 63.4 last year and
79.3 last December. Winter killing was the smallest in
many years. There is talk of a possible winter wheat crop
in this country of 672,000,000 bush., against 418,000,000
last year. Australian advices state that good rains have
fallen, which will put the land in good condition for plowing.
It is officially reported that there are at present 165,000,000
bush. of wheat held there. Storage accommodation sufficient for one-third of the average normal Australian harvest
has been recommended; this is to be in the form of silos of
reinforced concrete having a capacity of 50,000 bush. each.
Plans are being devised to eliminate the weevil. Mills
continue active manufacturing flour for the Imperial Government. Flour is being stored awaiting shipment and is
clearing in moderate quantities for Europe.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_226
226
226 226 226
226
229 229 229 229 229
229

No.2 red
No. 1 spring

Indian corn declined with less demand and falling cash
markets. On the 1st inst. cash prices at Chicago dropped
10 to 15 cents on good grades, while poor sample grades were
even weaker, falling 20 to 25 cents. Sales were made at
as low as 30 cents per bushel, while industries bid 90 cents
for the highest grades. A good deal of poor corn is coming
forward. Even at low prices it sells slowly. Receipts at
terminal points are well above those of last year. • Amendments to the rules of the Chicago Board of Trade are to be
voted on to-morrow, April 6th. They provide for a new
contract grade which shall be No. 4 mixed to contain not
more than 23.5% of moisture. Other grades will be deliverable at fixed differentials, if the new rule goes into effect, as
very probably it will. On April 2 there was an election
holiday in Chicago and the Board of Trade was closed. The
favorable crop outlook for wheat and oat crops has had a
more or less depressing effect on corn. If the new rule is
adopted in regard to No. 4 mixed corn, it is believed that
trading will be larger. July may even become active.
And another result no doubt would be a larger hedging
business. In fact it would be better for all concerned.
No doubt there will be a large corn acreage this year. In
Argentina condition of the corn crop is reported as favorable.
The prospects point to a good harvest; samples show good
quality. Old reserves are light there. The tonnage at
Argentina portg• is slowly increasing. The cash demand
at the West has fallen off noticeably. Shipping business
at Chicago under existing railroad conditions is out of the
question. Besides the visible supply gained very noticeably. To-day prices advanced slightly and they end a shade
higher for the week. There was better buying by houses
with cash connections at Chicago, the receipts there were
light and the sample market advanced 5 to 10 cents with
the quality of the receipts steadily improving. There is
much less poor grain coming in.




[VOL. 106

DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 3 yellow
cts_19734 18754 18634 18254 202% 19754
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_12534 12554 Ho!. 12554 12634 12634

Oats declined, partly in sympathy with corn. Liquidation at times has been heavy. To make matters worse,
the export _demand has fallen off. Export operations may
be brought down to a strictly cash basis. Receipts at the
West have been large. Farmers are plainly anxious to sell.
Everybody believes that the acreage will be enormous and
with reasonably good weather that the crop will be correspondingly large. And it is also believed that the Food Administration will set its face against very high prices. Premiums at Chicago and the Northwest have been reduced.
Over most of the belt the weather has been favorable. Beneficial rains have promoted germination. Field work is well
in advance of that of last spring. The tendency is plainly
towards a weekly increase in the visible supply at least fora
time. To-morrow, April 6, the Chicago Board of Trade will
vote on the question of a proposed new contract grade of No.3
white, with other grades deliverable at fixed differentials.
The rule seems likely to be adopted and it may result in
larger trading. Certainly that is the view of a good many.
On the other hand, the visible supply, after all, is still small,
and it is afact that there has been no considerable accumulation of stocks in spite of liberal receipts. The unavoidable
inference is that consumption - is good.. At times, too,
prices have been firm at Minneapolis. That was noticeably
the case on the 2d inst., when the Chicago market was closed
as usual on Election lay. The immediate future of prices
hinges largely on the attitude of exporters. It would seem
that Europe would have to buy American oats freely,'though
there may be a lull in purchases from time to time during
the present year. Undoubtedly, however, the military
needs are large. Snow's report sap oats seeding was very
early under perfect weather and soil conditions, and acreage
materially increased. The crop is up with a good stand
as far north as southern Illinois and central Missouri.
To-day prices declined. Crop reports were generally favorable. There was a good cash demand, however, and at
one time during the day prices were higher. For the week
they show some decline, however.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Standards
106M-1075i 10554-10634
No. 2 white
1063440754 10554-10654

Tues.

Wed.

Thurs.

Fri.

1043440534

1043440534

10434-10534

10434

1045440554

104%-105%

1043440534

105

DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 85
8334 Hol. 8534 8554 84%

The following are closing quotations:
FLOUR.
Spring
$10 75©$1l 25 Hominy (100-1b. Bead)
$5 15
Winter
10 85
11 15 Yellow granulated
4 5254
Kansas
10 90@ 11 25 Barley goods-Portage barley:
Rye Flour
13 25
No. 1
15 25
925
Corn goods, all sacks 100 lbs. _Nos. 2, 3 and 4
8 90
White
Nos. 2-0 and 3-0
5 05
9 25(4 9 4()
Bolted
No. 4-0
4 50
9 55
Corn flour
Coarse, Nos. 2, 3 and 4- _- 6 55
5 30
Oats goods
-Carload, spot del_ 10 95
GRAIN.
Wheat
Oats
No. 2 red
Standard
$9 26
$1 0454
No. 1 spring
2 29
No. 2 white
1 05
No. 1 Northern
2 28
No. 3 white
1 04
Corn
No. 4 white
1 0354
No. 3 mixed
nom. BerloyNo. 2 yellow
2 20
Feeding
$1 800 1 90
No. 3 yellow
1 9734
Malting
2 000 2 20
No. 4 yellow
1 9054 Rye
Argentine
Western
2 50
2 65

The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-

flour.

Wheat.

Corn.

Oats.

Barley.

Rye.

bbls.1961bs.bush.60 lbs.bush. 56 lbs.bush. 32 lbs.bush.481bs.bush.58lbs.
Chicago
191,000
125,000 2,540,000 2,650,000
442,000
99,000
Minneapolis
804,000
453,000 1,773,000
890,000
236,000
Duluth
24,000
4,000
5,000
64,000
Milwaukee
33,000
37,000
825,000 1,042,000
303,000
67,000
Toledo
18,000
98,000
107,000
73,000
13,000
Detroit
1,000
205,000
5,000
48,000
Cleveland
8,000
3,000
66,000
73,000
3,000
1,000
St. Louis_ __ _
65,000
179,000 1,043,000 1,458,000
46,000
20,000
Peoria
32,000
51,000
836,000
460,000
27,000
10,000
Kansas City_
167,000
992,000
353,000
Omaha
70,000 1,672,000
832,000
Total wk. '18
Same wk. '17
Same wk. '16

330,000
440,000
376,000

1,483,000
6,896,000
6,978,000

8,734,000
4,173,000
4,104,000

8,801,000 1,848,000
5.207,000 1,260,000
3,971,000 2,094,000

446,000
311,000
365,000

Since Aug. 11917-18_ _ _ 11,327,000 144,657,000 167,508,000239,342.00042,482,00020,836,000
1916-17_ _ _ 13,075,000282,847,000 155,076,000202,847,000 70,891,000 18,387,000
loin-in
14 RRA ono417 am non 1 M.455 nnni42.nri7.nnn 2 9F7 nnn In 954 Ann

The exports from the several seaboard ports for the week
ending Mar. 30 are shown in the annexed statement:
Espor Is from
gew York
Baltimore
gewport News
Total week
Week 1917_ __ .. _ _

Wheat.
Bushels.
24,427
32,425

Flour. 1 Oats.
Corn.
Rye. Barley. Peas.
Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
569,003 65,307
66,000

56,852 569,003 131,307
861.935 1.681.279 222.961

175,643 83,648 265,082 17,100
80,000
479,000
654,643 166,348 265,1)82 171,000
290.561
14.470

APR. 6 1918.1'

THE CHRONICLE

The destination of these exports for the week and since
July 1 1917 is as below:

1485

THE DRY GOODS TRADE.

New York, Friday Night, April 5 1918.
Drygoods markets have remained comparatively quiet
Week
Since
during the past week, with difficulties in the way of active
Week
Since
Mar. 30
July 1
Mar. 30 July 1
trading increasing. Mills are endeavoring to reduce their
1918.
1917.
1918.
1917.
outstanding commitments as much as possible and are conBarrels. Barrels.
Bushels.
Bushels.
Bushels. Bushels.
United Kingdom.. 47,086 1,756,116
24,427 23,239,306 569,003 5,997,716 tinually refusing to accept future business. Merchants are
Continent
84,221 2,481,692
32,425 26,145,122
4,249,362 likewise beginning to show less desire to make purchases
So. & Cent. Amer
231,411
20,754
426,256 for deferred delivery. This change in attitude is expecte
West Indies
333,634
d to
7,282
168,841 stabilize
Brit.No.Am.Cols_
conditions and prevent a runaway market. Prices,
5,250
Other countries
66,757
32,190
5,689 however, show no indications of receding from present
Total
131,307 4,874,860 If 56,852 49,444,654 569,003 10,847,864 levels and continue to be firmly maintained. Government
Total 1916-17_ - _ - 222.961 10,543.959
861,935 197b034,592 1,681,279 38,416.51
work continues to monopolize the attention of manufacturers,
and everything possible is being done to speed up both proTotal receipts of flour and grain at the seaboard ports for duction and distribution of goods used in connection with the
the week ended Mar. 30 1918 follow:
war. Mills have taken action to discourage speculation.
Stipulations were recently made in many contracts to prevent
cloths from being resold except as finished goods. New reguReceipts atFlour.
Wheat.
Corn.
Oats.
Barley.
Rye.
lations as to the delivery of goods are also being inserted by
•
Barrels.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
mills as they are desirous of releasing themselves from any reNew York..__
218,000
33,000 1,061,000
186,000
56,000
1,000
Philadelphia _
43,000
106,000
163,000
267,000
30,000
14,000 sponsibility of delay, while many are permitting either buyer
Baltimore ___
68,000
35,000
266,000
332,000
50,000 or seller to cancel orders if the goods are not delivere
N'port News_
66,000
d within
479,000
New Orleans*
61,000
ninety days after date of contract. In fact, the entire situa34,000
43,000
41,000
Montreal _.,..
16,000
184,000
151,000
35,000
1,000 tion appears to be in the hands of mills, as demand, both from
Boston
82,000
1,000
69,000
329,000
2,000
2,000 the Government and
civilian sources, continues far in excess
Total wk. '18
554,000
393,000 1,602,000 1,785,000
123,000
68,000 of the supply. Production is believed to be at the highest
SinceJan.1'18 6,532,000 8,753,000 5,393,000 21,698,000
2,418,0001 ,932,000 obtainable
Week 1917......
under prevailing conditions, and little increase is
468,000 3,347,000 2,087,000 1,561,000
192,000
202,000
SinceJan.1'17 5.020.000 54.697.000 24,168,000 26,927,000
5.754.000 3.198.000 looked for, at least for the time being. A good inquiry is
reported for export account, and as a result of the scarcity of
* Receipts do not include grain passing through New Orleans
for foreign ports
on through bills of lading.
goods and the high prices, exporters are experiencing increased
The world's shipments of wheat and corn for the week favorabldifficulties in securing supplies. Owing to the unfreight
ending Mar. 30 1918 and since July 1 1917 and 1916 are continueelight. situation, shipments from domestic ports
shown in the following:
DOMESTIC COTTON GOODS.
-The reluctance of
mills to accept new orders continues to result in only moderWheat.
Corn.
ate trading in staple cottons. While the yardage of goods
Exports.
1917-18.
a1916-17.
1917-18.
a1916-17.
purchased is comparatively. small the monetary value is far
Week
Since
Since
larger than normal. Goods of all descriptions are very
Week
Since
Since
Mar. 30.
July 1.
July 1.
Mar. 30.
July 1.
July 1.
scarce, and mills are not desirous of booking orders for deBushels.
ferred delivery. The supply and demand situation, as a,
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
North Amer* 4,203,000210,282,000262,668,000
738,000 19,281,000 38,759,000 matter of fact, is becoming
more acute each day. SpecuRussia
6,352,000
lation in fabrics is being curtailed as much as possible by
Danube
Argentina _ _ 1,784,000 22,044,000 54,300,000
296,000 15,975,000 88,781,000 both manufacturers and merchants,
who are anxious to
Australia.
520,000 32,401,000 33,624,000
eliminate all unfavorable features from the market. Mills
India
240,000 12,222,000 25,898,000
0th. countr's
72,000 2,534,000 2,968,000
38,000 2,841,000 4,800,000 making heavy goods are offering practically nothing
as they
are booked to capacity with Government orders. Civilian
Total _
6,819,000279,483,000 385,810,000 1,072,000 38,097,000
132,340,000 needs
for this character of goods are also large, but buyers
* North America.
-The Canadian Government has officially prohibited
the are being compelled to seek whatever
issuance of both manifests and exports until after ten days. This
substitutes available.
is effective
during the continuance of the war. a Revised.
Jobbers have been endeavoring to purchase heavy brown
goods, but very few of such fabrics
The quantity of wheat and corn afloat for Europe on dates Bleached goods are firm, and despite are in the market.
the fact that promentioned was as follows:
duction is being rushed, are difficult to buy. Some small
sales of colored goods have been made recently, and if mills
1Vheat.
Corn.
had larger quantities to offer they would have no trouble in
disposing of them. Cotton dress goods are in active request
United
Mittel
Kingdom. Continent.
Total.
Kingdom. Continent.
as many buyers are taking these to replace woolens. Gray
Total.
goods, 383/2
Bushels.
Bushels.
Bushels.
-inch standard, are quoted at 173 0.
Bushels,
/
Bushels.
Bushels.
Mar.301918 _ Not avail able
News was received from Washington to-day saying that
Mar. 231918_ _ Not avail able
the Price-Fixing Committee of the War Industries Board
Mar.31 1917_ _ Not avail able
April 1 1916_
in order to consider fixing a price for, cotton fabrics has
57,296,000
9,762,00
n called a meeting of the Committee for next Wednesday.
The visible supply of grain, comprising the
It is understood that representatives of the entire cotton
granary at principal points of accumulation at stocks in industry will attend and co-operate with the Government
lake and officials
seaboard ports Mar. 30 1918 was as follows:
. It is further stated that as a result of the large
Government purchases for war needs there exists to-day
GRAIN STOCKS.
what is known as a runaway market or abnormally high
Wheat.
Corn.
Oats.
Rye.
Barley United Statesbush.
bush,
bush,
bush.
bush • values in many cotton fabrics.
New York
48,000
809,000
517,000 121,000 611,000
Boston
5,000
25,000
688,000
6,000
WOOLEN GOODS.
1,000
Philadelphia
-Manufacturers of woolen goods are
14,000
131,000
519,000
4,000
21,000 making every
Baltimore
89,000
386,000
effort to increase production, as there is said
707,000
80,000
10,000
Newport News
600,000
to be a considerable shortage of goods used for war purposes.
New Orleans
334,000 2,562,000
728,000
15,000 1,474,000 As a result of
Galveston..
6,000 1,105,000
the shortage, retail clothiers have been advised
554,000
Buffalo
1,711,000
416,000
533,000
13,000 180,000 by the Commercial Economy Board of the Council of
Toledo
103,000
Nati188,000
120,000
24,000 133,000 onal Defence to conserv
Detroit
140,000
91,000
e material in clothing.. Worsted
178,000
34,000
Chicago
942,000 4,761,000 6,617,000 465,000
818,000 dress goods markets have been quiet due largely • to the
Milwaukee
461,000 1,131,000 1,122,000
72,000 199,000 unwillingness of manufacturers
Duluth
557,000
63,00"
to accept orders. Cutters
40,000
4,000 442,000
Minneapolis
469,000
795,000 1,481,000 206,000 1,178,000 are reported in need of velours for coatings
, but are only
St. Louis
20,000
809,000 1,107,000
7,000
1,000 able to secure small lots. Business in the
Kansas City
284,000 3,228,000 1,624,000
men's wear trade
21,000
Peoria
is slow owing to the small amount of fabrics available, and
10,000
146,000
573,000
9,000
Indianapolis
47,000
686,000
168,000
as machinery to a large extent is being devoted to GovernOmaha
141,000 1,744,000
776,000
13,000
78,000 ment work, supplies
for civilian account are expected to
Total Mar.301918
5,381,000 19,016,000 18,098,000
continue light. Prices remain firm.
Total Mar. 23 1918
6,521,000 16,086,000 17,009,000 1,085,000 5,709,000
1,051,000 5,104,000
Total Mar.311917
39,318,000 11,974,000 34,331,000 1.693,0004
,720,000
FOREIGN DRY GOODS.
Total April 1 1916
57,387,000 27,717,000 17,892,000
-A further slowing down of
-Bonded grain not included above: Oats, 32,000 New 1,844,000 2,840,000 trade has been noted in the market
Note.
for linens. Holders of
York; total, 32,000
bushels, against 3,458,000 in 1917; and barley, 27,000 in
New York, 9,000 Duluth: fabrics are unwilling to sell, while the rapidity
total, 36,000, against 484,000 in 1911.
of the
vance in prices has checked inquiry. It is generally adCanadian
believed throughout the trade that retailers have fair supplies
Montreal
126,000
36,000
257,000
1,000
69,00o on
Ft. William & Port Arthur. 4,134,000
hand, considering the market situation, as they placed
6,262,000
."
afloat
2,692,000
fairly large orders early in the season in anticipation of such
Other Canadian
1,562,000
1,874,000
developments as have materialized. Importers have not
Total Mar.30 1918
8,514,000
36,000 8,393,000
1,000
69,000 entirely abandoned hope of receiving further small shipTotal Mar. 23 1918
10,391,000
40,000 8,172,000
1,000
63,000 ments from abroad, and..are
Total Mar.311917
32,810,000
41,000 18,640,000
said to have recently requested
26,000
86,000
Total April 1 1916
32,885,000
13,000 15,349,000
36,000 107,000 their foreign representatives to forward as soon as possible
Summary
whatever goods they could obtain licenses for from the BritAmerican
5,381,000 19,016,000 18,098,000 1,085,000
5,709,000 ish Government. Prices for substitu
Canadian
8,514,000
tes continue very firm,
36,000 8,393,000
1,000
69,000
- and are becoming equally as difficult to secure as pure linens.
Total Mar.30 1918
13,895,000 19,052,000 26,491,000 1,086,000
Burlap markets remain firm with demand largely for light
Total Mar.231918
16,912,000 16,126,000 25,181,000 1,052,000 5,778.000
5,167,000
Total Mar.31 1917
72,128,000 12,015,000 52,971,000 1,719,000 4,800,000 weights. Light weights are quoted unchanged.
at 19c. and
Total April 1 1916
90,272,000 27,730,000 33,241,000 1,880,000 2,947,000 heavy weights
at 23c.
Flour.
Exports for Week,
and Since
Week
Since
July 110
Mar.30 July 1
1918.
1917.




1Vheat.

Corn.

[voL. 106.

THE CHRONICLE

1486

OMIT AIM COTT DErnmwErtr,

The Throuirte.
PUBLISHED WEEKLY.

- Terms of Subscription—Payable in Advance
$1000

parison of all various forms of obligations sold in March
during the last five years:
1914.
1915.
1916.
1917.
1918.
$
15
$
$
43,346,491
Perm't loans(U.S.)..23,857,705 34,878,852 32,779,315 67,939,805 69,853,908
6,552 46,530,144 50,810,159 26,218,039
*Temp'y loans (U.5.).39,77
300,000
300,000
Gen.fd. bds.(Balto.)
None
None
None
915,000
None
Bonds U. S. posses's_
x77,763,593 35,830,426 24,509,078
Can'd'anl'ns(perm.). 4,027,780t152,344,834
07,662,037 234,668,830 161,353,067 130,294,270 138,009,477
Total

For One Year
6 00
For Six Months
* Includes temporary securities issued by New York City in March, $29,451,000
13 00
and $59,European Subscription (including postage)
in 1918, $33,500,000 in 1917, $37,015,566 in 1916, $14,957,884 in 1915
7 50
on six months (including postage)
•European Subscripti
£2 14s. 013,765 in 1914.
Annual Subscription in London (including postage)
Includes $150,000,000 Dominion Government loan.
21 us.
t
for in U. S.
Six Months Subscription in London (including postage)
$11 50
x Including $75,000,000 Dominion Government loan arranged
Canadian Subscription (including postage)
ts—
number of municipalities emitting permanent bonds
The
Subscription includes following Supplemen
.
times yearly) and the number of separate issues made during March 1918
DANK AND QUOTATION(monthly) RAILWAY AND INDUSTRIAL(3yearly)
ELECTRIC RAILWAY(3 times
RAILWAY EARNINGS(monthly)
were 200 and 249, respectively. This contrasts with 236
STATE AND CITY (semi.annuaLly) BANKERS' CONVENTION (yearly)

1

February 1918 and 382 and 585 for March 1917.

and 295 for
Terms of Advertising—Per Inch Space
$4 20
For comparative purposes we add the following table,
Transient matter per inch space(14 agate lines)
22 00
(8 times)
Two Months
and the
29 00 showing the output of long-term issues for March
50 00
Standing Business Cards 'rTion ih8
igl
a
73ll
for a series of years:
87 00 three months
Twelve Months(52 times)
For the
Month of
For the
Month of
7306
Three Mos.
March.
CMCAGO Onnex-30 South La Salle Street,Telephone Majestic
Three Mos.
March.
$46,518,046
$14,723,524
11014130N OFFicx—Edwards & Smith,1 Drapers' Gardens. E. C.
$67,392,695• 1904
$23,857,705
1918
30,170,708
9,084,046
100,895,063 1903
34,878,852
1917
WILLIAM B. DANA COMPANY,Publishers,
31,519,536
7,989,232
120,003,238 1902
32,779,315
1916
23,894,354
10,432,241
front. Pine and Decorator Ste., New York.
144,859,202 1901
t67,939,805
1915
34,492,466
8,980,735
165,762,752 1900
43,346,491
1914
18,621,580
5,507,311
72,013,546 1899
14,541,020
1913
23,705,733
6,309,351
75,634,179 1898
21,138,269
1912
35,571,002
MUNICIPAL BOND SALES IN MARCH.
12,488,809
123,403,619 1897
22,800,190
1911
15,150,208
4,219,027
x104,017,321 1800
x69,093,390
21,026,942
4,915,355
The amount of municipal borrowing during the month of 1910
79,940,446 1895
32,680,227
1909
24,118,813
5,080,424
90,769,225 1894
18,912,083
of the effectiveness of the ruling of 1908
March is further proof
17,504,423
6,994,246
58,326,063 1893
10,620,197
1907
22,204,431
8,150,500
57,030,249 1892
20,332,012
the Capital Issues Committee of the Federal Reserve Board 1906
35.727;806
17,980,922
against the issuance of municipal bonds for purposes other 1905
t Includes 827,000,000 bonds of New York State.
than those vitally essential at this time. The sales of such
z Includes $50,000,000 bonds of New York City.

Rani:jI.

securities last month totaled $23,857,705, as against $34,878,852 in March 1917. The aggregate for the three months
in 1918 is $67,392,695, while for the same period in 1917 it
was $100,895,063.
In a report issued by the Capital Issues Committee under
date of Mar.22,and referred to in our editorial columns last
week, it is shown that since Jan. 12 the Committee (although
its organization was not perfected until early in February)
had made final disposition of 130 issues, of which 66 were
municipal obligations.
The largest and most important sale negotiated last
month was $3,500,000 5% State of Louisiana Port Commission canal improvement bonds which were purchased
by a syndicate and later offered to investors at par and
interest. Another important issue placed in March was
ls
by the City of Cincinnati, Ohio, of $1,000,000 4V at 102.09.
The City of Bridgeport, Conn., also sold a large block of
bonds last month amounting to $900,000 and bearing 5%
interest. The price paid for these securities, which were
disposed of at private sale, was 100.80. Other prominent
issues floated in March and the prices realized in each case,
are as follows:
Place.
Abilene, Texas
Buffalo, N. Y
Corpus Christi, Texas
Harrisburg School District, Pa
Highland Park School District, Mich
Lima, Ohio
Minneapolis, Minn
Montana (State)
Nashville, Tennessee
Oregon (State)
Ottawa County, Ohio
St. Louis County, Minn
Sabine County, Tex
Woonsocket, R.I
Youngstown School District, Ohio

Amount.
$230,000
438,138
600,000
230,000
325,000
255,000
210,000
500,000
505,000
500,000
289,500
500,000
500,000
500,000
350,000

Int. Rate.
5%
4)4%
5%
4 Yi%
5%
54%
4%
6%
5%
4%
6%
5%
5%
5%
5%

Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.

Price.
95
100
100
101.017
100.138
101.201
95.00
100.07
09.14
91.17
100
100
100.10
99.19
100.153

Unsuccessful offerings last month fell off considerably,
amounting to less than $1,000,000, while during the two
preceding months they reached a total of over $10,000,000
bonds
for each month, including 5,000,000 43/2% highway
offered by the State of California.
The foregoing deals with bonded debt or long-term obligations. . As regards issues of floating debt New York
City on March 12 made a public offering of its corporate
stock notes and revenue bills, when $20,000,000 of these
securities were placed on a 4.79% interest basis. The
loan consisted of $12,000,000 corporate stock notes,
dated Mar. 12 and maturing June 28,and $8,000,000 revenue
bills, dated Mar. 12, and payable July 8. On the 28th of
the month the city sold $5,000,000 revenue bills on a 4.78%
interest basis, dated Mar. 28, and duo July 10 next. The
total of New York City's temporary borrowing for March
was $29,451,000. In addition to this city's disposal of shortterm securities, $10,325,552 of such loans were negotiated
throughout the United States, bringing the total of temporary loans put out in March up to $39,776,552.
In Canada $4,027,780 debentures were sold, including
$1,000,000 Province of British Columbia, $1,250,000
Province of Nova Scotia and $1,012,000 city of Regina,
Saskatchewan, debentures. We furnish below a com-




NEWS ITEMS.
Legislature
Delaware (State of).—Special Session of
Adjourns.—The special session of the 96th General Assembly
of )Delaware, which convened on March 11, adjourned sine
for which
die March 29, after having completed all the work on of the
the session was called, including the ratificati
National prohibition amendment.
Maryland (State of).—Legislature Adjourns.—The 1918
regular session of the General Assembly of Maryland adjourned sine die on April 1. Among the matters favorably
acted upon by the Legislature was the national prohibition
amendment which was ratified in February and referred to
in our editorial columns on Feb. 16. A bill was also passed
authorizing the issuance of $3,000,000 road bonds.
Massachusetts (State of).—Legislature Ratifies National
Prohibition Amendment.—See reference this week in our editorial columns.
Mississippi (State of). — Legislature Adjourns.—On
d.
March 28 the regular session of the Legislature adjourneon
Early in January that body ratified the national prohibiti
amendment.
New Jersey (State of).—Commissioner of Accounts' Experience with New Municipal Finance Laws.—Walter R.
Darby, Commissioner of Municipal Accounts of the State of
New Jersey, in an address delivered before the third
annual convention of the New Jersey State League of
Municipalities, reviews his experience with the Pierson
municipal finance laws adopted by the Legislature in 1917,
and referred to at length in Part One of our "State and City
Section" for May 26 1917, page 76. Mr. Darby said:

municiI feel that you are interested in hearing something about how the
out.
pal finance laws passed by the 1917 Legislature are working
satisfied with what has
Let me say, first of all, that I am not at all had hoped would be acbeen done. We have fallen far short of what I
crime to have
complished. Perhaps I expected too much, but if so, it is no
high ideals—as the copy-book motto says, "Aim high."
d
believe that the members of the Legislature fully appreciate
I do not
have to contend
what the Commissioner of Municipal Accounts would
him more
with in administering the finance laws or they would have given the Comfor
to work with. The salary appropriation was sufficient only only one, and
missioner and two stenographers, part of the time there was with the exthat force
everything that has been done, has been done with spent only ten days on
ception of an outside man for two months, and he
callers, attended
office work. Outside of what he did, I have interviewed all else that there
anything
to all correspondence, made all calculations, and t is that it is a one man
the Departmen
was to be done. The trouble with
compla 'ling. I
,I
department for financial reasons. Understandbeenam not
furnished, but if any
have been working with the tools that have
that should have been
done
of you feel that some things have not been as _prompt as it might have
done or that the Department has not been
I ask you to consider what
been in some of the things that have been done, feel half as badly about it
the conditions have been. No one of you canpermanently so that ;,here
we have tried to build
as I do. However,
over.
would be the least possible which would have to beIdone
too much,
Now as to the outside cause—here again, perhaps, expected as many
that it would be necessary to write
but I certainly did not suppose
and as matters stand
as five letters to get one annual debt statement, I have been unable to
now there are fifty-four of these statements which
a double disget in spite of repeated letters and telegrams. This works and we have
is bad,
advantage. We haven't the necessary data, whichmuch greater benefit
and could be used to
to use time which might
delinquents
In other directions. This is worse. As to the reasons why the
ones. 1. The
are numerous, there are three which seem to be the main
and therefore require thought and attenstatements and reports are new
Misundertion and the matter is put off for a more convenient season. 2. r and no
standing; a financial report was made to the State Comptrolle
municipalities •
reason is seen for making any more. Then there are thosekind, therefore
which have no bonded debt, or floating debt, or debt of any
municiit is considered unnecessary to say so. The officials know their wants
palities have no debt and it surprises them to find that anyone else

APR. 6 1918.]

THE CHRONICLE

1487

OD

to know it. 3. For want of a better word, "cussedness." Some people
object to doing anything that anyone else wants them to do, especially
if one wants it done in a certain way. This is a very small class, I am
happy to say, but there are a few.
Now as to the operation of the laws. The change in Chapter 252 of the
Laws of 1916, which provided for an annual debt statement with supplemental statements as additional indebtedness was authorized, was a good
one. In my opinion the deductions allowed by the Act are very liberal,
especially in some directions, and speaking generally, the debt limit is
ample. There are some municipalities whose percentages of debt are
high, almost 15%, and they run from this down to nothing. The number
of municipalities whose percentage of debt is over 10% is small and the
average, excluding those which have no debt, runs from 3% to 4%.
The results of Chapter 153—the floating indebtedness Act—more fairly
satisfactory, but the time allowed was /boo short for several municipalities
to find out their financial condition, and the result is that there is some
floating indebtedness which is a real floating indebtedness now. In time;
past it did not seem to make much difference whether a municipality had
an indebtedness which was termed floating or not, but when a municipality
has a floating indebtedness as defined by Chapter 153, it may be, and
probably is, a very serious matter, as the only way to get rid of it is to
pay it off, and paying one's debts is always a serious matter, especially if
there are not enough funds and no assets to borrow against. I can see no
relief except for the Legislature to extend the time limit for funding such
indebtedness. This creates an awkward situation because the Act expired
by limitation on Nov. 1 1917, and it may be necessary to re-enact the
whole statute in order to extend the time. I will cite one instance which is
typical of many, of the situation as it existed. One municipality had been
carrying $20,000 of certificates of indebtedness for seven years. These
had arisen for the most part from exceeding appropriations, and no one had
the nerve to suggest increasing the tax levy and paying them off. As a
consequence, it paid $7,000 for the luxury and now will have to pay them
off anyway. The principle laid down in Chapter 153 and carried over into
Chapter 192, that a balance should bo made and maintained between tax
revenue notes on the one hand and cash and uncollected taxes on the
other, was very much needed as the practice was very common of using
receipts of taxes of one year to support expenditures of another instead of
retiring the obligations which were supported by the delinquent taxes. .
One of the greatest benefits of the municipal finance laws is that they
compel an analysis of the financial condition of the municipality on the
part of the officials. The Treasurer of one of our cities said that, anticipating the enactment of the bills, the officials analyzed the financial condition of their municipality and while ho felt that the bills were good ones
and should become laws, so far as their municipality was concerned, it
did not make any difference wnether they became laws or not, for they
either had applied the principles on which the bills were based or would
apply them (speaking particularly of the budget), at the first opportunity.
The Sinking Fund Act, Chapter 212', is a fine piece of legislation. However, it can be improved, I think, by allowing surpluses in one classification
of bonds to be used to make good deficiencies in another classification and
by making it permissible to distribute a sinking fund surplus over a term
of years by using a certain portion of such surplus each year to reduce
the annual sinking fund requirement. The latter provision will not affect
very many sinking funds as the number which have a general surplus is
comparatively small. On the other hand, the number of sinking funds
which are deficient is comparatively large, from 60% to 70% of the whole.
The reasons for these deficiencies are:
1. Insufficient appropriations. Included in this also are appropriations
which never were paid to tho Sinking Fund Commission. In one instance
these amount to more than $513.000.
2. Hybrid bonds; that is bond.s which are not true serial bonds but yet
do not all mature at one time. They have been called serial bonds, and
therefore no attempt was made to provide a sinking fund for their retirement. There are any number of different kinds of these bonds. Some
will mature in amount of from $500 to $2,500 per year, for ten years or so,
and then a larger amount the next year, this larger amount running from
$5,000 to $79,000. Then there are the maturities which are sprinkled
around—pay one year, skip one year, pay two, skip two, pay, skip with
variations ad libitum. The longest period between payments is eleven
years. The last sinking fund bond matures in 1978, so that sinking funds
will be in fashion for some time. This is an issue of school bonds put out
In 1908, maturing from 1929 to 1978, inclusive. Where will the building
be in 1978, which was built with the proceeds of that issue? How many
children will be educated in that school whose parents were property owners
in that district but who never paid one cent on the principal of the bond
issue? The humiliating feature is that the issue was perfectly legal, as
there was absolutely no time limit for bond issues under the Act. The
only wonder is that they were not issued for ninety or one hundred years,
or even longer.
The variations in the amount in the sinking funds with respect to the
requirements is groat, running from a deficit of $700,000 to an excess of
$1,300,000.
The reports, as submitted, range from one, which is as complete as could
be asked, to those which are hopelessly confused and jumbled. The one
just referred to is a complete statement of the exact amount (exclusive
of excess earnings which cannot be anticipated) which will have to be
appropriated each and every year until the bonds have been retired. Of
course it entailed considerable work to prepare this statement, but if this
had been done by all sinking fund commissions my labors would have
been lightened at least 50%. The calculations only have to be made once
and the advantage is that the program is complete and the officials know
just what their sinking fund obligations are for any year so long as there is
any necessity for a sinking fund.
The provisions of Section 11, allowing a sinking fund commission to
cancel bonds which it holds when there is an excess above requirements, I
find, has not been taken advantage of, either because it has not been
understood or because it has not appealed to the officials. I have recommended action under this section for the reason that it reduces the annual
interest charge and the annual requirement for sinking fund purposes
thereby reducing the overhead charges instead of using the surplus, or a
part of it, each year to reduce the annual requirement, leaving the interest
and annual requirement undisturbed. The excess was acquired over a
number of years, and it seems to me that it is better business to use it to
reduce the funded indebtedness of the municipality rather than to reduce
the amount to be raised by taxes for a few years.
The Budget Act, Chapter 192, is only now really being put into effect,
and therefore not much can be said concerning its practical workings.
There are a few matters which need clearing up, such as the matter of
voting on appropriations in townships, appropriations for utilities, and the
bank stock and second-class railroad taxes. With these points made
plain, this Act will, I believe, prove very satisfactory. There is some
ambiguity at present with regard to whether some items come under the
budget or not, but unless everything goes through the budget or is controlled by the budget, the effect of the budget is last. The Budget Act
will not be fully appreciated for a year at least, but unless some financial
methods are changed, it will afffect some municipalities in a way that may
not be anticipated and certainly will not be desired.
The provisions of Chapter 156, requiring the filing of copies of procedure
relating to bond issues with the Department has been quite generally
ignored and we have been unable to follow the matter up as it should have
been done. It is our intention as soon as the subject can be taken up, to
endeavor to complete the files of such procedures.
All in all, the first nine months' experience with the municipal finance
laws has been a pleasant one. Anything new or strange appears formidable
and ibis so with these laws. When we have learned how to operate under
them we will wonder how we ever made out under the old system.
In conclusion, my idea of the Department of Municipal Accounts is that
It shall be a department of real service to the municipalities along [inane!'
lines. To render efficient service and obtain the best results, the department must have the co-operation of municipal officials. We feel that we
already have this to a largo degree and we want to preserve and increase it,
because we need it and, we hope, deserve it. We feel that in nine months
we have accomplished something toward putting the municipal finances
of New Jersey on a business basis. With your assistance and co-operation
we can do much more. Will you give them? I feel that there is no doubt
about the answer.

New York State—New York City.—Taxation Measures
Pending in Legislature.—We publish in full in our editbrial
columns this week a circular issued on March 26 by the New
York Tax Reform Association, explaining six measures
recently introduced at Albany at the request of President
Cantor of the Tax Department of New York City, relating




to the taxation of personal property. Their enactment, the
Association .says, "would result in double taxation in its
most indefensible form throughout the State, and in a listing
system for the city, such as has been condemned by every
investigating commission."
In our editorial columns on March 16 we published the
text of a circular issued by the above-mentioned tax association on March 8, setting forth its objections to a bill
introduced in the Legislature to limit the tax rate on real
estate in this city and tax all personal property without deduction or exemption.
Porto Rico.—Bond Offering.—Proposals will be received
until 2 p. m. April 25 by the Bureau of Insular Affairs, War
Department, Washington, D. C., for $100,000 of an issue
of $1,700,000 4% tax-free gold irrigation bonds authorized
by an Act of the Legislative Assembly of Porto Rico, approved Aug. 8 1913, enacted in pursuance of the authority
contained in Sections 32 and 38 of the Act of Congress approved April 2 1900, entitled, "An Act temporarily to provide revenues and a civil government for Porto Rico, and
for other purposes."
These bonds will be issued in registered form and in the denomination
of $1,000 and $5,000 in proportions to suit the purchaser or purchasers, and
will be interchangeable one denomination for the other. They will be
registered and transferanie on the books of the United States Treasury
Department. Date Jan. 1 1917. Principal and semi-annual interest
(J. & J.) payable at the United States Treasury. Duo Jan. 11961. Certified check (or bank draft) in New York City funds for 27, of the par value
of the bonds bid for, payable to Frank McIntyre, Chief of Bureau of Insular •
Affairs, required. Purchaser to pay accrued interest. Accepted subscriptions will be payable on June 1 1918 at a bank in New York City to be
designated by the Bureau of Insular Affairs, and the bank so designated
will make delivery of the bonds, or interim certificates exchangeable for the
definitive bonds as soon as the bonds can be issued.
The legality of the issue of $1,700,000 irrigation bonds has been passed
upon by the Attorney-General of the United States. The United States
Treasury Department authorizes the statement that unless and until
further notice to the contrary shall have been given, it will accept these
bonds as security for public deposits, at their market value but not exceeding their par value. The Postmaster-Genreal authorizes the statement
that they will be accepted at par as security for deposits of postal saving
unds. The bonds will also be accepted at par by the Government of
Porto Rico as security for deposits of funds of that Government, or as security required by any of the laws of Porto Rico to'be deposited with the
Treasurer of Porto Rico.
The official circular states that the purpose for which these bonds a
Issued is to acquire funds to repay to the Insular Treasury the sum of
$100,000 advanced therefrom to assist the Irrigation Service in the payment of principal and interest due Jan. 1 1918 on $5,100,000 outstanding
bonds previously issued for the irrigation project. The authority for such
advances from the Insular Treasury is contained in Section 31 of the Act
of Aug. 8 1913, mentioned above. These bonds, like all the former irrigation bonds, are to be paid for from the receipts of special taxes levied upon
the lands benefited. Provision was made in the Act authorizing the issue
whereby limitations are placed upon the amount of taxation for which the
ands shall be liable in any given year, and provisions were also made
whereby additional refunding bonds may still further be issued provided
the receipts from taxation shall not be sufficient for meeting the obligation
of the outstanding bonds and the maintenance and operation of the system,
the amount of such additional bonds to be limited to the amount of former
Irrigation bonds then already redeemed. The entire irrigation project is
now completed and in operation, and the fund from the special taxes provided by law, together with the privilege of issuing refunding bonds in case
of necessity, offers ample security for the payment of all irrigation bonds
at their maturity; but, in addition to this, the good faith of the people
of Porto Rico is irrevocably pledged for the payment of the interest and the
repayment of the principal of these bonds.
The bonded debt of the Insular Government on Dec. 31 1917 was $9,380,000, while the balance in the sinking fund on that date was $1,010,310 36. The population of the islands, according to the Census of 1910.
was 1,118,012, and the assessed value of property in the island for the
purposes of taxation for the fiscal year 1916-17 amounted to $182,739,584.

Tacoma, Wash.—Voters Reject Proposal to Issue Bonds
for' Purchase of Traction Lines.—See reference to this in our
"General Investment News" section this week.
Texas (State of).—Equal Suffrage Law Signed by Governor.
—See reference in our editorial columns this week.

BOND CALLS AND REDEMPTIONS.
California (State of).—Bond Call.—State Treasurer
Friend M. Richardson, according to San Francisco papers,
is out with a suggestion that holders of matured San Francisco seawall and California State highway bonds redeem
them and invest the money in the Third Liberty Loan.
Treasurer Richardson says that he has funds on hand for
the payment of five seawall and two State highway bonds,
each of $1,000 denomination, and as interest on them has
ceased he is at a loss to explain why they have not been
presented for payment.
San Francisco seawall bonds Nos. 53, 66, 112, 247 and
1264 were drawn on Jan. 2 last and notice was given that
interest on them had ceased. State highway bonds Nos.
151 and 152 matured July 3 1917, and notice that interest
on them had also ceased was given, but they are still outstanding. Inasmuch as funds are available for payment of
all seven bonds, the Treasurer makes the suggestion relative
to their redemption noted above.
Del Norte, Colo.—Bond Call.—An issue of $31,500 6%
refunding water-works bonds, dated April 1 1908, due
April 1 1928, subject to call April 1 1918, are called for payment at either the Colorado National Bank of Denver or at
the office of Bosworth, Chanute & Co., of Denver.
The official notice of this bond call appears among the advertisements
elsewhere in this Department.

BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ALBEMARLE, Stanly County, No. Caro.—BOND OFFERING.—
Proposals will be received until 12 m. April 16, it is stated, by E. L. Hearne,
-year serial
-year serial and $45,000 20
Town Treasurer, for $56,000 1-10
funding 6% bonds. Interest semi-annual.
ALCORN COUNTY (P. 0. Corinth), Miss.—BOND SALE.—The
$30,000 6% Park Road District bonds, offered on Dec. 3—V. 105, P. 2111

1488

THE CHRONICLE

-have been purchased by Morris Bros. & Co. of St. Louis. Denom.$500.
Date Dec. 1 1917. Int. semi-ann.-J. & J.-payableat the above company. Due $5,000 yearly on Dec. 1,from 1927 to 1941, incl. Total bonded
debt, this issue only. Assessed valuation 1917, $350,000. Actual value
(estimated), $600,000.
ALLEN COUNTY (P. 0. Lima), Ohio.
-BONDS PROPOSED.
-An
issue of $19,000 road bonds is being considered, it is stated.
ANN ARBOR, Washtenaw County, Mich.
-BONDS VOTED.
-A.
proposition to issue $200,000 water bonds carried, it is stated, at an election held Apr. 1.
ANTON CHICO SCHOOL DISTRICT (P.O. Anton Chico), Guadalupe County, N. M.
-BONDS VOTED.
-Reports state that an issue of
$10,000 school-building bonds was recently voted.
ARANSAS COUNTY (P. 0. Rockport), Tex.
-BONDS VOTED.
-On
Mar. 23 the voters authorized the issuance of $30,000 Jefferson Davis
Memorial Highway bonds, it is stated.
ARCHER CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
(P. 0. Archer), O'Brien County, Iowa.
-BOND SALE.
-On Mar. 23
the $50,000 5% school-building bonds voted at an election held Feb. 23V. 106, p. 948
-were awarded to the White Co. of Davenport at par.
School Board to pay for printing of bonds.
ARKANSAS
-LOUISIANA HIGHWAY IMPROVEMENT DISTRICT
(P.0. McGehee), Desha County, Ark.
-BOND SALE.
-The $2,500,000
4-20 serial bonds offered without success on Jan. 17-V. 106, p. 730
were awarded on Mar. 26 to a syndicate comprismg the W. R. Compton
Co., Whitaker & Co.,the Mississippi Valley Trust Co., and the Mercantile
Trust Co., all of St. Louis.
ATTLEBORO, Bristol County, Mass.
-LOAN OFFERING.
-Reports
state that the Town Treasurer will receive bids until 10 a. m. April 10 for
a loan of $50,000, in anticipation of revenue, to be dated April 10 and
payable Oct. 12 1918.
BEE COUNTY (P. 0. Beeville), Tex.
-NO ACTION YET TAKEN.
No action has yet taken looking towards the issuance of the $200,000
road bonds mentioned in V. 106, p. 1152.

(Vol,. 106.

COLUMBIANA VILLAGE SCHOOL DISTRICT(P.O. Columbiana),
Columbiana County, Ohio.
-BOND OFFERING.
-C. E. Beard, Dis
trict Clerk, will receive proposals until 12 m. Apr. 30 for $6,000 5% school
equipment bonds. Auth. Secs. 7625-7626, Gen. Code. Denom. $1,000
Date Apr. 30 1918. Due $1,000 each six months from Sept. 1 1927 to
Mar. 1 1930 incl. Purchaser to pay accrued int. Bonds are to be delivered within 10 days from time of award. Cert. check for 5% of amount
of bonds bid for, payable to the above clerk, required.
COLUMBUS, Ohio.
-BONDS AUTHORIZED.
-The Common Council
has authorized the issuance of $30,000 street-impt. bonds, it is stated.
COOSA COUNTY (P. 0. Rockford), Ala.
-BONDS DEFEATED.
On March 25 the proposition to issue $100,000 funding bonds was defeated
(V. 106, p. 1259). The vote was 332 "for" to 448 "against. "
CRAFTON, Allegheny County, Pa.
-DESCRIPTION OF BONDS.
The $40,000 43-i % with privilege of registration tax-free impt. bonds
awarded on Mar. 19 to Lyon, Singer & Co. of Pittsburgh (V. 106, p. 1379),
are in denom. of $1,000 and dated Mar. 11918. Prin. and semi-ann. int.
(M. & N.) payable at the First National Bank of Crafton. Due $4,000
yearly on Mar. 1 from 1939 to 1948 incl.
Financial Statement.
Real valuation (estimated)
$8,500,000
Estimated valuation 1917
6,418,190
Bonded debt (including this issue)
263,000
Population, 1910 Census, 4,583; 1918 (estimated), 5,500.
CRYSTAL LAKE, Hancock County, Iowa.
-BONDS NOT YET
SOLD.
-No sale has yet been made of the $8,000 6% water works bonds,
offered on Mar. 5.-V. 106, p. 949.
DAVENPORT, Scott County, Iowa.
-BOND SALE.
-On Mar. 30
Geo. M. Bechtel & Co. of Davenport were awarded $85,000 5% local
park bonds at par. Denom. $1,000. Date April 1 1918. Int. A. & 0.
l3tie April 1 1038.
DAYTON, Montgomery County, Ohio.
-BONDS AUTHORIZED.
An ordinance has been passed authorizing the issuance of $75,000 54%
work-house bonds. Date June 1 1918. Due June 11938.
DEARBORN, Wayne County, Mich.
-The propo-BONDS VOTED.
BERGEN COUNTY (P. 0. Hackensack), N. J.
-LOAN OFFERING.
-James W. Mercer, County Collector, will receive sealed bids until 12 m. sition to issue $107,000 (not $100,000, as first reported) sower bonds carried
at the election held April 1 by a vote of 443 to 7 (V. 106, p. 1379).
April 15 for $250,000 9 months tax-anticipation bonds offered without success on March 28. Certified check for 2% required.
DEEPWATER SCHOOL DISTRICT (P. 0. Deepwater), Henry
County, Mo.-BOND SALE.
-20
-The $16,000 6% 5 -year serial bonds
BEVERLY, Essex, Mass.
-TEMPORARY LOAN.
-A temporary loan
of $200,000 was awarded on Mar. 28 to R. L. Day & Co. of Boston at offered on March 18(V. 106, p. 1152), were awarded to the Wm. R. Comp5.67% discount. A bid was received from S. N. Bond & Co. of N. Y. ton Co. of St. Louis for $16,264, equal to 101.605, it is stated.
at 5.79% discount.
°
DEFIANCE COUNTY (P. 0. Defiance), Ohio.
-BOND SALE.
-On
April 1 Breed, Elliott & Harrison, of Cincinnati, were awarded $15,000 6_70
BINGHAMTON, Broome County, N. Y.
-BOND SALE.
-On April 2 bridge-building bonds for $15,490, equal to 103.272.
the $4,000 53% municipal bonds
-V. 106, p. 1378
-were awarded to Date March 1 1918. Int. M.& S. Duo $1,500 yearly onDenom.1 $500.
March from
George Gilbert of Binghamton for $4,012, equal to 100.3. Denom.
.1919 to 1928, inclusive. Other bidders were:
$1,000. Date April 1 1918. Due Aug. 1 1919.
Field, Richards & Co.,Cin.$15,471 00 Graves, Blanchet & ThornBOONTON SCHOOL DISTRICT (P. 0. Boonton), Morris County, First Nat. Bank, Defiance 15,408 00
$15,341 00
burgh, Toledo
N. J.
-BOND SALE.
Well, Roth & Co., Cinc
15,300 00
-On April 1 the $12,000 5% 2 -year serial tax-free Provident Savings Bank &
-12
coupon school-site bonds dated April 1 1918-V. 106, p. 1152
Trust Co., Cincinnati__ 15,394 50 Otis & Co., Cleveland_
15,263 00
-were
awarded to the Boonton National Bank at par and int. A bid of par for Seasongood & Mayer,Cin. 15,363 50 F. C. Hoehler & Co., Tol_ 15,193 25
$5,000 of the bonds was received from Laura J. Wigg.
DELAWARE COUNTY (P. 0. Muncie), Ind.
-BONDS NOT SOLD.
BRAZOS COUNTY ROAD DISTRICT NO. 2 (P. 0. Bryan), Tex.
-year serial
- It is stated that no bids were received for the $5,200 4%% 1-10
BONDS NOT YET SOLD.
-No sale has yet been made of the 370,000 5 % John Stafford at al road-improvement bonds offered on March 30 (V. 106,
coupon road bonds, offered on Mar. 4.-V. 106, p. 948.
p. 1259).
BROOKLINE, Norfolk County, Mass.
DENVER, Colo.
-Local papers state
-BOND ELECTION PROPOSED.
-BOND SALE.-Estabrook
& Co. of Boston were awarded, it is stated, $99,000 434% 6%-year aver. that a proposition to issue $14,000,000 water-plant-purchase bonds will be
bonds at 100.14, It is stated.
voted on at an election to be held in the near future. Secretary of the
Treasury William G. McAdoo, who was appealed to by the municipal
BUFFALO, N. Y.
-BOND SALES.
-The following 4% bonds, aggregating $6,143 07, were purchased at par by the City Comptroller for the authorities in respect to the bonds, has replied that the Government will
raise no objection (V. 106, p. 1051).
account of the various sinking funds during the month of March:
$3,500 00 refunding water bonds. Date March 1 1918. Due March 1
DES MOINES TOWNSHIP SCHOOL DISTRICT, Pocahontas
1943.
County, Iowa.
-BOND SALE.
-The $16,000 5% additional consolidated
2,643 07 Department of Public Works bonds. Date March 15 1918. school-house bonds mentioned in V. 106, p. 517, were awarded on Feb. 26
Due March 15 1919.
to The White Co. of Davenport on an int. basis of about 5%. Denom.
$1,000. Date Mar. 1 1918. Int. M. & N. Due Nov. 1 1938.
BUNCOMBE COUNTY (P. 0. Asheville), No. Caro.
-BOND OFFERING.
-Further details are at hand relative to the offering on Apr. 15 of
DODGE COUNTY (P. 0. Mantorville), Minn.
-BOND SALE.
-On
the $303,000 6%, coupon bridge bonds.
-V. 106, p. 1378. Proposals for March 4 the Wells
-Dickey Co. of Minneapolis was awarded $50,000
these bonds will be received until 12 m. on that day by J. J. Mackey, 5%% 10
-year average road and bridge bonds at par. Denom. $1,000.
Clerk Board of County Commissioners. Denom. $1,000. Date Apr. Date March 1 1918. Interest semi-annual.
11918. Int. payable at the Hanover National Bank, N. Y. Due $33,000
EAST LIVERPOOL DRAINAGE AND LEVEE DISTRICT (P. 0.
Apr. 1 1928 and $30,000 yearly on Apr. 1 from 1929 to 1937, incl. Cert.
check for $15,000 payable to J. E. Brookshire, County Treasurer, required. Lewistown), Fulton County, 111.
-DESCRIPTION OF BONDS.
-The
Bonded debt, $1,349,000. Floating debt (additional $489,227 96. Assess. $142,000 6% tax-free drainage bonds awarded in Dec. to Taylor, Ewart &
Co. of Chicago at par and int.-V. 106, p. 1379
val. 1917 $32,881,000. No conditional bids will be considered.
-are in denoms. of $1,000,
$500 and $100 and dated Feb. 1 1918. Int. semi-ann. F. & A., payable
CANTON, Stark County, Ohio.
-BOND OFFERING.
-Proposals will at the above company or at the Canton National Bank of Canton, Ill.
be received until 12 m. April 29 by Samuel E. Barr, City Auditor, for the Due yearly on Aug. 1 as follows: $15,700 in 1924, 1925 and 1926, $16,000
following two issues of 5%% coupon bonds, aggregating $293,000:
In 1927, $15.700 in 1928, 1929 and 1930, $16,000 in 1931 and $15,800 1932.
$290,000 sanitary trunk sewer bonds. Due $10,000 yearly on March 1
EDENTON, Chowan County, No. Caro.
-BOND SALE.
-Of an issue
from 1928 to 1938, inclusive, and $20,000 yearly on March 1
of $45,000 6% street-impt. bonds offered on Mar. 26, $15,000 was awarded
from 1939 to 1947, inclusive.
to the Citizens' Bank and $30,000 to the Bank of Edenton. Date Jan. 1
3,000 fire department bonds. Due March 1 1928.
Denom. $1,000. Date March 1 1928. Interest semi-annually, payable 1918. Int. semi-ann. Due $2,000 yearly on Jan. 1 from 1919 to 1937,
at the County Treasurer's office. Certified check upon a solvent bank of incl., and $7,000 Jan. 1 1938.
Canton for 5% of the amount of bonds bid for, payable to the City TreasEL CENTRO, Imperial County, Calif.
-An
-BOND ELECTION.
urer, required. Bonds to be delivered and paid for within ten days from election will be held April 8 to vote on the proposition to issue $15,000
time of award. Purchaser to pay accrued interest and furnish blank bonds. equipment bonds.
CASCADE COUNTY(P.O. Great Falls), Mont.
ELKHART COUNTY (P. 0. Goshen), Ind.
-BOND SALE.
-On
-BOND ELECTION.
-An election will be held Apr. 10. it is stated, to vote on the question of Mar. 30 the two issues of 434% of 1-20-yr. serial road impt. bonds, aggregIssuing $475,000 bridge-constr. bonds.
ating $23,900-V. 106, p. 1259
-were awarded as follows: the $17,500
Chas. Snyder at al road bonds to W. II. Charniey and the $6,400 Frank
CASS COUNTY (P. 0. Texarkana),
-BONDS
-Local J. Miller road bonds to the St. Joe Valley Bank of St. Joe.
papers state that an issue of $50,000 road Ark. has been VOTED.
bonds
voted.
EMERYVILLE SCHOOL DISTRICT (P. 0. Emeryville), Alameda
CASS COUNTY (P. 0. Logansport), Ind.
-BOND OFFERING.
- County, Calif.
-We are advised by
Proposals will be received until 10 a. m. Apr. 11 by U. S. Hoffman, County R. S. Hawley, -BOND OFFERING DELAYED.
Treasurer, for $17,600 4%% Fred A. Dykeman, et. al., highway-impt. of the Federal Clerk of School Board, that "owing to recent instructions
bonds of Tipton Twp. Denom. $880. Date Apr. 2 1918. Int. M. & N. School District Reserve Board the sale of the bonds of the Emeryville
has been delayed." Bonds amounting to $60,000 and bearDue $880 each six months from May 15 1919 to Nov. 15 1928 Incl.
ing 5% int. were to have been offered for sale April I.
-V. 106, p. 949.
CHARLESTOWN SCHOOL TOWNSHIP (P. 0. Charlestown),
FAIRMONT, Martin County.
-BONDS AUTHORIZED.
-On Mar.
Clark County, Ind.
-BOND OFFERINO.-Chas. F. Pangburn, Town- 26 the voters authorized the issuance to the State of Minnesota of $75,001
ship Trustee, will receive proposals until 3 p. m. Apr. 20 for $36,000
% water system bonds.
-V. 106, p. 1054. The vote was 300 to 100.
15-yr. school bonds, It is stated.
FLATHEAD COUNTY SCHOOL DISTRICT NO.6(P.O. Kalispell),
CHEROKEE, Crawford County, Kan.
-BOND ELECTION.
-A spe- Mont.
-BOND
-Proposals will be received by M.C. Manning,
cial election will be held on April 8, it is stated, to vote on the question of District Clerk, OFFERING.
until April 21 for $3,000 6% 10-20
-year (opt.) school-site
Issuing $10,000 water-works bonds.
and construction bonds.
CLAY COUNTY (P. 0. West Point), Miss.
-BOND SALE.
-On
FORT MYERS, Lee County, Fla.
-A proposition
-BONDS VOTED.
April 1 Francis Bros. & Co. of St. Louis were awarded the $40,000 6%
refunding bonds (V. 106, p. 1152) for $40,675, equal to 101.687. Denom. to issue $35,000 6% funding bonds carried at an election held Mar. 26 by a
vote of 51 to 36. Int.
$500. Date May 1 1918. Interest M. & N. Due May 1 1923. Other be offered about May 1.semi-ann. Due $5,000 yearly. The bonds will
W. P. Franklin is Mayor.
bidders were:
Marc. Union Trust Co_ _ _$40,656 50 Field, Richards&Co.,Cin_$40,056 00
FRAMINGHAM, Middlesex County, Mass.
-LOAN OFFERING.
Sidney Spitzer & Co., Tol_ 40,575 00 Wm. R. Compton Co_ _ _ _ 40,036 00 Proposals will be received by Herbert E. Stone, Town Treasurer, until
F. C. Hoehler & Co., Tol_ 40,273 50 J. C. Mayer & Co., Cin__ 40,027 50 1 p. m. April 15 for a temporary loan of $1110,000 in anticipation of revenue.
Hibernia Bank & Tr. Co.._ 40,255 00 National City Co
40,025 00 Denom. to suit purchaser. Due Dec. 12 1918.
CLEAR LAKE, Deuel County, So. Dak.-BOND SALE.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-NO BIDS RE-The Eastern Investment Co. of Clear'Lake was recently awarded an issue of $30,000 CEIVED.
-No bids were received for the $750,000 5% 1-20
-year serial
6% drainage bonds. Denom. $500.
gold flood-emergency bonds, dated April 1 1918, offered on April 2(V. 106,
p. 1152).
CLEVELAND, Ohio.
-BOND SALE.
-On April 1 the $8.000 434%
1-8
-year serial park, $126,000 5%% 5
FRESNO, Fresno County, Cal.
-BOND SALE.
-An issue of $5,117
-year street-impt. and the $50,000
5% 1-25-yr. serial park bonds
-V.106,p.1258
-were awarded as follows: 6% gold coupon impt. assess. bonds offered on Mar. 5 has been purchased
the 4 % park and 5%% street bonds to Estabrook & Co. of Boston at by contractors. Date Jan. 21 1918. Int. J. & J. Duo $511 70 yearly
100.68 and the 5% park bonds to Harris, Forbes & Co. of New York on July 1 from 1919 to 1928 incl.
at 100.411. Other bidders were:
FULLERTON, Nance County, Neb.-BONDS AUTHORIZED.
-An
$8,000
$50,000
$126,000
ordinance has been passed authorizing the issuance of $31,000 6% 5
-20
Park.
Park.
Street Impt. coupon street-paving bonds. Denom. $500. Date Mar. 6 1918. -year
Prin.
R. L. Day & Co
$50,140 00 $126,426 00 and semi-ann. int.-M. & S.
-payable at office of County Treasurer.
R. M. Grant & Co
50,083 00 126,349 02 E. R. Tranbarger Is City Clerk.
Otis & Co
50,180 00 126,340 00
Redmond & Co
GALLIA COUNTY (P. 0. Gallipolis), Ohio.
All or none-Premium $355 75
-BOND SALE.
-On
BONDS AUTHORIZED.
-An ordinance has been passed authorizing April 2 the $40.000 6% refunding bonds dated April 6 1918-V. 106, p.
-were awarded to the State Industrial Commission of Ohio.
the issuance of $75,000 5% coupon bridge bonds. Denom. $1,000. Date 1153
Mar. 1 1918. Prin. and semi-ann. int. payable at the American Exchange
GARNET TOWNSHIP (P.0. Alamo), Williams County, No. Dak.National Bank of Now York.
BOND SALE.
-On March 26 the Farmers' State Bank of Alamo was awar-




APR. 6 1918.]

THE CHRONICLE

ded the $3,500 6% 20
-year road bonds, dated March 26 1918 (V. 106, p.
1054), for $3,550, equal to 101.428.
GARY SCHOOL DISTRICT (P. 0. Gary), Deuel County, So. Dak.
-BONDS AWARDED IN PART.
-Of the $25,000 school bonds recently
authorized-V. 106, p. 1379-$12,000 were purchased by the State of
South Dakota.
GUNTOWN SCHOOL DISTRICT (P. 0. Guntown), Lee County,
Miss.
-BONDS AUTHORIZED.
-A resolution has been
ing the issuance of $6,500 school-building bonds. R. adopted authorizB. Epting is the
District Clerk.
GUTTENBERG, Hudson County, N. J.
-BOND SALE.
-On March
25 the Trust Company of New Jersey, Hoboken, was awarded the
5% refunding bonds at par and interest. Denoms. 10 for $2,200$55,000
and 10
for $3,300. Due $2,200 yearly on April 16 from 1920 to 1929, inclusive.
and $3,300 yearly on April 16 from 1930 to 1939, ikIclusive.
HAMILTON, Hamilton County, Ohio.
-BONDS AUTHORIZED.
An ordinance has been passed providing for the issuance of $20,000 5%
coupon fire department bonds. Denom. $500. Date Mar. 1 1918.
Prin. and semi-ann. Int. payable at office of City Treasurer. Due $3,000
yriy. on Mar. 1 from 1923 to 1932, incl. Purchaser to pay accrued int.
BONDS TO BE RE
-OFFERED.
-The $43,331 50 434% street-impt.
bonds offered without success on Feb. 26-V. 106, p. 949
-will be reoffered as 534s, it is stated.
HENDERSON, Shibley County, Minn.
-BOND OFFERING.
-Proposals will be received by W. F. Bosel, City Clerk, until 8 p. m.
it is stated, for $10,000 5% refunding bonds. Denom. $500. April 10,
Certified
check for $5,000 required.
• HENDERSON COUNTY (P. 0. Athens), Tex.
-BOND SALE.
On Mar. 13 the two issues of 5% roads bonds, aggregating $90,000-V.
106, p. 949
-were awarded to Smith Bros. Of Crockett at par and int. as
.
follows:
$50,000 Road Dist. No. 7 bonds. Total bonded debt this issue only.
Assess. val. $611,115. Real value $2,576,140.
40,000 Road Dist. No. 10 bonds. Total bonded debt this issue only.
Assess. val. $357,760. Real value $1,026,500.
Date Feb. 15 1918. Prin. & ann. int. payable at Hanover National
Bank, N. Y., or in Texas at Austin or Athens, at option of holder. Duo
in 30 years. Subject to call one of each issue yearly.
HIGH POINT, Guilford County No. Caro.
-BOND SALE.
-On
Mar. 30 the three issues of6% coupon frith privilege of registration street$97,000-\
paving bonds, aggregating
. 106, p. 1380
-were awarded to
R. M. Grant & Co. of N. Y. for $98,621 84, equal to 101.672. Other
bidders were:
Prudden & Co., Toledo.. $98,028 20 hole Bros., Greensboro_ _$97,275 00
Harris, Forbes & Co.,N.Y. 97,680 001
A bid of par, less $1,450 for commissions, was received from Spitzer,
Rorick & Co. of Toledo.
HILL COUNTY SCHOOL DISTRICT NO. 18(P.O.Fresno), Mont.
BOND SALE.
-On Mar. 23 the Wells-Dickey Co. was awarded the $5,928
6% 18-20
-year (opt.) school-bldg. bonds
-V. 106, jo. 1153
-for $5,953,
equal to 100.421. Denoms. 11 for $500 and 1 for $428. Date Apr. 11918.
Int. semi-ann.
HILL COUNTY SCHOOL DISTRICT NO. 40 (P. 0. Lethair), Mont.
-BOND SALE.
-The $5,000 10-20-year (opt.) coupon school site and construction bonds offered on Mar. 1 (V. 106, p. 949) have been sold.
HUDSON COUNTY (P.O. Jersey City), N. J.
-BOND OFFERING.
Proposals will be received by Walter O'Mara, Clerk of Bd. of Chosen
Freeholders) until 3 p. in. Apr. 11 for the following 434% gold coupon
(with privilege of registration) municipal bonds:
$150,000 park bonds. Due $5,000 yearly on Mar. 1 from 1920 to 1937,
incl., $7,000 yearly on Mar. 1 from 1938 to 1945, incl., and
$4,000 Mar. 1 1946.
155,000 boulevard-repair bonds. Due $9,000 yearly on Mar. 1 from
1920 to 1922. incl., $10,000 yearly on Mar. 1 from 1923 to 1927,
incl., and $13,000 yearly on Mar. 1 fern 1928 to 1933, incl.
Denom. $1,000. Date Mar. 11918. Prin. and semi-ann. int.(M.& S.)
payable at office of County Collector. Successful bidders will be furnished
with the opinion of Hawkins, Delafield & Longfellow of New York that
the bonds are binding and legal obligations of the county. The bonds
will be prepared under the Supervision of the U. S. Mtge. & Trust Co. of
New York, which will certify as to the genuineness of the signatures of the
-officials and the seal impressed thereon. Cert. check for 2% of amount
of bonds bid for, on an incorporated bank or trust company, payable to the
Board of Chosen Freeholders, required. Bids are to be made separately
on each issue.
HUMBOLDT SCHOOL DISTRICT (P. 0. Humboldt), Humboldt
County, Iowa.
-BONDS VOTED.
-On Mar. 22 a special election was
and an issue of $100,000 high-school bonds was authorized, it is stated.held
INDEPENDENCE TOWNSHIP SCHOOL DISTRICT (P. 0. Great
Meadow), Warren County, N. J.
-BOND SALE.
-On Mar. 30 the $18,000 5% 4-21-year serial school bonds dated Feb. 1 1918 (V. 106, p. 1380)
were awarded to local investors at par and int.
JOHNSON COUNTY (P. 0. Cleburne), Tex.
-BOND SALE.
stated that an issue of $65.000 county bonds recently voted has been -It is
sold.
JOHNSON COUNTY ROAD DISTRICT NO. 1, Ark.
-BOND SALE.
-An issue of $259,000 road bonds was awarded to Edgar Hahn of Little
Rock at 95, it is reported.
KING COUNTY (P. 0. Seattle), Wash.
-BONDS APPROVED BY
CAPITAL ISSUES COMMITTEE.
-Reports state that an issue of
000 road bonds has been approved by the Capital Issues Committee $235,of the
Federal Reserve Board.
KINGSTON TOWNSHIP, Washington County, Mo.-BOND SALE.
-Francis Bros. & Co. of St. Louis have been awarded $10,000 5% road
bonds. Denom. $500. Date Feb. 15 1918. Int. semi-ann. (F. & A.),
payable at Merchants' Laclede Nat. Bank, St. Louis, except first year's
Interest, which is to be annual. Due $500 yearly 1919 to 1927 incl. and
$1,000 yearly 1928 to 1933 incl. Total bonded debt, this issue only.
Assess. val. 1914, $209,000. Actual value (est.), $1,000,000,
KUTZTOWN, Berks County, Pa.
-BOND SALE.
-The $15,000
434( 15
-29-year serial coupon electric-light-plant bonds dated Apr. 1
7
1918', offered on Mar. 25 (V. 106, p. 1259), were awarded to the Kutztown
National Bank.
LAKE BENTON SCHOOL DISTRICT (P. 0. Lake Benton), Lincoln
-An issue of $30,000 school-building
County, Minn.
-BOND SALE.
bonds was awarded, It is stated, to Kolman, Matteson & Wood, St. Paul.
LAKE LONG DRAINAGE DISTRICT (P. 0. Plaquemine), La.
BOND OFFERING..
-It is stated that Joseph A. Grace, See Board of Com'y
missioners, will receive proposals until 11 a. m. Apr. 27 for $175,000 5%
14 1-3-year aver, drainage bonds. Int. semi-ann.
LAKE SCHOOL DISTRICT, Kings County, Calif.
-BOND ELECTION.
-Reports state that an election will be held on Apr. 27 to vote upon
the question of issuing $16,000 8% 1-16-year serial bonds. Denom.
$1,000.
LAKE WORTH INLET DISTRICT, Palm Beach County, Fla.
BOND SALE.
-It is reported that of the $200,000 534% inlet-construction
bonds offered without success on Feb. 23 1917 (V. 104, p. 578). $196,000
have been awarded to J. C. Mayer & Co. of Cincinnati and C. W. MeNear
& Co. of Chicago jointly at 9534 and int. The remaining $4,000 bonds
have already matured. Bonded debt, this issue only. Assess. val. (real
estate) 1916, $3,482,060; actual value (est.), $7,000,000.
LANCASTER, Lancaster County, Ohio.
-BONDS AUTHORIZED.
Local papers state that an ordinance has been passed authorizing the issuance of $4,000 water-works-impt. bonds mentioned in V. 106, p. 1380.
LANDIS TOWNSHIP SCHOOL DISTRICT (P. 0. Vineland),
-BOND SALE.
Cumberland County, N. J.
-On March 23 the $64,000
5% 1-18-year serial school bonds (V. 106, P. 1260) were awarded to A. B.
Leach & Co., of Philadelphia, at par.
LITTLE ROCK, Pulaski County, Ark.
-WARRANT SALE.
-An
issue of $315,000 tax-free funding warrants is being offered to investors
at a price to yield 6% by Hornblower & Weeks and Field, Richards & Co.
both of N. Y. City and elsewhere. Denom. $1,000. Date Mar, 26 1918,,
Prim payable at Nat. City Bank, N. Y. Due Mar, 25 1919,




1489

Financial Statement (as Officially Reported).
Real value of taxable property
0,000,000 00
Assessed valuation (1917)
39,708,690 00
Bonded debt
None
Floating debt (incl. these warrants) (less than 234% of
of assessed and 131% of actual valuation)
959,871 06
Value of property owned by city (Jan. 311918)
1,222,814 03
Population (1910 Census), 45,941; 1916 (Gov't estimate), 57,343; present
official estimate, 80,000.
LORAIN, Lorain County, Ohio.
-BOND SALE.
-Local papers state
that the $90,000 5% coupon 2
-24-year serial waterworks-impt. bonds
offered without success on Mar. 19 (V. 106, p. 1260) were subsequently
awarded at private sale to the National Bank of Commerce of Lorain at
par and int. •
LOWELL, Middlesex County, Mass.
-TEMPORARY LOANS.
-On
Mar. 30 a temporary loan of $200,000, maturing Dec. 11918, was awarded
to R. L. Day & Co. of Boston at 5.72% discount.
On the same day the above company was also awarded a temporary loan
of $200,000, maturing Mar. 30 1919 at 534 %, interest to follow. Int.
semi-ann.
LUTHER SCHOOL DISTRICT (P. 0. Luther), Oklahoma County,
Okla.
-BOND SVOTED.-A proposition to issue $16,000 school bonds
carried at a recent election, it is stated.
McKENZIE COUNTY (P. 0. Schafer), No. Dak.-BOND SALE.
The $180,000 seed and feed bonds mentioned in V. 106, p. 950 were purpurchased by the State of North Dakota during March.
MAHNOMEN COUNTY INDEPENDENT SCHOOL DISTRICT
NO. 1 (P. 0. Mahnomen), Minn.
-BONDS AUTHORIZED.
-On Mar.27
the voters authorized the issuance to the State of Minnesota of $15,000
4% refunding bonds. The vote was 38 to 1. Due July 1 1938.
MARION COUNTY (P. 0. Ocala), Fla.
-BOND SALE.
-The $10,000
5%.20-yr. school bonds offered on Mar. 5-V. 106, p. 950
-were awarded
on Mar. 16 to the Hanchett Bond Co. of Chicago for $9,057, equal to 90.57.
MARION COUNTY (P. 0. Marion), Ohio.
-BOND OFFERING.
Proposals will be received by Harry E. Mason, County Auditor, until 12 m.
Apr. 18 for $66,500 534% coupon ditch-impt. bonds. Auth. Secs. 64426562-48, Gen. Code. Denom. $500. Date Mar. 16 1918. Int. M. & S.
Duo $6,000 each six months from Mar. 1 1919 to Mar. 1 1920 incl.. $6,500
each six months from Sept. 1 1920 to Sept. 1 1921 incl., $7,000 Mar: 1,
1922 and Sept. 1 1922 and $7,500 Mar. 1 1923 and Sept. 1 1923 incl.
Cert. check for $300, on a solvent bank of Marion County, payable to
above-named Auditor, required. Purchaser to pay accrued hit. Bonds
are to be delivered and paid for within 10 days from time of award.
MARTIN COUNTY (P. 0. Fairmont), Minn.
-BOND SALE.
-An
issue of $94,000 bonds offered on Mar. 16 1917 was awarded to Wells
Dickey Co. of Minneapolis.
MARYLAND (State of).
-BONDS AUTHORIZED.
-The State Legislature, just adjourned, passed a bill authorizing the issuance of $3,000,000
road and bridge bonds.
•
MASSACHUSETTS (State of).
-TEMPORARY LOAN.
-During the
past week State Treasurer Burrill announced the completion of financing
which, it is expected, will meet the demand of the State until late in the
year. This financing is made up of two loans of $2,500,000 each to the
Guaranty Trust Co. and Kuhn, Loeb & Co., both of N. Y. City, and is
Issued in anticipation of taxes. The notes will be dated Apr. 4 1918 and
mature Oct. 25 and Nov. 19 of this year, and will be payable at the Guaranty Trust Co. of N. Y. While the basis on which the notes were sold was
not stated, it was said that the rate obtained was satisfactory in view of the
general money market situation. It is not expected that there will be any
public offering of these notes until after the Third Liberty Loan campaign.
MELROSE SCHOOL DISTRICT (P. 0. Melrose), Paulding County,
Ohio.
-BOND OFFERING.
-Proposals will be received by Reid Burt,
Clerk of Board of Education, until 2 p. m. April 20, for $3,250 6% school
Dec 2 935
bonds 0 1D ue $200 yearly on Dec. 20 from 1920 to 1934, inclusive, and $250
.
.
MILLARD COUNTY (P. 0. Oasis), Utah.
-BONDS AUTHORIZED.
-It is stated that at a recent election an issue of $1,250,000 drainage district bonds was authorized.
MILLS COUNTY (P. 0. Glenwood), Iowa.
-BOND SALE.
-J. M.
Casady Jr. & Co., of Council Bluffs, on March 14 were awarded $15,000
5% funding bonds at par. Denom. $1.000. Date April 11918. Interest
semi-annual. Due $7,000 April 1 1927 and $8,000 April 1 1928.
MILL VALLEY, Marion County, Calif.
-BOND SALE.
-The $35,642 80 7% street-impt. bonds, offered without success on Mar. 5-V. 106.
p. 1153
-have been awarded to the Clark & Henry Construction Co. of
Stockton. Due part yearly on July 1 from 1919 to 1928, incl.
MILTON, Miami County, Ohio.
-DESCRIPTION OF BONDS AND
NOTES.
-The $50,000 5% 10
-year bonds and the $8,000 6% 5
-year notes
recently awarded to Sidney Spitzer & Co. of Toledo at par and hit.(V. 106,
p. 732), are in denoms. of $1,000 and $500 and dated Feb. 15 1918. Int.
F.& A.
MILWAUKEE, Wisc.-BONDS AUTHORIZED.
-An ordinance has
been passed providing for the issuance of $250,000 5% coupon electriclight bonds. Denom. $500. Date July 11918. Prin. and semi-ann. int.
(J & J.) payable to the City Treasurer's office. Due $12,500 yearly on
July 1 from 1919 to 1938 incl.
MINGO JUNCTION VILLAGE SCHOOL 'DISTRICT, Jefferson
County, Ohio.
-BOND OFFERING.
-Proposals will be received until
6 p. mA
m. Apr. 16 by John Carlisle, Clerk of Board of Education, for $175,000
534% coupon school bonds. Auth. Secs. 7625 and 7626 Gen. Code.
Denom. $1,000. Date Apr. 1 1918. Prin. & semi-ann. int. payable at
First Nat. Bank, Mingo Junction. Due $2,000 each six months from
Apr. 1 1919 to Oct. 11936, and $3,000 each six months from Apr. 1 1937
to Apr.! 1953 and $4,000 on Oct. 11953. Cert. check (or bond) for $1,000,
payable to above Clerk. required.
MINNEAPOLIS, Minn.
-BIDS.
-The other bids received for the
$210,000 40/ 5
-year aver. bonds awarded on Mar. 27 to Hornblower &
Weeks and Wm. R. Compton Co., jointly, for $199,626, equal to 95.06V. 106, p. 1381-were:
R. L. Day & Co., Boston, 95.17 for bonds, due Apr. 11923.
Merrill, Oldham & Co., Boston, 95.17 for bonds. due Oct. 1 1922
R. M. Grant Sr Co., Chicago, 95.06 for bonds, due Apr. 11923.
Minneapolis Fire Department Relief Assn.
-Minneapolis, for $25,000
Fire Department bonds-95.00. Due Apr. 11923.
MINTO SCHOOL DISTRICT (P. 0. Minto), Walsh County, N.
Dak.-BONDS VOTED.
-At a recent election an issue of $7,500 school
building bonds were voted, it is stated.
MONROE COUNTY (P. 0. Aberdeen), Fla.
-BOND SALE.
-On
Mar. 4 the $75,000 25
-year serial tax-free road bonds, dated May 1 1918V. 106, p. 842
-were awarded to the Bank of Commerce & Trust Co. of
Memphis, Tenn., for $75.722 50, equal to 100.963.
MONTANA (State of).
-FINANCIAL STATEMENT.
-We are in
receipt of the following financial statement issued in connection with the
$500,000 (not $200,000 as reported last week-V. 106, p. 1381) 6% taxfree war-defense bonds, awarded on Mar. 20 to A. B. Leach & Co. and
R. W. Pressprich & Co. of New York jointly. (V. 106, p. 138). Date
Mar. 20 1918. Due Mar. 20 1923.
Financial Statement.
Estimated true value all property (1912)
$1,149,732,986
Assessed valuation (1917)
502,599,766
Total general bonded debt, including this issue
623,000
Population (1910 Census). 376,053; 1917 (estimated), 754,200.
MONTCLAIR, Essex County, N. J.
-BOND OFFERING.
-Proposals
will be received until 8 p. m. Apr. 11 (date changed from Apr. 4-V. 106,
p. 1260) by Harry TriPpett, Town Clerk, for $40,300 434% land-purchaseimpt. bonds. Denom. 40 for $1,000 and 1 for $300. Date Jan. 15 1918.
Prin. and int. payable at the First National Bank, Montclair. Due $3,000
yearly on Jan. 15 from 1919 to 1931 incl. and $1,300 Jan. 15 1932. Cert.
check for $1,000, payable to the Town Treasurer, required. Total bonded
debt (including this issue). $2,652,800. Assessment debt, $67,000.
Assessed and actual val., $50,833,753. Tax rate (per $1,000), $23 20.
Pepulation 1916 (U. 8, estimate), 26,318.

1490

THE CHRONICLE

-BOND OFFERING.
MORRIS COUNTY(P.O. Daingerfield), Texas.
-Geo. E. Shive, County Judge, will receive proposals until 3 p. m. Apr. 8
for the following 5% coupon bonds:
-year serial /load District No. 3 bonds.
$35,000 30
-year serial Road District No. 4 bonds. Denom. $750. Due,
30,000 40
first 20 bonds 20 years after date with option reserved to redeem
one bond yearly for 20 years, the remaining 20 payable $1,000
each year 21 years after date.
-year serial Road District No. 5 bonds. Denom. $250. Due
9,250 40
$5,000 20 years after date and remainder payable the same as road
District No. 4 bonds.
Date Oct. 10 1917. Prin. and semi-ann. int. payable at the County
.
Treasurer's office, or Hanover Nat. Bank, N. Y.Cert. check for $500
on each, required.
MUSSELSHELL COUNTY SCHOOL DISTRICT NO.76, Musseshell
-An issue of $1,000 school bonds was
-BONDS VOTED.
County, Mont.
authorized, it is stated, at a recent election.
NEWARK, N. J.
-The $1,200,000
-DESCRIPTION OF NOTES.
tax revenue and $750,000 tax anticipation notes, awarded on Mar. 28 to
J. P. Morgan & Co. of N. Y.at par for 5s
-V.106, p. 1381-are in denoms.
of 10 for $100,000 and 19 for $50,000 and are dated Apr. 1 1918. Due
July 1 1918. Other bidders were:
Both
$1,200,000 $750,000
Notes. Issues.
Notes.
White, Weld & Co. (for 3 months)
5.05%
National City Co.(for 3 months)
5.379'
6.05
J. S. Rippel & Co./for 3 months
ifor 6 months
5.25%
NEW HARTFORD SCHOOL DISTRICT (P. 0. New Hartford),
-An issue of $8,000 5% school-BOND SALE.
Butler County, Iowa.
bldg. bonds dated Feb. 1 1918 has been purchased by Geo. M. Bechtel
& Co. of Davenport. Denom. $1,000. Int. M.& N. Due May 1 1923.
NEWPORT, Newport County, R. I.
-It is
-TEMPORARY LOAN.
stated that the temporary loan of $50,000, issued in anticipation of revenue,
was awarded on Apr. 2 (V. 106, p. 1381) to the Acquidnech National
Bank of Newport at 5.31% discount. Other bidders were:
Blake Bros. & Co., Boston
5.509' discount
S. N. Bond & Co., New York
5.85% discount
NEW SALEM SCHOOL DISTRICT (P. 0. New Salem), Rusk
COUNTY, Tex.
-Reports state that an issue of $5,000
-BONDS VOTED.
school-building bonds was voted at a recent election.
NIAGARA FALLS, Niagara County, N. Y.
-BOND OFFERING.
Proposals will be received by 0. E. Carr, City Manager, until 10 a. m.
April 8 for the following bonds:
$10.000 5% paving bonds. Due $2,000 yearly in November from 1919 to
1923, inclusive.
15,000 470% municipal building bonds. Due Nov. 1 1927.
The legality of the bonds was approved by Reed, McCook & Hoyt, of
New York City.
BOND ELECTION.
-An election will be held April 15 to vote on a
proposition to issue $60,000 school-addition bonds, it is stated.
NORFOLK COUNTY (P. 0. Portsmouth), Va.-BOND BILL APPROVED BY GOVERNOR.
-The bill passed by the 1918 Legislature,
authorizing the issuance of $1,000,000 road constr. and bridge bonds,
was signed by the Governor on Mar. 28.
-The State of
-BOND SALE.
OKLEE, Red Lake County, Minn.
Minnesota purchased an issue of $1,700 bonds offered on May 1 1917.
OLD FORT RURAL SCHOOL DISTRICT (P. 0. Old Fort), Seneca
-Proposals will be received by C. A.
-BOND OFFERING.
County, Ohio.
Stogler, Clerk of Bd. of Education, until 12 m. Apr. 17 for $5,000 6%
coupon school bonds. Auth. Sec. 7629 Gen. Code. Denom. $500.
Date May 1 1918. Due $500 each six months from Mar. 15 1920 to
Sept. 15 1924. incl. Cert. check for 5% of amount of bonds bid for, payable
to above Clerk, required. Bonds to be delivered May 1 1918.
-BOND SALE.
-On Mar. 25
ONTARIO, Malhuer County, Ore.
the $100,000 10-20-yr. (opt.) water system bonds, dated Mar. 1 1918V. 106. D. 1154
-were awarded, it is stated, to Keeler Bros. of Denver for
$100.607 50, equal to 100.607. The bonds, it is stated, have received the
approval of the Capital Issues Committee of the Federal Reserve Board.
PAINSVILLE RURAL SCHOOL DISTRICT (P. 0. Painesville),
-On Mar. 2 the $15,400 534%
-BOND SALE.
Lake County, Ohio.
1-10-yr. serial coupon school impt. bonds, dated Apr. 1 1918-V. 106,
-were awarded, it is stated, to Prudden & Co., Toledo, for $15,511
p. 1154
(100.72) and int.
-Local papers
-BONDS PROPOSED.
PEORIA, Peoria County, III.
state that this city is comtemplating the issuance of $250,000 terminal
bonds.
-BOND OFFERING.
PERRYSVILLE, Ashland County, Ohio.
Proposals will be received by W. A. McDowell, Village Clerk, until 12 m.
-year serial 6% street impt. assess. bonds.
Apr. 30 for $18,001) 1 to 10
Denom. $1,800. Date Apr. 1 1918. Cert. check for 5% of amount of
bonds bid for, payable to the Village Treasurer, required. Bonds to be
delivered and paid for within 15 days from time of award. Purchaser to
pay accrued int.
-BONDS APPROVED BY CAPITAL ISSUES
PHILADELPHIA, PA.
-Permission has been granted the city, according to local
COMMITTEE.
papers, by the Capital Issues Committee of the Federal Reserve Board,
to sell the $5,500,000 municipal bonds mentioned in V. 106, v. 1055, after
the flotation of the Third Liberty Loan. It is proposed to offer the bonds
in June, so that they be dated July 1 and mature July 1 1948.
-During
-BOND SALE.
PHILLIPS COUNTY (P. 0. Malta), Mont.
-5-year (opt.) seed and grain bonds were
March an ISS110 of $50.000 7% 2
awarded to the Wells-Dickey Co., of Minneapolis at par. Denom.$1,000.
Date Apr. 1 1918. Int. semi-ann.
-BONDS DEFEATED.
PLATTE COUNTY (P.O. Platt Ciy), Kan.
On March 29 an issue of $1,000,000 road-impt. bonds was defeated by a
vote of 1,333 to 1,264, it is stated.
-An
-BOND SALE.
PORT ANGELES, Clallam County, Wash.
issue of 814,315 84 7% street paving bonds, was awarded to contractors
at par. Denom. $100. Date Feb. 16 1918. Due Feb. 16 1930, subject
to call at any interest paying date.
-The City
-BONDS TO BE OFFERED SHORTLY.
PORTLAND. Ore.
Council will offer $55,000 10-yr. 6% city impt. bonds within the next two
weeks, it is stated.
-BOND SALE.
PORTSMOUTH, Rockingham County, N. H.
On Mar. 29 an issue of $35,000 434% coupon water bonds was awarded
to the Board of Sinking Fund Commissioners for $35,157 50 (100.45).
a basis of about 43%. Denom. $1,000. Date Apr. 1 1918. Prin. and
semi-ann. Int. (A. & 0.) payable at First National Bank of Boston or at
the County Treasurer's office, at option of holder. Due $5,000 yearly
on Apr. 1 from 1920 to 1926 incl. Other bidders were:
100.033
E. H. Rollins & Sons, Boston
100.019
Merril Oldham & Co., Boston
Boston
99.09
Harris, Forbes &
Co.,
DEBT STATEMENT, MARCH 19 1918.
Bonded Debt
$370,000
Water
151,000
School
257,000
Funding and refunding
152,000
Street paving
34,000
Sewer
Total bonded debt (excl. above issue)
Water sinking funds
Other sinking funds
Cash in sinking fund

$964,000
$119,000
206,600
2,385

$327,985
Total sinking fund
Section 9 of the Municipal Bonds Act of 1895 does not apply to $100,000
school bonds included in the above school debt.
$11,083,824
Assessed Valuation 1917
PORTSMOUTH,Scioto County,Ohlo.-NO ACTION YET TAKEN
-Louis A. Zucker, City Auditor, writes us under date of Mar. 30 that no
action has as yet been taken looking towards the issuance of the $28,000
-V. 106, p. 1261.
5% street impt. bonds recently authorized.




[VoL. 106.

PROSPECT PARK (P. 0. Paterson), Passaic County, N. J.
-P. /lemmas, Borough Clerk, will receive proposals
BOND OFFERING.
until 8 p. m. April 18, it is stated, for $22,000 534% 63-yr. aver. sewer
bonds. Int. semi-ann. Cert. check for 2% required.
PUISSIMO SCHOOL DISTRICT, Santa Barbara County, Calif.-An issue of $4,500 school-building bonds was recently
BONDS VOTED.
voted, according to reports.
PUTNAM COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Palatka),
-Local papers state that an issue of $85,000 school
-BONDS VOTED.
Fla.
bldg. and equipment bonds carried by a vote of 178 to 48.
QUINCY SCHOOL DISTRICT (P. 0. Quincy), Gadsen County
-An an election held on Mar. 18 an issue o
-BONDS CARRIED.
Fla.
$42,000 school building bonds carried, it is stated, by a vote of 43 to 13.
-The voters
-BONDS VOTED.
RAVENNA, Portage County, Ohio.
on April 2 authorized the issuance of the $40,000 water-works-impt. bonds
by a vote of 209 to 13-V. 106, p. 1380. Date of sale not yet determined.
-Sealed bids will be re-NOTE OFFERING.
ROCHESTER, N. Y.
ceived by Henry Q. Quinby, City Comptroller, until 2 p. in. Apr. 9 for
$50,000 water works impt. bonds, payable 4 months from Apr. 12 1918,
and $500,000 revenue notes, payable 2 months from Apr. 12 1918, at the
Union Trust Co., New York. Notes will be drawn with interest and will
be delivered at above trust company on Apr. 12 1918. Bids must state
rate of interest and designate to whom (not bearer) notes will be payable
and denom. desired.
-TEMPORARY LOAN.
ROCKLAND, Plymouth County, Mass.
A temporary loan of $40,000, maturing Nov. 22 1918, was recently awarded
to the Wildey Savings Bank of Boston at 5.35% discount.
ROOT TOWNSHIP SCHOOL DISTRICT (P. 0. Decatur), Adams
house
-The $16,000 534% 1-16-year school hoe
County Ind.-BOND SALE.
-were
bonds,datedMar. 27 1918, offered on Mar. 2 -V. 106, p. 1154
awarded to the First National Bank of Decatur for $16,171 75 (101.073)
and int. Other bidders were:
$16,161 75
Meyer-Kiser Bank, Indianapolis
16,150 00
German-American Bank, Ft. Wayne
16,026 00
Breed, Elliott & Harrison, Indianapolis
(P. 0. Roundup), Musselshell
ROUNDUP SCHOOL DISTRICT
-Proposals will be received until
-BOND OFFERING.
County, Mont.
Apr. 30 for $28,000 6% 10 to 20 yr. (opt.) school building bonds authorized
by a vote of 486 to 7 at an election held March 2.
-NO BIDS RECEIVED.
RUSH COUNTY (P. 0. Rushville), Ind.
-year serial highway
% 1-10
No bids were received for the $23,800
impt. bonds, dated Mar. 15 1918, offered in Apr. 1.-V. 106, p. 1382.
-BONDS VOTED.
RUTHERFORD, Rutherford County, Tenn.
It is stated that at an election held on Mar. 23, bonds to erect an electric
plant were authorized by a vote of 63 to 55.-BOND SALE.
-The $4,172 80
. ST. JOHN, Clinton County, Mich.
534% serial paving bonds awarded on Mar. 5 to the Clinton County Say.
-equal to 100.623 (not 100.006, as first
Bank of St. John for $4.198 80
-are in denoms. of 4 for $376 27 and 4 for
reported-V. 106, p. 1382)
$666 93. Date Mar. 25 1918.
-BOND OFFERST. JOSEPH COUNTY (P. 0. South Bend), Ind.
-Proposals will be received until Apr. 10 by Edward F. Keller,
ING.
County Treasurer, for the following 434% highway-impt. bonds:
$20,800 bonds. Denom. $520. Due $1,040 each six months from May
15 1919 to Nov. 15 1928 incl.
29,000 bonds. Denom. $725. Due $1,450 each six months from May
15 1919 to Nov. 15 1928 incl.
13,000 bonds. Denom. $650. Due $650 each six months from May 15
1919 to Nov. 15 1928 incl.
Date Apr. 1 1918. Int. M. & N.
-BOND SALE.
-The
T. LOUIS COUNTY (P.O. Duluth), Minn.
3500,000 5% refund.ng bonds, offered on Mar.'27-V. 106, p. 1261-were
awarded at par as follows: $40.000 to the Northern National Bank, $269,000 to the First National Bank, $149,000 to the American• Exchange
National Bank and $43,000 to the City National Bank. Other bidders
were:
A. B. Leach & Co., Ciricago.-Par and int. and 1 7-16% compensation for
services and expenses for placing bonds.
-Par and int. and $12 50 per
Kalman, Matteson & Woods, St. Paul.
$1,000 compensation for services and expenses for placing bonds.
-Par and int. and $10 per
Loan & Trust Co., Minneapolis.
Minnesota
$1,000 compensation for services and expenses for placing bonds.
-99.17 and int.
Merrill, Oldham & Co., Boston.
-Par and int.; $6,865 compensation for
Wells-Dickey Co., Minneapolis.
services and expenses for placing bonds
-Par and .nt.; $6,950 compensation for
Trust Co., New York.
Equitable
services and expenses for placing bonds.
-WARRANT SALE.
ST. LUCIE COUNTY (P. 0. Fort Pierce), Fla.
-year time warrants has been
-Reports state that an issue of $100006% 10
purchased by the Bank of Fort Pierce.
-An issue
-BOND SALE.
SALISBURY, Rowan County, No. Caro.
of $192,000 refunding bonds has been purchased, it is stated, by Prudden
& Co., of Toledo.
-BOND OFFERING.
SAN MATEO, San Mateo County, Calif.
Reports state that E. E. Early, City Clerk, will receive proposals until
8 p. m. April 9 for $74,085 7% 53 -year aver. impt. bonds. Int. semi-ann.
Cert. check of 5% required.
-Proposals
-CERTIFICATE OFFERING.
SCHENECTDAY, N. Y.
will be received until 11 a. in. April 11 by Leon G. Dibble, City Comptroller, for $350,000 certificates of indebtedness. Denom. to suit purchaser. Date April 12 1918. Interest rate to be named in bid. Due
Oct. 12 1918 in New York exchange, at the City Treasurer's office, or at
Importers' & Traders' Nat. Bank, N. Y., as purchaser may desire. Certified check for 19' of certificates bid for, payable to the City Comptroller.
required. Certificates to be delivered and paid for within ten days from
notice of award. Purchaser to pay accrued interest.
Financial Statement April 3 1918.
$4,879,108 05
Present bonded debt
200,000 00
Revenue bonds or certificates of indebtedness
600 00
Temporary loan certificates
$5,079,700 05
Total
Deduct:
$341,811 50
Sinking funds
200,000 00
Revenue bonds or certificates
Bonds included above, maturing during the year
1918, tax for their payment having been in293,736 30
included in the levy of the present year__
835,547 80
Net bonded debt
Water bonds included in the above
o
Assessed Valuation, peal estate
Personal
"
Franchises

$4,244,160 25
330,000 00
$63,487,189 00
714,450 00
2,450,800 00

$66,652,439 00
Population, 1916 (State Census), 80,386; 1917 (Postal Census), 97,887.
-BONDS
--BONDS NOT SOLD
SCOBEY, Sheridan County, Mont...
-20
-SUBMITTED.
-The $35,000 6% 15 -year (6%) water-works
TO BE RE
and sewerage bonds offered on March 25 (V. 106, p. 1066), were not sold,
we are advised "on account of an error being made in the election. It
has been found necessary to hold naother election for the purpose of getting
this matter cleared up." The election has been called for April 22,
SCOBEY SCHOOL DISTRICT (P. 0. Scobey), Sheridan County,
-An election will be held to-day (April 6)
-BOND ELECTION.
Mont.
to vote on a proposition to issue $30,000 school-bldg. bonds. Rev. R. T.
Cookingham is the District Clerk.
-No sale
-BONDS NOT SOLD.
SHEFFIELD, Colbert County, Ala.
was made of the $50,00) 5% 30-year school bonds offered on Feb. 20.V. 106. p. 520.
-Local
SHELBYVILLE, Shelby County, Ky.-BONDS UPHELD.
papers state that a tax-payers' suit to enjoin this city from issuing $15,000
sewer bonds was affirmed by the Court of Appeals holding that the city
could issue the bonds and levy an additional tax to pay them off.

APR. 6 1918.]

1491

THE CHRONICLE

4

SOUTH PARK INDEPENDENT SCHOOL DISTRICT (P. 0. Beau-BOND ELECTION.
-On Apr. 13 an
mont), Jefferson County, Tex.
election will be held to vote on a proposition to issue $97,500 5% schoolbuilding bonds. Due $2,500 yearly on Apr. 10 from 1919 to 1957 incl.
J. E. Turner is Sec. of the Board of School Trustees.
-BOND SALE.
-On'March 28
SPRINGFIELD, Clark County, Ohio.
the Sinking Fund Trustees purchased $4,084 street-impt. bonds, it is
stated.
STILLWATER COUNTY SCHOOL DISTRICT NO.6(P.O. Colum-On Mar. 26 the Montana Trust & Say.
bus), Mont.
-BOND SALE.
-20-year (opt.) school-bldg.
Bank was awarded an issue of $38,000 6% 5
bonds for $38,150 (100.394) and int. Denom. $500.
-TEMPORARY LOAN.
STOUGHTON, Norfolk County, Mass.
A temporary loan of $20,000, maturing Oct. 30 1918, was awarded to the
Wildey Savings Bank of Boston at 5.35% discount plus $636 06 premium.
STUTTGART STREET IMPROVEMENT DISTRICT NO. 6 (P. 0.
-BOND SALE.
-On May 26 1917
Stuttgart), Arkansas County, Ark.
Edgar J. Kohn of Little Rock was awarded $26,000 6% 2-20-yr. serial
street-paving bonds at par. Denom. $500. Date May 1 1917.
SUPERIOR, Nuckolls County, Neb.-BONDS AUTHORIZED.
Ordinances have been passed Providing for the isusance of $45,000 5)i 7i
-year coupon paving district bonds. Denom. $1,000. Date Mar. 18
20
1918. Prin. and semi-ann. int. payable at office of the County Treas.
L. L. Carpenter is the City Clerk,
-An election will be hold
-BOND ELECTION.
TACOMA, Wash.
April 16, it is stated, to vote on a proposition to issue $4,000,000 electric
power-plant bonds.
TEKOA SCHOOL DISTRICT (P. 0. Tekoa), Whitman County,
-At a recent election an issue of $7,000 high-BONDS VOTED.
Wash.
school-addition bonds carried, it is stated.
THROCKMORTON, Throckmorton County, Tex.
-WARRANT
-J. L. Arlitt of Austin was recently awarded $4,000 6% funding
SALE.
warrants. Denom. $250, maturing serially from 1919 to 1929 incl.
-BOND SALE.
-On Jan. 28
TILLAMOOK, Tillamook County, Ore.
an issue of $129,500 69' 1-10 (opt.) impt. bonds, was awarded to Morris
Bross., Inc., of Portland for $126,910, equal to 98. Denom. $500. Date
Nov. 7 1917. Int. M.& N.
-Local papers state
-BONDS AWARDED IN PART.
TOLEDO, Ohio.
that $50.000 of the $150,000 5% park bonds recently authorized-V. 105,
p. 2295-have been purchased by the Sinking Fund Trustees.
-BONDS OFFERED BY
TOOLE COUNTY (P. 0. Shelby), Mont.
--The Kauffman-Smith-Emert Investment Co. of St. Louis
BANKERS.
are offering to investors at a price to yield 5.50%, an issue of $75,000 7%
funding bonds. Date April 1 1918. Principal and semi-annual interest
payable in Now York. Due $25,000 on April 1 in each of the years 1921,
1922 and 1923. Total bonded indebtedness, $152,000. Assessed valuation, $6,773,840. Real valuation, $10,159,821. The official advertisement states that these bonds are the direct obligation of the entire county,
payable by an unlimited advalorem tax, and were authorized by the
qualified voters.
-BOND SALE.
-On Mar.
TUSCALOOSA, Tuscaloosa County, Ala.
12 the $50,000 5% tax-free gold coupon wharf bonds (V. 106,P. 951) were
awarded to the Mercantile Union Trust Co.for $45,811, equal to 91.622.

UNION TOWNSHIP, Washington County, Mo.-BOND SALE.
An issue of $20,000 5% road bonds was awarded to Francis Bros. & Co. of
St. Louis. Denom. $500. Date Feb. 1918. Int. semi-ann. (F. & A.)
payable at Merchants Laclede National Bank, St. Louis, except first year's
Interest, which is to be annual. Duo $500 yearly, 1920 to 1925, incl.,
$1,500 yearly, 1926 to 1929, incl., and $2,000 yearly, 1930 to 1933, incl.
Total bonded debt, this issue only.. Assess. val. 1914 $416,000. Actual
val. (est.) $2.000,000.
-On Mar. 29 H. A.
-BOND SALE.
UTICA, Oneida County, N. Y.
Kahler & Co. of N. Y. were awarded an issue of $17,275 02 5% tax-free
registered paving bonds for $17,280 (100.028) and int. Date Mar. 12
1918. Prin. and ann. int. payable at the City Treasurer's office, or upon
request of the registered holder will be remitted in New York exchange.
Due $2,879 17 yearly from 1919 to 1924 incl. There were no other bidders.
VAN ZANDT ROAD DISTRICT NO. 4 (P. 0. Canton), Van Zandt
-BOND OFFERING.
County, Tex.
-Proposals will be received by the
Board of County Commissioners for $250,000 1 to 30
-year serial 554%
coupon bonds. Denom.$1,000. Date about Feb. 1 1918. Int. A.& 0.
WAPAKONETA, Auglaize County, Ohio.
-On
-BOND SALE.
3
April 1 the $11,000 5% - -14-year serial coupon fire-dept. bonds dated
-were awarded to the First Nat. Bank of
April 1 1918-V. 106, p. 1262
Wapakoneta at par.
WARD COUNTY (P. 0. Minot), N. D.
-BONDS AUTHORIZED.
The County Commissioners, it is stated, have passed a resolution authorizing an additional $150,000 seed and feed bonds.
WASHINGTON TOWNSHIP, Lucas County, Ohio.
-BOND ELECTION.
-An election will be held to-day (Apr. 6) to vote on a proposition to
issue $200,000 school bonds.
WAUTAUGA COUNTY (P. 0. Boone), No. Caro.
-BONDS NOT
SOLD
-BOND OFFERING.
-No sale was made of the $50,000 5% 5-30-yr.
road bonds offered on April 1-V. 106, p. 952. Proposals are again asked
for by W. R. Gragg. Clerk of Bd. of Co. Commrs., until 2 p. m. May 6.
Cert. check for 1% of amount of bonds bid for required.
WAYNE TOWNSHIP SCHOOL DISTRICT (P. 0. Dayton), Mont.
-BONDS REFUSED.
gomery County, Ohio.
-The $2,803 6% 1-10
-year
serial coupon school bonds awarded on Mar. 11 to Otis & Co. of Cleveland
(V. 106, p. 1262) were subsequently refused by them, we are advised.
WELDON VALLEY DRAINAGE DISTRICT (P. 0. Fort Morgan)
-Proposals will be received
Morgan County, Colo.
-BOND OFFERING.
by Nate Lamborn until 2 p. m. Apr. 20 for $2,000 bonds, maturing Dec.
15 1921.
WEST BEND, Washington County, Wis.-BONDS VOTED.
-A
proposition to issue $10,000 5% bridge bonds carried at an election held
April 2 by a vote of 199 to 195. Due $2,000 yearly from 1927 to 1931
inclusive. Date of sale not yet determined.
WEST SIDE IRRIGATION DISTRICT (P. 0. Tracy), San Joaquin
County, Calif.
-BONDS NOT TO BE ISSUED AT PRESENT.
-No
action will be taken looking towards the issuance of $100,000 impt. bonds
voted in February until about June 1.
WEST UNITY, Williams County, Ohio.
-BOND SALE.
-On April 1
the $3,500 5X % 5-9-yr. serial coupon fire-dept. bonds, dated April 1 1918
-were awarded to Edward Langley at par. There were
-V. 106, p. 1383
no other bidders.

BOND CALL

FIN AN CIAL

$31,800

TOWN OF DEL NORTE, COLORADO
6% Refunding Waterworks Bonds
Dated April 1, 1908, due April 1, 1928, optional
April 1, 1918, principal and interest payable at
Kountze Brothers, New York City.
These bonds are called for payment April 1.,
1918. Interest coupons due on that date and
bonds will be paid if presented at either the Colorado National Bank, Denver, Colorado, or at the
office of Bosworth, Chanute & Company, Century
Building, Denver, Colorado.

FINANCIAL

High Grade
Investment Bonds
Municipal and Corporation
issues Underwritten
We specialize In securities of
the Mississippi Valley and the
South.

MELLON NATIONAL BANK
PITTSBURGH
STATEMENT OF CONIDTION AT THE CLOSE OF BUSINESS MARCH 4 1918
RESOURCES

Loans, Bonds and Investment Securities
Overdrafts
Cash
Due from Banks

$90,163,057 07
9 35
5,408,826 14
18,641,337 10
$114,213,229 66

LIABILITIES

Capital
Surplus and Undivided Profits
Reserved for Depreciation, etc
Circulating Notes
Deposits

$6,000,000 00
4,253,334 08
1,174,517 59
4,907,300 00
97,878,077_99
5114,213,229 66

Acts as
Executor,
Trustee,
Administrator;
Guardian,
Receiver, 4
Registrar and
Transfer Agent.

CAPITAL and SURPLUS,$10,000,000

Interest allowed
on deposits.

E. B. Morris; President,

Girard Trust Company
PHILADELPHIA
Chartered 1836

BOND DEPARTMENT

Mississippi Valley Trust Co.
ST. LOUIS

111inoisTrustreSavhigsBan1;
CHICAGO

F. WM. KRAFT, Lawyer

Capital, Surplus and Undivided Profits -

-

$16,400,000

Specialising in Examination &Preparation at

County, Municipal and Corporation
Bonds, Warrants and Securities and
Proceedings Authorizing Same.
Rooms 517-1520_,. 111 W. Monroe St.,
Harris Trust Building

CHICAGO, ILLINOIS




Has on hand at all times a variety of exoellent securities. Buys and sells
Deposits, Current and Reserve
Amount. Deals in Foreign ExGovernment, Munieipal and
Corporation Bonds.
'hang° Transacts a General Trust Business.
.

Pays Interest on Time

149?

THE CHRONICLE

[VOL. 106.

WHITMAN, Plymouth County, Mass.—TEMPORARY LOAN.—
The Wildey Savings Bank of Boston was recently awarded a temporary
loan of $20,000 maturing Dec. 27 1918 at 5.30% discount.

FERGUS, Ont.—DEBENTURE SALE.—The
10-Yr• mill
bldg. debentures, voted at an election held Jan. $10,000 6%p. 316—has7—V. 106,
been awarded to local investors at par, it is stated.
WILLIAMSTOWN SCHOOL DISTRICT (P. 0. Williamstown),
GOOSE LAKE CONSOLIDATED SCHOOL DISTRICT, Man.—
Jefferson County, Kans.—BOND OFFERING.—Proposals will be re- BOND ELECTION.—It is stated that a
proposition to issue $25,000 20
ceived until Apr. 17 by the Clerk of Board of Education for the $9,500 instalment school debentures will be submitted
to the voters at an elect.on
6% 1-10
-year (opt.) school bonds authorized by a vote of 77 to 6 at an to be held Apr. 11.
election held Mar. 23. V. 106, p. 1263.
GRAFTON SCHOOL DISTRICT NO. 3975, Sask.—DEBENTURE
WINSLOW TOWNSHIP SCHOOL DISTRICT (P. 0. Sicklerville), SALE.—The Waterbury-Waterbury
Camden County, N. J.—BONDS NOT YET SOLD.—No sale has yet been purchased $2,000 school debentures. Mfg. Co., Ltd., of Regina recently
made of the three issues of 5% bonds, aggregating $8,400 offered without
success on Mar. 19.—V. 106, p. 1263. Wm. J. Thompson is District
GROAMONT SCHOOL DISTRICT NO. 3950, Sask.—DEBENTURE
Clerk.
SALE.—This district has awarded $1,500 school debentures to Nay &
James of Regina.
WISCONSIN (State of).—BONDS AUTHORIZED BY LEGISLATURE.—Chapter 15, Laws of 1918, authorized the State to issue $1,000,000
HAVERHILL SCHOOL DISTRICT NO. 3852, Sask.—DEBENTURE
coupon bonds at not exceeding 4% int., "for the purpose of repelling SALE.—An issue of $4,000 school debentures was recently awarded to
invasion, suppressing insurrection and defending the State In time of war." J. H. Kern, of Moose Jaw.
The loan is to be known as the "Wisconsin War Loan of 1918" and both
principal and semi-ann. int. (J. & D.) will be payable at the office of the
KANDAHAR SCHOOL DISTRICT NO. 3333, Sask.—DEBENTURE
State Treasurer. Due $100,000 yearly on June 30 from 1923 to 1932 incl. SALE.—S. Holiski of Kandahar recently purchased an issue of $1,000
school debentures.
WISE COUNTY (P. 0. Decatur), Tex.—BOND OFFERING.—J. W.
Walker, County Judge, will receive sealed bids until 12 m. April 30 for
LA FLECHE, Sask.—DEBENTURE SALE.—This village recently
$80,000 5% 133 -30-yr. optional road bonds voted at an election held awarded $1,000 debentures to W. L. McKinnon & Co. of Regina.
%
Nov. 17 last—V. 105, p. 2294—it is stated. Int. annually.
LANDI SCHOOL DISTRICT, Man.—BOND ELECTION.—Local
CANADIAN
newspapers state that an election will be held to-day (Apr. 6) to vote on a
proposition to issue $15,000 20 instalment debentures.

LEVI SCHOOL DISTRICT, Man.—BOND ELECTION.—Reports
state that an election will be held Apr. 13 to vote on the question of issuing
$2,500 7% 15 installment debentures.
ALBERTA (Province of).—LOAN PROPOSED.—The Merchants
NOVA SCOTIA (Province of).—DEBENTURE SALE.—On Mar. 25
Bank of Canada has agreed, it is stated, to loan $1,000,000 to the Province the
-year debentures—V. 106, p. 1263—were awarded,
6% 10
of Alberta at 6% toward the encouragement of the live stock industry, It is $1,000,000follows:
stated,
under the Act passed in 1917 known as the "Cow Bill." During the first Trust Corp.as others $750,000 to a syndicate composed of the Maritime
and
at 98. and the remaining $250,000 to the Standard
year of the operation of the Act, the Minister of Agriculture announced
price.
the bank had loaned $500,000 for this purpose, and it had all, with $300,000 Bond Corp. at the same placed
The Province has also
an additional $250,000 at 98 with the WorkIn addition, been taken up by the Alberta farmers.
men's Compensation Board of Nova Scotia.
ARRAS SCHOOL DISTRICT NO. 3969, Sask.—DEBENTURE
PETREL SCHOOL DISTRICT, Man.—BOND ELECTION.—On
SALE.—Recently the Canada Landed & National Investment Co. of Apr. 9 the voters will
decide whether they are in favor of issuing $4,500
Winnipeg purchased an issue $2,000 school debentures.
7% 20 installment debentures, it is stated.
BOAKEVIEW SCHOOL DISTRICT NO. 1325, Sask.—DEBENPLATO, Sask.—DEBENTURE SALE.—An Issue of $2,600
TURE SALE.—The Canada Landed & National Investment Co of Winni- was recently awarded to W. L. McKinnon & Co. of Regina. debentures
peg was recently awarded $600 school debentures.
SASKATOON, Sask.—DEBENTURE OFFERING.—Proposals will be
BOLONEY SCHOOL DISTRICT NO. 3890, Sask.—DEBENTURE received until 3 p. m. Apr. 15 by C. J. Yorath, City Commissioner, for
SALE.—The W. L. McKinnon & Co. of Regina were recently awarded $100,263 5% 30
-year (sinking fund) debentures dated Jan. 11914.
$1,500 school debentures.
WENTWORTH COUNTY (P. 0. Hamilton), Ont.—DEBENTURE
BURLINGTON, Ont.—DEBENTURE SALE.—A. E. Ames & Co. of SALE.—A. E. Ames & Co. of Toronto were recently awarded, it is stated,
Toronto have purchased, it is stated, $101,158 73 6% 25 and 30 instalment $150,000 6% 5
-year funding debentures.
local impt. debentures.
WINDSOR, Ontario.—BONDS VOTED.—At a recent election an issue
DRAKE, Sask.—DEBENTURE SALE.—Recently the W. L. McKin- of $210,300 was authorized by a vote of 1,332 "for" to 183 "against,"
it,
non & Co. of Regina were recently awarded $1,000 debentures.
is stated.

CANADA, its Provinces and

Municipalities.

FINANCIAL

ENGINEERS

ATLANTIC MUTUAL INSURANCE COMPANY
New York, January 25tb, 1918.
The Trustees, in conformity with the Charter of the Company,submit the following statement of its affairs on the
31st of December, 1917.
The Company's business has been confined to marine and inland transportation insurance.
Premiums on such risks from the 1st January, 1917, to the 31st December, 1917
$11,105,619.46
Premiums on Policies not marked off 1st January, 1917
1,135,785.43
Total Premiums
$12,241,404.89
Premiums marked off from 1st January, 1917,to 31st December, 1917
$11,171,853.93
Interest on the investments of the Companyreceived during the year $404,411.15
Interest on Deposits in Banks and Trust Companies, etc
126,991.53
Rent received less Taxes and Expenses
93,474.66 $ 624,877.34
Losses paid during the year
$3,513,853.20
Less: Salvages
• $336,898.32
Re-insurances
503,857.88 $ 840,754.00
$2,672,899.20
Re-insurance Premiums and Returns of Premiums
$1,913,710.65
Expenses, including compensation of officers and clerks, taxes, stationery,
advertisements, etc
$ 857,596 09
A dividend of Interest of Six per cent, on the outstanding certificates of profits will be paid to th,
holders thereof, or their legal representatives, on and after Tuesday the fifth of February next.
The outstanding certificates of the issues of 1915 and of 1916 will be redeemed and paid to the holders
thereof, or their legal representatives, on and after Tuesday the fifth of February next,from which date all
Interest thereon will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent. is declared on the earned premiums of the Company for the year ending
31st December, 1917, which are entitled to participate in dividend,for which, upon application, certificates
will be issued on and after Tuesday the seventh of May next.
By order of the Board.
G. STANTON FLOYD-JONES, Secretary.
TRUSTEES.
EDMUND L. BAYLIES,
HERBERT L. GRIGGS
ANTON A. RAVEN,
JOHN N. BEACH,
SAMUEL T. HUBBARD,
JOHN J. RIKER,
NICHOLAS RIDDLE,
LEWIS CASS LEDYARD,
DOUGLAS ROBINSON,
JAMES BROWN,
WILLIAM H. LEFFERTS,
JUSTUS RUPERTI
JOHN CLAFLIN,
CHARLES D. LEVERICH.
WILLIAM JAY SCHIEFFELIN.
GEORGE C. CLARK,
NICHOLAS F. PALMER,
SAMUEL SLOAN,
FREDERIC A. DALLETT,
WALTER WOOD PARSONS, WILLIAM SLOANE,
CLEVELAND H. DODGE,
CHARLES A.PEABODY,
LOUIS STERN,
CORNELIUS ELDERT,
WILLIAM R. PETERS,
ET.
W
RICHARD H. EWART,
JAMES
POST
GEORGE E..TURNURE,
G.STANTON FLOYD-JONES, CHARLES M.PliATT,
GEORGE C. VAN TUYLr.
PHILIP A. S. FRANKLIN.
DALLAS B.PRATT.
RICHARD H. WILLIAMS.'S
A. A. RAVEN, Chairman of the Board.
CORNELIUS ELDEFtT, President.
WALTER WOOD PARSONS, Vice-President.
CHARLES E. FAY, 2d Vice-President.
WILLIAM D. WINTER,3rd Vice-President.
ASSETS.
LIABILITIES.
United States and State of New York
Estimated Losses and Losses UnsetBonds
$ 1,185,000.00
tled in process of Adjustment
$ 4,432,959.0G
Stock of the City of New York and
Premiums on Untermlnated Risks
1,069,550.96
Stocks of Trust'Companies dc Banks 1,445,550.00 Certificates of Profits and Interest
Stocks and Bonds of Railroads
3,287,129.85
Unpaid
301,408.75
Other Securities
305,410.00 Return Premiums Unpaid
121,989.96
Special Deposits in Banks and Trust
Taxes Unpaid
500.000.00
Companies
3,000,000.00 Re
-Insurance Premiums on TermiReal Estate cor. Wall Street, William
nated Risks
365.667.87
Street and Exchange Place__
3,900,000.0v Claims not Settled, including ComReal Estate on Staten Island (field
pensation, etc.
183,517.10
under provisions of Chapter 481.
Certificates of Profits Ordered ReLaws of 1887)
75,000.00
deemed. Withheld for Unpaid PrePremium Notes
1,009,577.74
miums
22,750.10
Bills Receivable
1,038,460.86 Income Tax Withheld at the Source
3.135.98
Note Receivable
5,122.28 Certificates of Profits Outstanding... 5,722.590.00
Cash In hands of European Bankers
to pay losses under policies payable
Ihdance
5,318.322.55
In foreign countries
598,875.07
Cash in Bank and in Office
2,187,198.87
Statutory Deposit with the State of
Queensland, Australia
4,765.00
818,041,890.25
$18,041,890.25
Balance brought down
$5,318,322.55
Accrued Interest on the 31st day of December, 1917, amounted to
$ 75,724.00
Rents due and accrued on the 31st day of December, 1917, amounted to
$ 22,201.50
Re-Insurance due or accrued, in companies authorlied in New York, on the 31st day .of
December, 1917, amounted
to,
$ 583,487.92
Note: The Insurance Department has estimated the value of the Real Estate on Staten Island
in excess of the Book Value given above, at
$ 63.700.00
The Insurance Department's valuation of Stocks, Bonds and other Securities exceeds the
Company's valuation by
$2,303,887.87
On the basis of these increased valuations the balance would be
$8,367,303.34
.•




THE

J-GANTHITE COMPANIES
Financiers
Engineers
Operators

Purchasers
Contractors
Managsr3

of Public Utility and Industrial
Properties
REPORTS—VALUATIONS—ESTIMATED

43 EXCHANGE PLACE, NEW YORK
LONDON

CHICAGO

WILLARD CASE & COMPANY
CONSULTING

ENGINEERS
Development of

Industrial Plants & Equipments
Reports on

Operating Methods & Conditions
Determinations of

Worth of Established Properties
17 BATTERY PLACE

Alex. 0. munparen

NEW YORK

Allen S. MEep

HUMPHREYS& MILLER,Inc
IINGINBRI38

Power—Light—Gas
65 BROADWAY

NEW YORK

READY ABOUT APRIL 30

1918 ISSUE

THE FINANCIAL REVIEW
400 PAGES
ISSUED ANNUALLY BY THE

Commercial & Financial Chronicle